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Introduction
Briefly the subject matter of microeconomics is 'study of behaviour of individual economic units like a consumer, a firm, price determination of a good and that of macroeconomics is study of economy as a whole and its large aggregates' like national income, general price level, total employment.
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Briefly state meaning of the following terms as used in economics.
1. Economy (D 2010 C), 2. Goods, 3. Services, 4. Wants, 5. Resources,
6. Households, 7. Firms, 8. Commodities, 9. Production, 10. Consumption
Explain central problems with the help of PP curve. How does PP curve help in explaining the central problems?
(i) Why is PP curve downward sloping from left to right? (D 2006C)
(ii) Why does PP curve look concave to the origin?
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