University of Phoenix Material Economics - Definitions Complete the following. Include your references using APA formatting. Write the definition for each of the following:

1. Law of Demand Law of demnd is the economics concept where price decreases result in demand increases.
2. Law of Supply Law of supply is an economics concept that where price of a good increases, the quantity supplied increases.
3. Price Elasticity of Demand Price elasticity of demand is a measure used in economics to show elasticity, of the quantity demanded of a good or service to a change in price.
4. Macroeconomics A branch of economics dealing with performance, structure, behavior and decision-making of an economy as a whole.
5. Microeconomics A branch in economics that studies behavior...