10:37 1 5G + Expert Q&A Done L. What is the basic economic problem and why does this problem come about, according to traditional Economists? What are the three fundamental economic questions all societies mud answer and what are the different way's societies have answered them? Explain Adam Smith's concept of the Invisible Hand What role does self-interest play? . What factors influence your demand for goods? . Construct a demand schodule and demand curve for a good you purchase regularly. us. Explain the concept of equilibrium price. Use supply and demand curves to show how equilibrium price and quantity are determined. th. What is the difference between a shift in and a movement along the demand or supply curve? What causes each change? 1. What are the different market structures and how do they differ from each other? Why do traditional cconmomisis feel one structure is better than another is? u. How do traditional economists analyare the effects of minimum wage and price controls? Illustrate with supply and demand curves. . Draw and explain the circular flow diagram. n. What is the good society and how is it judged according to traditional economists? ". What is a business cycle?. What are the 4 stages of the business cycle? m. What is an inflationary pap? What is a deflationary gap? Graph both situations. ". What is meant by Gross Domestic Product? What mc the components of GDP