Give five (5) example each for microeconomics situation and macroeconomics situation. 2. Give three (3) situation to show the basic economic concept (situation to show the scarcity, choice and opportunity cost) 3. Give five (5) example of situation that can change quantity demand of a product other than price of the good itself. 4. With an example, give three (3) determinants of price elasticity of demand. 5. With an example, give three (3) determinants of price elasticity of supply.