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QUESTION ONE [30] 1.1 Distinguish between the following economic terms, using examples to motivate your answer:...

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Economics

QUESTION ONE [30] 1.1 Distinguish between the following economic terms, using examples to motivate your answer: a). Scarcity and opportunity cost (6) b). Marginal utility and weighted marginal utility (6) c). Microeconomics and macroeconomics (6) 1.2 Examine the two (main) factors that contribute to economic growth according to the production possibility frontier model.

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