Econ 2000-1 Study Guide For Exam 1
The Ten Key Elements of Economics Section
(This section accompanies pages 5 39 in your Common Sense Economics textbook)
Scarcity is the concept that there is not enough of a good freely available from nature
so that peop
ECO2000-1 Homework Assignment #2
Due at the beginning of class on Thursday, November 12th.
Go to the following website: http:/www.freetheworld.com/
Once there, click on the Economic Freedom of the World Reports and
click on the Economic
12 November 2015
Homework Assignment #2
The Economic Freedom of the World Index is used to assess the level of
economic freedom of countries. It is divided into five parts. Those five parts are: (1)
Size of Government, (2) Le
Constructing a Model of a Market
Market- any place where buyers and sellers come together to exchange
goods and services.
NOTE: A market needs both buyers and sellers.
Let's say that when asked, How much you would be willing to pay for an
8oz. cup of regu