Explain the differences between the terms in each of these pairs: a. demand, law of demand b. demand schedule, demand curve c. market demand schedule, market demand curve

Explain the differences between the terms in each of these pairs: a. supply, law of supply b. supply schedule, supply curve c. market supply schedule, market supply curve b. su

Explain the difference between the terms in each of these pairs. a. standard of value, store of money b. commodity money, representative money c. demand deposits, near money

Explain the differences between the terms in each of the pairs below: a. change in quantity demanded, change in demand b. income effect, substitution effect c. normal goods, inferior goods d. substitutes, compliments

Explain the differences between the terms in each of these pairs: a. statistics, economic model b. macroeconomics, microeconomics c. positive economics, normative economics

Review the information of Vera Wang on the opposite page. Why is it unlikely that most brides will have demand for an original Vera Wang gown?

Explain the differences between the terms in each of these pairs: a. market equilibrium, disequilibrium b. surplus, shortage

Explain the differences between the terms in each of these pairs: a. change in quantity supplied, change in supply b. the input costs, technology c. excise tax, regulation

Explain the differences between the terms in each of these pairs: a. monopoly, cartel b. natural monopoly, geographic monopoly c. technological monopoly, government monopoly

Explain the differences between the terms in each of these pairs: a. trust, merger b. price fixing, predatory pricing c. regulation, deregulation

Describe a demand schedule and a demand curve. How are they alike? How do they differ?

How might an owner of a bookstore put together a market demand schedule for his or her store?

How are surplus and shortage related to equilibrium price?

Why does the demand curve slope downward?