(2 points) 1. Define economics using the following terms: allocation, distribution, goods, resources, production, and services. (2 points) 2. What is scarcity, and how does it affect supply and demand in the game of economics? {5 points) 3. List the main differences between a free-market system, a command economy, and a mixed ECONOMY. {2 points) 4. What type of economic system does the United States have? Explain. | prunriLag 5. Mame the three factors of production and two payment types in the circular flow model. You may draw a diagram and label the necessary components if you wish. (5 points) 6. Describe how subjectivity and other factors affect a person's calculation of cost and benefit. Give an example of a cost-benefit analysis you have performed. {2 points) 7. What is technology? Name the two forms that technological advancement can take. {2 points) 8. Give an example of a technology that led to greater productivity and explain how it did so