ECN 320 progresstest2

Directions: Please provide detailed and elaborate descriptions for each of the following terms and concepts.  Your responses should be a minimum of 1 to 2 paragraphs and should include examples from the reading assignments or personal experience, if possible.

 

1.      Land

 

2.      Economic rent

 

3.      Law of Supply

 

4.      Law of demand

 

5.      Capital

 

6.      Interest

 

7.      Interest rates

 

8.      Price ceiling

 

9.      Price floor

 

10.    Innovation

 

11.    Surplus value

 

 

12.    Profit