1) Explain the difference between macroeconomics and microeconomics. ' 2) Explain the difference between 'the market' and 'the economy' 3) What is the law of demand? a. Provide an example by drawing a demand curve on the graph. 4) What is the law of supply? 3. Provide an example by drawing a supply curve on the graph. 5) What is the equilibrium? a. Based upon two examples above, of demand curve and supply curve, point to the equilibrium on a graph. 6) When will the surplus in the market occur? Provide an example by demonstrating it on the graph. 7) When will the shortage in the market occur? Provide an example by demonstrating it on the graph. 8) Choose 1 of any 5 basic changes that can take place in customer demand for a product. 3. Provide an example of how it can have the effect of causing the whole demand curve to shift its position on the graph. b. After drawing the graph, explain it. 9) Choose 1 of any 5 basic changes that can take place in supply for a product. a. Provide an example of how it can have the effect of causing the whole supply curve to shift its position on the graph. b. After drawing the graph, explain it. 10) What is the subjective theory of value? a. Provide an example