Directions: Answer each question below by writing a strong paragraph that includes supporting information from the lesson. Please cite your outside resources. A strong paragraph includes a minimum of...

Directions: Answer each question below by writing a strong paragraph that includes supporting information from the lesson. Please cite your outside resources.

A strong paragraph includes a minimum of three to five details from the lesson and is written in Academic English form. For more information on Academic English form, refer to the documents in the Orientation.

1. Write a sentence or two defining the following terms in your own words. Give examples of each.

a. Allocate

b. Absolute Advantage

c. Capital

d. Cyclical

e. Demand Curve

f. Discouraged Workers

g. Planned System

h. Public Goods

i. Recession

j. Dishonest workers

k. Elastic Demand

l. Entrepreneurship

m. Federal Reserve

n. Frictional

o. Resources

p. Scarcity

q. Substitute Goods

r. Monopoly

s. Oligopoly

t. Induced

u. Inelastic Demand

v. Inflation

w. Law of Comparative Advantage

x. Law of Diminishing Demand

y. Market Equilibrium Point

z. Market System

2. Compare and contrast Macroeconomics and Microeconomics. Give specific details and examples.

3. Describe the economic cycle. Give specific details and examples.