Introduction to Economics

Explain the two Broad Branches of Economics

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Explain the Meaning of Micro Economics

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Explain the Meaning of Macro Economics

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Distinguish Between Micro and Macro Economics

• Demand and supply are the major tools of micro economics

• Price determination and Allocation of resources are the central problem of micro economics

• It studies economy as a whole

• Determination of income and Employment are the central problem of macro economics

• It studies the individual Economic unit

What do you mean by scarcity of resources?

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What do you mean by problem of choice?

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What is meant by economic problem?

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Why does economic problem or problem of choice arise?

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Explain Production possibility frontier/ curve with the help of schedule and Diagramm.

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Explain the concept of Total utility and marginal utility with the help of schedule and diagram

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