Basic Concept of Economics Part 1

It is an effective desire for a commodity and the willingness to put in efforts to acquire it.

• Desire

• Need

• Wants

• All of these

A commodity which is capable of satisfying human wants or anything which has utility is called

• Products

• Goods

• Things

• Capitals

non-material goods are those goods which are intangible.

• Services

• Non Services

• Both A and B

• None of these

all the goods which can satisfy human wants and for which

payment is made.

• Material

• Wealth

• Product

• Non of these

All those man-made goods which are used for further production are called?

• Material

• Services

• Wealth

• Capital

Characteristics of Wealth ?

• Utility, Scarcity, Transferability

• Utility, Availability, Transparancy

• Scarcity, Money, Returns

• All of these

Which of these is not included in wealth : Copyright, Beauty, Goodwill, Machinery.

• Copyright

• Beauty

• Goodwill

• Machinery

want satisfying power of a commodity.

• Copyright

• Wealth

• Utility

• Capital

Process of creating various goods and services.

• Agriculture

• Production

• Product

• USefulness

Destruction or lessening of goods to satisfy human wants.

• Consumption

• Wastage

• Both A and B

• None of these