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QUESTION ONE [30] Economics 1.1 Explain the basic economic problem of scarcity. 1.2 List and discuss the two main factors of economic growth according to

QUESTION ONE [30] Economics

1.1 Explain the basic economic problem of scarcity.

1.2 List and discuss the two main factors of economic growth according to the production possibility frontier model.

1.3 Analyse the consumer equilibrium condition according to utility theory. Include in your answer the provision of its formula.

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