A: Define EconomicsB: What do we mean by “Scarcity” and how does that relate to the concept of “Opportunity Cost”?C: Distinguish between :macroeconomics” and :microeconomics”D: Distinguish between “Positive economics” and “normative economics”2) A: Distinguish between “Capitalism” and “Socialism”B: Distinguish between a “market economy” and a “command economy”C: What is “welfare capitalism”?D: What do we mean by “entrepreneur” and “economic capital”?3) In each case explain (using appropriate graphs for support) what happens to prove and output in the market for wheat bread; assuming that wheat bread is a normal good, rye bread is a substitute in consumption, wheat is an input in making wheat bread and rye is an input in making rye bread.A: There is an increase in incomeB: There is an decrease in the price of ryeC: There is an increase in the price of wheatD: There is an improvement in the production technology for bread.4) Continuing with the previous problem, explain (using appropriate graphs for support) what happens to price and output when:A: There is an increase in income and an increase in the price of wheatB: There is an increase in income and an improvement in the production technology for bread.C: There is a decrease in the price of rye and an increase in the price of wheatD: There is a decrease in the price of rye and an improvement in the production technology for bread.5) In each case (using appropriate graphs for support) describe the distortions that occur in a competitive market when the government imposes:a price ceilinga price floor
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