Q. Analyse the application of Principles of Economics in any real-life situation or your surroundings and describe: 1. Scarcity of resources and decision making for choices keeping in view the scarcity 2. Budget constraint/Production Possibility Frontier, Opportunity cost involved in making choices, Trade-offs faced 3. Positive impact and benefit of application of Economics 4. Conclusion You can give examples and support your explanation with data in tabular form, figures, charts, diagrams, graphs etc