Economics

__________ definition was given by Lionel Robbins

• Growth

• Scarcity

• Wealth

• Welfare

Micro and Macro Economics were terms coined by

• Keynes's

• Alfred Marshall

• Ragar Frisch

Examples of Microeconomics

• National income

• Household income

• National output

• Price of a commodity

• Supply of a commodity

__________________ is a system which provides people with goods and services which directly or indirectly satisfy their wants.

The main Sectors of an Economy are

• Households

• Grocery Stores

• Malls

• Government

• Foreign Sector

Want is the __________________

• satisfying power of a commodity

• things that have value and satisfy human wants

• the desire for a commodity and the effort to acquire it

Types of Utility

• Form

• Demand

• Food

• Place

• Time

_______________ is y-c

What is HYV?

Absolute poverty is

• the comparative study between two nations

• the comparative study between two states

• the people living below the poverty line.

• the people living above the poverty line.