1. State the law of demand

2. Define the law of supply

3. What is considered a "normal" good by economists?

4. What is the difference between the quantity demanded and the demand curve?

5. What is the reason why the quantity demanded of a good increase when its price falls?

6. Define surplus and shortage

7. Discuss factors that shift the demand curve

8. Discuss factors that shift the supply curve

9. Define market equilibrium

10.What does the demand curve show?

11.If the supply of a product decreases and the demand for that product simultaneously increases, then the equilibrium