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Economics Questionaire

Please answer the following questions
Demand, Supply, Market Equilibrium
• What is the difference between supply and quantity supplied? What is the difference between demand and quantity demanded? Please provide 150 words with one scholar source for this question
• How do prices, quantity supplied, quantity demanded, supply, and demand interact to determine market equilibrium? Please provide 150 words with one scholar source for this question
• How do government-set prices, such as price ceilings and price floors, cause surpluses and shortages? Please provide 150 words with one scholar source for this question

The Market System and Circular Flow:
• What are the main characteristics of the market system? Please provide 150 words with one scholar source for this question
• How does the market system answer the five fundamental questions? Please provide 150 words with one scholar source for this question

• What are the mechanics of the circular flow model? Please provide 150 words with one scholar source for this question

Introduction to Macroeconomics
• Why do economists focus on GDP, inflation, and unemployment when assessing the health of an entire economy? Please provide 150 words with one scholar source for this question

• Why does greater flexibility of prices as time passes cause economists to utilize different macroeconomic models for different time horizons? Please provide 150 words with one scholar source for this question

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