Question: Describe your understanding on the terms or concepts below :a. Scarcity, choice, trade-off and opportunity cost. Explain the interrelationshipamong those concepts and give examples. b.

Describe your understanding on the terms or concepts below :a. Scarcity, choice, trade-off and opportunity cost. Explain the interrelationshipamong those concepts and give examples. b. Positive economics and normative economics. Illustrate with examples.c. Production Possibility Frontier (PPF). Give example and show it in the graph.d. Economics, Macroeconomics, and Microeconomics.

Describe your understanding on the terms or concepts below. a. Scarcity, choice, trade-off and opportunity cost. Explain the interrelationship among those concepts and give examples. b. Positive economics and normative economics. Illustrate with examples. c. Production Possibility Frontier (PPF). Give example and show it in the graph. d. Economics, Macroeconomics, and Microeconomics

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