Define: consumer surplus, producer surplus, production possibilities frontier Provide examples of both positive and negative externalities (other than the book examples) Describe the following: economic efficiency, economic inefficiency, and economic growth. Where are each of these concepts located on a production possibilities frontier? Describe the 'capitalistic and socialistic visions', as it relates to economic systems List and define the three fundamental economic questions that all societies must consider, and how are these questions answered? Define: market failure, government regulation of externalities and pollution controls