Discuss the concept of scarcity in economics and give appropriate examples from india.

Discuss each of the following concepts using appropriate examples

a. People Face Tradeoffs, give your own personal example as a student?

b. Opportunity Cost, give example ?

c. Market economy, give example in context of india?

• Explain the difference between supply and demand in a perfectly competitive market. Give example for both supply and demand ?
• Compare and contrast perfect completion and imperfect completion with appropriate example.