Part I: Definition of concepts of microeconomics. (define in your own words nine (9) of the following terms (minimum two sentences)

1. Positive financial statement 2. Normative economic statement 3. Economic fluctuations 4. Offer 5. Opportunity cost 6. Law of comparative advantage 7. Theory or economic model 8. Fallacy of composition 9. Balance

Part II: Explains in detail the difference between: 1. Change in quantity demanded versus change in demand. 2. Change in quantity supplied versus change in supply.