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What is Monopoly? explain its types.
Introduction: The word monopoly is a Latin word which is composed of two words mono and poly. meaning single and seller. A monopoly is market situation in which a single seller or a firm sells the product for which there is no substitutes. There is one seller and large number of buyers , there is…
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Write a note on Subject matter of economics.
Introduction: The subject matter of economics refers to the scope, focus, and areas of study within the field of economics. It comprises of the principles, concepts, and issues that economics seeks to understand and address. In other words, it deals with how societies use limited resources to produce goods and services and distribute them among…
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Explain the types of Oligopoly Market.
Introduction: The term oligopoly is derived from two Greek words oligoi and Pollein meaning a few to sell. Thus it is a market where there are few firms producing either identical product or differentiated product. An oligopoly is a type of market where a small number of firms dominating the market. These firms are interdependent,…
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Explain the meaning of economics.
Introduction to Economics: Economics is often regarded as the queen of social sciences. As a starting point, it is essential and important, firstly to know what economics is about and what is the subject matter of economics. It seeks to explain systematically a large variety of questions pertaining to economic behavior of individuals, society and…
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What is Macro Economics? explain its Advantages and Disadvantages.
Introduction: Macro economics is that branch of economics which deals with the study of aggregate or average behavior of the entire economy. In it we study the collective functioning of the entire economy. It deals with the aggregate of the economic system rather than with the individual parts of it. Hence it is called as…
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What is an Indifference Curve? Explain the properties of an Indifference Curve.
Meaning: In economics, an indifference curve represents a graphical representation of combinations of two goods that provide a consumer with equal levels of satisfaction or utility. Indifference curves are used in microeconomics to illustrate consumer preferences and choices in decision-making. An indifference curve may be defined as a locus or path indicating different combination of…
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Distinguish between Micro and Macro economics.
Meaning: The difference between micro and macro economics is huge. Microeconomics is a branch of economics that focuses on the behavior and interactions of individual economic units, such as households, firms, and industries, and their decision-making processes regarding the allocation of scarce resources. It analyzes the functioning of specific markets and examines how individual agents…
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Briefly Explain the Law of Variable Proportions?
Introduction: In economic theory, the law of variable proportion occupies an vital place. It is one of the fundamental laws of production. The law of variable proportion is the new name for the well known” law of Diminishing returns.” of classical economist. According to classical economists there were three separate laws of production but the…
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ECONOMICS – 1 – PRINCIPLES OF ECONOMICS
UNIT WISE IMPORTANT QUESTIONS: UNIT: 1. INTRODUCTION TO ECONOMICS. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 2 . THEORIES OF CONSUMPTION. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 3 – PRODUCTION. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 4- MARKETS. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. 1.Oligopoly Market. 2. Duopoly. 3. Product…
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Explain the Properties of Capital and Organization?
Meaning of Capital: In ordinary the term capital means cash or money, but in economics capital does not means only cash it means wealth that is used for producing additional wealth in other what it refer to all manmade wealth .It includes cash, raw material, tools implements, machines, vehicle, furniture, building etc. The properties of…