Define the Economics terms below (5 marks) 2 1- Economics. 2- Microeconomics. 3- Macroeconomics. 4- Scarcity. 5- Entrepreneurship

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Define the Economics terms below (5 marks)

 

1- Economics.
2- Microeconomics.
3- Macroeconomics.
4- Scarcity.
5- Entrepreneurship

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Distinguish between cardinal utility and ordinal utility. Which is more realistic?
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