INTRODUCTION TO ECONOMICS I - Unit 2 Chapter Summary
Define what a market is according to economic theory Differentiate between perfect and imperfect competition Explain the Law of Demand Distinguish the shifts in the demand curve and the movements along the demand curve Explain the Law of SupplyDistinguish the shifts in the supply curve and the movements along the supply curve Distinguish the shifts in the supply curve and the movements along the supply curve Define the market equilibrium Explain excess demand and excess supply