Actually it is something I would do on a weekend...can you say nerd?
haha yea me too.
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The problem with this, though, is:who's economic theory? Austrian? Keynsiansim? Chicago school? The conclusions we'd come to would vary depending on which school we "followed". This is why it's better if you actually explain your stand on Bitter Tea's questions instead of making us guess. That way, too, we can start the name calling when we discover we don't agree on economic theories. 
It's basic microeconomics 101. It's not advanced stuff, just took microecon two semesters ago and learned those concepts then, then came across those links as I researched my answers here.
If you don't want to read them, that's OK. But I have already explained the concepts in a nutshell. The italicised words can be referenced via the links. I think it would be helpful if you read the links, but like I said if you don't want to then that's OK too.