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1) Explain how does the division of labor creates substantial economic gains, both at the level of the firm and at the level of a national economy. 2) Knowing whether demand or supply is elastic or inelastic has a wide range of applications for how prices will be set and how a market will react to shifts in demand and supply. Explain 3) Define perfectly competitive market. Outline some of the characteristics and assumptions behind such market. What is the concept of the profit maximization concept to understand firms in such market. 4) GDP has its share of conceptual imperfections, like all economic statistics, but it remains a useful measure of Macroeconomic activity. Explain