04 Jun Question 1.Discuss the difference between a cha
Question
1.Discuss the difference between a change in demand and a change in quantity demanded in terms of causes and in how they appear graphically. (Ch. 3)
2.Discuss the difference between a change in supply and a change in quantity supplied in terms of causes and in how they appear graphically. (Ch. 3)
3.Briefly explain the factors of production and give an example of each as discussed in class. (Ch. 2)
4. Briefly explain demand and supply and how the interaction of the buyer and seller impacts market equilibrium. (Ch. 3)
5. What is the Law of Increasing Costs and why does it exist? What conditions are necessary for growth to take place with regard to productions possibilities? (Ch. 2)
6. The circular flow illustrates how price (market) systems work. Identify the participants,and the two marketplaces in which they are active. Explain what is exchanged in each market.
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