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What is economics and why is it a relevant subject? Define each of the 5 concepts of scarcity, choice, opportunity cost, rational behavior, and marginalism

What is economics and why is it a relevant subject?

Define each of the 5 concepts of scarcity, choice, opportunity cost, rational behavior, and marginalism (6% each). Then, for each concept, give an example (6% each) to show that you understand it.

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