Question

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Answer 1

Answer:

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Answer 2

Answer:

answer 1= Welfare definition of economics. ... "Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being".

Answer 2 = The main problem of economics is how to satisfy the unlimited wants with limited means which have alternative uses. Robbins describes this problem as the problem of economising scarce means. In other words, it is the choice of making of an economic activity. According to Cassel, “Economics is the science of Scarcity.

Answer 3= Economic growth is an increase in the the production of economic goods and services, compared from one period of time to another. It can be measured in nominal or real (adjusted for inflation) terms.

Explanation:

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