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Answer the following using the concepts from the readings of Chapter 1. Q1. Describe Economics as a science of wealth. Q2. Describe Economics as a

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Answer the following using the concepts from the readings of Chapter 1. Q1. Describe Economics as a science of wealth. Q2. Describe Economics as a science of Scarcity and choice. Q3. Distinguish between Micro and Macro Economics. (Atleast three differences) Q4. Explain the phenomenon of CENTRAL PROBLEMS OF AN ECONOMY. Q5. Define: MS 1. Needs 2. Wants y Fin 3. Scarcity CO 4. Opportunity Cost

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