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CH 4: Demand 8: Supply
1. Explain the difference between a change in demand and a change in quantity demanded. What leads to each of t.
changes? ' '
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Basic Economic Problem: The basic economic problem is scarcity, there are only a
limited number of resources and there are not enough to meet the needs of everyone.
The problem is how to distribute these limited resources.
1. The three major economic systems are a Free Market Economy, Command or
Planned Economy and a Mixed Economy.
2. The three questions all economies must answer are what, how and for whom.
What will be produced, how will it be produced and for whom will th
AP Microeconomics is a university level, internationally recognized course
administered at the high school level culminating in an exam in May.
Performance on the AP exam may provide college credits and a mark that is
on your university transcript (and
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Chapter 6 Homework Questions
3) Why is the demand curve the same as the marginal benefit curve?
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