What is economics?...

What is economics?

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Economics is about studying economic problems arising due to limited means (having alternative uses) in relation to unlimited wants.

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FULL MARKS-INTRODUCTION TO ECONOMICS -NCERT TEXTBOOK QUESTIONS SOLVED

Distinguish between microeconomics and macroeconomics.
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What is meant by economy?
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What is economics?
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Why does an economic problem arise?
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What gives rise to an economic problem?
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Why does the problem of choice arise?
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State two features of resources that give rise to an economic problem.
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Which type of science is economics?
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What is the basic reason for economic problem in all economies?
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What is meant by economising of resources?
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What is meant by central problem of an economy?
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What does a rightward shift of production possibility curve indicate?
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Give two examples of growth of resources.
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Give two examples of underutilisation of resources.
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Define Opportunity Cost.
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Give the meaning of 'Opportunity Cost'.
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Define Marginal Rate of Transformation (MRT).
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Why PPC is concave to the point of origin?
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Define microeconomics.
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Give the meaning of macroeconomics.
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