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Very Short Answer Question 1. What is economics? 2. Definesubstitute goods. 3. Define complementary goods....

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Economics

Very Short Answer Question 1. What is economics? 2. Definesubstitute goods. 3. Define complementary goods. 4. Make a list offactors of production. 5. What is meant by demand? 6. Definesupply. 7. What is equilibrium price? 8. Define elasticity ofdemand. 9. Define price elasticity of demand. 10. Define incomeelasticity of demand. 11. Define cross elasticity of demand. 12.Define elasticity of supply. 13. Define utility. 14. Define totalutility (TU). 15. What is meant by marginal utility(MU) ? 16.Define consumer's surplus. 17. Define producer's surplus. 18.Define production. 19. What is meant by production function? 20.Define total product (TP) with formula. 21. Define average product(AP) with formula. 22. Define marginal product (MP) with formula.23. What is macroeconomics? 24. Point out any four macroeconomicvariables. 25. Define closed economy. 26. Define open economy. 27.What is national income? 28. Define Gross Domestic Product (GDP)?29. Define personal income (PI). 30. Define personal income (DI)with formula. 31. Define per capita income (PCI) with formula. 32.Define GDP deflator. 33. What is money?

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