UNIT WISE IMPORTANT QUESTIONS: UNIT: 1. INTRODUCTION TO ECONOMICS. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 2 . THEORIES OF CONSUMPTION. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT – 3 – PRODUCTION. TEN MARKS…
Meaning of Capital: In ordinary the term capital means cash or money, but in economics capital does not means only cash it means wealth that is used for producing additional wealth in other what it…
Meaning of Land: The term land mean the surface of the earth of soil in ordinary term .but in economic the term lands means not only soil but also all other natural resources available to…
Meaning of Economies of Scale: Economies of scale refer to the cost advantages that a business or organization can achieve as a result of an increase in the scale of production or size of operations.…
Meaning of production function: The term production means transformation of physical inputs in to physical outputs. The term inputs refers to all those things which are required by the firm to produce a particular product.…
Meaning, Types and Importance of Production in Economics Complete Guide for BA LLB Students | Economic Growth, GDP, Capital Formation & Business Development What is Production? (Meaning in Economics) Production is one of the most…
Meaning: Profit refers to the financial gain or benefit that an individual or business receives from an investment, business operation, or entrepreneurial activity. It is one of the key motivations for engaging in economic activities…
Introduction: Loanable funds theory of interest is an extension of the classical theory of interest the theory was formulated by a Swedish economist wick sell. Later on professor Robertson, Ohlin and others have redefined it.…
Meaning: The term wage differential refers to the wage differences which exist between different occupations or different individuals in the same occupation. For example a film star may earn RS 2cr a year which a…
Meaning: The concept of quasi rent was first introduced by Marshall. He explained that besides land, other factors also get rent the only difference is that rent may accrue to land in the long run…