1. Briefly explain the relationship between production, consumption and standard of living. I.E. Why is productivity so important?
2. Normally, what does the LAW OF DEMAND tell us? Draw and fully label a simple law of demand curve using an actual product or service, and briefly explain "what is happening."
3. List 4 reasons why a demand curve may "shift" to the left or right. Use a simple example for each.
4. List 4 economic inputs. What is meant by an "educated labour force?"