Fundamentals of Economics

Find the twin teams of economics

• Scarcity and Efficiency

• Supply and demand

When price increases, demand for a product will___________

When price of a product increases and the demand has no chance due to price increase then type of elasticity of demand is__________

Price and supply has ________ relationship

Marginal cost is, cost incurred during ________ unit of production

Total cost=

• Marginal cost+avarage cost

• Fixed cost + variable cost

• Total cost+ marginal cost

List the components of 3 sector Economy

When inflation increases bank will_____ the interest rate of deposits

• Increase

• Decrease

_________ is the controlling authority of inflation

• Central Bank

• Central Government