Directions: Please provide detailed and elaborate descriptions for each of the following terms and concepts. Your responses should be a minimum of 1 to 2 paragraphs and should include examples from the reading assignments or personal experience, if possible.
4. Circular flow model.
5. Market failure
10. Equilibrium price
PART II: REFLECTION PAPER
Describe the importance of price mechanism, competition, and efficiency in the capitalist economy. Please provide real-world examples (this can be from the media or your own experiences).