Define (9) of the following terms (minimum two sentences):

1.Demand

2.Change in quantity demand

3.Fallency of composition

4.Offer

5.Change in quantity supplied

6.Determinant of demand

7. Scarcity

8 economic fluctuations

9. Determinant of supply

10.Excess

11 economic theory or model

12 opportunity cost

13.Balance

14.Hypothesis

15 law of comparative advantage

16 change in demand

17.Positive financial statement

18. Frontier of production possibilities

19 change in offer

20. Normative economic statement

21.Efficiency

NOTE: The purpose of the task is to know if each concept can be defined by a clear and precise explanation. Imagine that each term is going to be explained to someone who does not know anything about economics; With this in mind, the explanation should be as clear and simple as possible (not brief).

Part II - Explain in detail the difference between:

to. Change in quantity demanded versus change in demand.

b. Change in quantity supplied versus change in supply.