1. How do Classical economists and Keynesian economists differ in their perceptions of how well markets and prices function? 2. List and briefly explain the nature and functions of three market arenas. 3. Which are the four components of the macroeconomy? Explain the interaction between these components through a circular flow diagram. 4. Draw a graph of a business cycle. Label and explain each phase of the business cycle. 5. Define the following concepts: a) Sticky Prices b) Expansion and contraction c) Inflation, Deflation and Hyperinflation d) Fiscal Policy and Monetary Policy