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Define thoroughly the concepts below 1. Microeconomics 2. Economy 3. Scarcity 4. Central problems of an economy. 5. Mixed economy. 6. Centrally planned economy. 7.

Define thoroughly the concepts below 1. Microeconomics 2. Economy 3. Scarcity 4. Central problems of an economy. 5. Mixed economy. 6. Centrally planned economy. 7. Market economy. 8. Production possibly curve. 9. Opportunity cost. 10. Marginal opportunity cost. 11. Marginal rate of transformation. 12. Macroeconomics. 13. Macro variables

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