Question: PART 1 1a.- What is a model? 1b.- What is 'scarcity' in economics? (HINT: what is the price if there is no scarcity?) 1c.- What

PART 1

1a.- What is a model?

1b.- What is 'scarcity' in economics? (HINT: what is the price if there is no scarcity?)

1c.- What is 'free'?

1d.- Would you have to choose if there were no scarcity?

1e.- What is an opportunity cost?

PART 3

3a.- What is the law of demand?

3b.- What is the law of supply?

3c.- Do the quantities supplied ever equal the quantities demanded?

3d.- What happens if the price is above/below the point where there two curves meet?

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