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CHAPTER 1

INTRODUCTION TO ECONOMICS

QUESTION 1

Define economics. Differentiate between microeconomics and macroeconomics.

Definition: Economics

Microeconomics Macroeconomics

QUESTION 2

By using suitable example, explain the three (3) concepts of economics.

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QUESTION 3

Explain four (4) basic economic problems in economy.

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iii) ___________________________________
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iv) ___________________________________
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