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Part I - Define in your own words. (The explanation must be clear and precise) the following terms: 1. Demand 2. Offer 3. Law of

Part I - Define in your own words. (The explanation must be clear and precise) the following terms:

1. Demand 2. Offer 3. Law of comparative advantage 4. Economic fluctuations 5. Efficiency 6. Production possibility frontier 7. Excess 8. Balance 9. Hypothesis

Part II - Explains in detail the difference between:

Change in quantity demanded versus a shift in demand. Change in quantity supplied versus a change in supply.

** Please include references.

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