+91-8076753736 [email protected]

-->

Introduction

Question

Wired Faculty App

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

Solution

An individual in economics means an individual decision making unit like a household, a firm, a group or an organisation.

Some More Questions From Introduction Chapter

What is the difference between microeconomics and macroeconomics?

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?

Can the PP curve shift?

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?

Mock Test Series

Mock Test Series

NCERT Sample Papers

Entrance Exams Preparation