Question 1 Select eight items. Write down the definition of each words (please at first, try to remember the definition, then look at your notes to check your answers. ) Extra answers will have extra points. . Efficiency . Equality . Property right . Circular-flow diagram . Demand Supply . Market . Market failure . Externalities . Market power . Competitive market (preferably bring an example as well) . Invisible hand . Law of demand: . Law of supply . Scarcity . Positive and Normative statementsQuestion 2 Consider the following cases. Clarify the situation and explain which of the \"Ten Principles\" they are mostly talking about and why? (In these cases you should think about more than one principle) . Chris has a final exam tomorrow. He still needs to focus on the nal chapters of the book to get the full grade in order to be ranked rst in the class. 0n the other hand, he has been invited to his intimate friend's goodbye party which is tonight. - Chris has a Toyota Camry, the engine of which needs to be repaired. He has to spend 10005 to repair it. On the other hand, the repairman offers him that he likes Chris's broken car and wants to pay 400095 to buy it in this condition. However, Chris can sell the repaired car at the price of 4900$ in a well-organized market through a condential broker company which assures him that his check will be cashed immediately