Define the Following Terms and Explain Their Importance to the Study

question 204

Essay

Define the following terms and explain their importance to the study of economics.
a.demand
b.surplus
c.equilibrium
d.law of supply and demand
e.quantity demanded

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Definitions:

Optic Nerve

The optic nerve is a paired nerve that transmits visual information from the retina to the brain.

Iris

The colorful segment of the eye that modulates pupil dimension and the level of light that gets in.

Trichromatic Receptor Theory

A theory of color vision stating that the human eye has three types of receptors with differing sensitivities to light wavelengths, corresponding to red, green, and blue colors.

Negative Afterimages

Visual illusions that occur when looking away after staring at an image for a period, resulting in seeing a complementary color or shadow of the original.