1.Draw the circular flow of economic activity, labeling all actors, markets, and flows.

2.Define the law of demand and draw a Demand Curve labeling all the axes correctly.

3.Explain how surpluses/shortages might become permanent.

4.Explain the relationship between Diminishing Marginal Utility and the Demand Curve.

5.Explain what happens to the Supply Curve when Economic Profits are above normal. Below normal.

6.How does less than Perfect Competition impact the working of markets with reference to Monopolies, Oligopolies, and Monopolistically Competitive industries?

7.What do economists mean by the term "Externalities" with reference to the following:

i. Negative Externalities?

ii. Positive Externalities?

8.Describe the relationship between Allocative and Productive Efficiency

9.Define what money is.

10.Explain what the price of money is.