a. Basic Concepts: Wants, Scarcity, choice, scale of preference, opportunity cost, Rationality, production, distribution, consumption. bi. Economic problems of: What, how and for whom to produce and efficiency of resource use. bii. Application of PPF to solution of economic problems.
(i) compare various concepts in economics and their applications; (ii) interpret graphs/schedules in relation to the concepts; (iii) identify economic problems; (iv) proffer solutions to economic problems
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