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Introduction

Question

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How is an economic problem a problem of choice?

Solution

Because a decision is required to make fuller and efficient use of scarce resources to satisfy maximum number of wants.

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?

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