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