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Answers
Answer:
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1. Economics is the backbone of a country that shows its structure and development.
2. It means when there is loss of followers in a country or people of country are poor
3. The nature and scope of economics depends upon the interaction of economic agents and the way that economy works.
4. 1. Microeconomics is study of particular firms, household, and wages. 2. Macroeconomics scope is wide and it studies the economic variable effecting economy as a while.
5. There are four types of goods
1. Public goods
2. Private goods
3. Common resources
4. Club goods
B
1. It is the level of prosperity and standard is of living of either group or an individual.
2. See above part A.
3. It is the increase in the inflation adjusted market value of the goods and services produced by an economy by time.
4. See answer 2 of part A.
5. See answer 4 of part A.
6. It provides a useful tool to the govt. while making several decisions.
7. It is distinguished in answer 4 part A.
8. Don't know
9. The state if being useful or helpful.
Types
1. Form utility
2. Place utility
3. Time utility
4. Possession Utility
10.1. Wants are unlimited.
2. Wants vary in nature.
3. Wants differ in intensity.
4. wants are repetive.
5. Wants are progressive.
6. Wants are competitive
7. Wants are also complemenry.
8. Wants are suitable.
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