What is the Law of Supply? Explain the difference between a change in supply and a change in the quantity supplied. Provide an example from the

  1. What is the Law of Supply? Explain the difference between a change in supply and a change in the quantity supplied. Provide an example from the market for oranges.
  2. What are the determinants of demand? Provide three examples from the market for oranges where demand would expand (demand curve shifts right).
  3. Explain, using supply and demand analysis, the consequences for the labor market of imposing a minimum wage.
  4. Economists often say that Economics is the study of how people make choices. What does that mean? Using your decision to attend college as an example, explain the significance of resources, scarcity, and opportunity costs in making choices.
  5. Explain the difference between human and physical capital. Provide an example of each from your own experience.