ECONOMICS BASICS-2

Difference between need and want

Full form of UNDP is

A rational person does not act unless a. the action is ethical.

Your family bought a brand new mansion.

• Service

• Want

• Good

• Need

मांग के नियम के कितने उपवाद है?

• 4

• 3

• 1

• 2

A point above the PPF curve represents

• inefficiency

• efficiency

• Unattainable

• Unemployment

Scarcity can best be defined as

• A Shortage of a product

• Where demand is greater than supply

• Unlimited wants vs Limited resources

• Limited wants vs unlimited resources

Movement along the Demand curve to the right is called

• increase in quantity demanded

• increase in demand

• decrease in demand

• decrease in quantity demanded

What are the factors of production ?

• Labour

• Land

• Capital

• All of these

Economics is the study of

• how to reduce our wants until we are satisfied.

• how to avoid having to make trade-offs.

• how society manages its unlimited resources.

• how to fully satisfy our unlimited wants.