- Study guides, Class notes & Summaries

Economics - correct answers The academic discipline that deals with the allocation of scarce resources in order to meet human needs and objectives. Models - correct answers Simplified framework designed to illustrate complex processes. Useful, but not accurate. Demand function and curve - correct answers Relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at any given price. Factors That Determine Demand • Price of ...