1. Explain the difference among a change in demand and a change in quantity demanded in terms of causes and in how they appear graphically.
2. Explain the difference between a change in supply and a change in quantity supplied in terms of causes and in how they appear graphically.
3. Briefly describe the factors of production and provide an example of each as discussed in the class.
4. Describe the demand and supply and how the interaction of the buyer and seller
impacts market equilibrium.
5. Determine the Law of Increasing Costs and why does it exist? What conditions are necessary for growth to take place with regard to productions possibilities?
6. Find out the participants, and the two marketplaces in which they are active. Explain what is exchanged in each market.