https://proxylib.msjc.edu:2093/p_ViewVideo.aspx?xtid=48959Microeconomics: Understanding the Market SystemFull Video(19:47)

Chapter 3 Supply and Demand: Pre-Class & In-Class Activities Packet

Part 1. Video Questions on "Microeconomics: Understanding the Market System"

1. How do we make the 3 important questions & decisions (What to produce? For whom to produce? and What to produce?) in private enterprises?

3. What do we mean by consumer sovereignty?

5. What does the law of supply tell us?

7. What is the meaning of an inelastic demand for a product? Can you give examples of goods and services with inelastic demand?

9. What is the price floor? Can you give an example of a price floor?

11. What new things did you learn from the videos? (Circle one: All, Some, Few: Specify at least one)