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Introduction

Question

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What are vital functions of an economy?

Solution

Production, consumption and investment (capital formation) are vital functions of an economy.

Some More Questions From Introduction Chapter

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?

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?

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