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Introduction

Question

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Write the meaning of Economic Problem.

Solution

Economic problem is the problem of making the choice of the use of scarce resources for satisfying unlimited human wants.

Some More Questions From Introduction Chapter

State factors which cause rightward (upward) shift of PP curve.

How is PPC affected by unemployment in the economy? Explain.

Massive unemployment shifts the PPC to the left. Defend or refute.

What is meant by resources?

What do you understand by the term 'individual' in economics?

What is meant by goods?

Define services.

What is meant by commodities?

What is meant by an economy?

What are vital functions of an economy?

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