Identification should include  

• utility
• law of demand
• law of supply
• equilibrium
• scarcity
• surplus
• marginal analysis
• opportunity cost
• efficiency.

Process/Skill Questions:

• How does the interaction between consumers and producers determine prices of goods and services?
• What is the definition of demand?
• What is the definition of supply?
• How does a marginal analysis guide a producer's decision about how much to produce?
• How is opportunity cost induced by scarcity and by the need to make choices?
• How is efficiency most often assessed?