1. What are five things that will shift the supply curve to the right?
2. What is scarcity?
3. Why do economists view the world through the lens of scarcity?
4. Draw a supply ad demand curve
5. Name four fundamental questions that should be addressed by the economists and what they mean
6. Briefly discuss how the market system adjust to change and promotes progress
7. Discuss 10 reasons why command systems of the Soviet Union, eastern Europe and pre-reform China failed?
8. Illustrate the differences between a command system and a market system economy
9. What is the difference between a change in demand and a change in quantity demanded?
10. what is opportunity cost?
11. Explain why competition among economic units is an important feature of a market system?
12. Does change in producers technology lead to a movement along the supply curve or a shift in the supply curve? illustrate your answer using a graph.
13. Outline the price elasticity of supply and explain why the price elasticity of supply might be different in the long run from in the short run.