1) Define the key terms of economics and opportunity cost. Explain how a production possibility frontier exemplifies the trade-offs that exist in life. 2) Distinguish between increasing and constant opportunity cost and understand why each might happen in the real world. 3)Suppose you buy a new cell phone. What is the opportunity cost of doing so? Then, describe your opportunity cost of attending college. 4) Explain either in written format or in illustration the economic model of supply and demand. (how do they correlate? 5) Using the terms supply and demand help to explain what may happen to the demand for Florida Oranges when a tropical depression has damaged the orange crop and the supply numbers are low. 6) Suppose you have been given money by your parents to buy pizza for your fathers family birthday party. Use your demand for the pizza to illustrate why the concept of the" real balance effect" will mean that your demand is a downward sloping model