eco-201-homework-assignment

Answer those concepts and follow the requirements:

(2)Write short notes (3-4 sentences long) about the following concepts:

(2a)Competition

(2b)Competing ends

(2c)Market forces

(2d)Marketplaces

(2e)Demand

(2f)Wants

(2g)Resources

(2H)Market prices

(4)Write short notes (3-4 sentences long) about the following concepts:

(4a)Market equilibrium

(4b)Normative economic analysis

(4c)Scarcity

(4d)Opportunity costs

(4e)Market forces of demand

(4f)Demand equation

(4g)Command economy

(4h)Scientific Method

(4i)Equity

Requirement:

RE Tips for answering questions that ask you to write Short notes on a list of concepts:

Tip#1-The first thing you should do when you are answering such Short Notes questions is to perhaps provide in your answer a definition (i.e. the meaning) of the concept that you are writing your notes about,

Tip#2-The second thing you should do is to give an example or two examples of the concept you are writing about to demonstrate to your instructor that not only are your clear on the meaning of the concept but because you are, you are able to demonstrate concrete examples of it,

Tip#3-The third thing you should do is to write 3-5 sentences about the concept which would include the definition (Tip#1), the example or examples (Tip#2) and anything else of relevance you think may increase the value of your answer to your instructor,

Tip#4-Do not include anything that you are tempted to add just because you believe it will get you to a 3rd or 4th sentence even though it adds NO value to your answer,

Tip#5-Please use a diagram wherever and whenever it helps you to elucidate (i.e. makes clear) the concept you are writing about,

Tip#6-Do not copy down definitions, examples and graphs from the internet. That’s called cheating or plagiarism and here at NOVA, we do not tolerate plagiarism and so you will be punished for it,

 

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