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Private ownership of means of production. correct per microeconomics basics; central problems scarcity choice opportunity cost.
Ref: NCERT Economics Class XI Chapter 1 Introduction to Microeconomics explains central problems scarcity choice PPC opportunity cost concepts clearly.
Survival defines nature significance; management goal-oriented, continuous, pervasive.
Ref: NCERT Business Studies Class XII Chapter 1 Nature and Significance of Management defines management functions characteristics clearly explained.
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