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Define economics from perspective of Wealth, Welfare, Scarcity, and Growth. Which definition more suits for economics? Why? Define scarcity, choice and opportunity cost. Can you link them in your day to day lives? What is a production possibility curve? Define Decision making units and the circular flow model? Define all three types of Economic Systems, it's features advantages and disadvantages? Define Theory, Law, Curve and Determinants, Elasticity of Demand and Supply