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Question 1: Define the meaning of the following concepts; use your language to express the meaning: (LO, 1/10 Marks/ One mark for each) Positive Economics

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Question 1: Define the meaning of the following concepts; use your language to express the meaning: (LO, 1/10 Marks/ One mark for each) Positive Economics Normative economics Opportunity cost Marginalism Efficient markets Model Factors of production Consumer Goods Capital Goods Scarcity and Choice

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