i. Opportunity cost is the alternative forgone in order to satisfy a particular want. For example if a consumer has a pressing need of food items and a television set and his limited resources could purchase only the food items, the television not bought is the opportunity cost.
i. Unemployment: unemployment refers to a situation when people who are able and willing to work at the current wage rate cannot secure a job.
ii. Economic growth simply means a sustained increased in the quantity of goods and services produced in an economy.
