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CHAPTER 1      Economics Definitions. Economics & Social welfare. Economics as Social Science. Micro & Macro Economics. Underdeveloped, Developed Countries Synopsis -1. Introduction 2. Meaning 3. Definition 4. Branches - Microeconomics & Macroeconomics 5. Economic Development 6. Underdeveloped, Developed Countries 7. Social Science 8. Conclusion 1. Introduction - a) The principal fact about Economics is that it is a social science of satisfying unlimited wants with scarce resources. This also includes analysis of