Explain the modern theory of rent?
Introduction: Ricardo was of the opinion that rent arises due to differences in the fertility of land but the modern economist do not agree with him, they said that there is no need to have…
ECNOMICS-1 PRINCIPLES OF ECONOMICS.
MODEL ANSWER PAPER UNIT- 1 Q. 1. Critically explain the wealth definition of economics? The wealth definition is the fundamental definition of economics. The economics is derived from the Greek word oikos and Nomos which…
Explain the cost concepts under short-run and a long-run.
Meaning: In general terms cost refers to an amount to be paid or given up for acquiring any resources or services. in economics, cost can be defined as monitory valuation of efforts, material resources, time…
IMPORTANT QUESTIONS- ECONOMICS -1
UNIT WISE QUESTIONS.PRINCIPLES OF ECONOMICS: TEN MARKS QUESTIONS: UNIT-1- Introduction to Economics: SIX MARKS QUESTIONS: TEN MARKS QUESTIONS: UNIT-2- THEORIES OF CONSUMPTIONS: SIX MARKS QUESTIONS: TEN MARKE QUESTIONS- UNIT -3- PRODUCTION: SIX MARKS QUESTIONS: TEN…
Explain the Types/concepts of Revenue.
Meaning: In economics, revenue refers to the total income generated by a firm from selling goods or services over a specific period. The sale proceed that a firm gets from the sale of its product…
Explain briefly the law of Returns to Scale.
Introduction: Long run behavior of a firm is explained in terms of returns to scale that is the change in output as a result of change in all the inputs, proportion of input remains constant…
Explain the types of utility.
Meaning: Utility is a concept used in economics, philosophy, and other disciplines to describe the satisfaction or benefit derived from consuming goods and services or making choices. It is a measure of satisfaction of an…
What is Production? Explain the types of Production.
Meaning: Production involves the use of various inputs or factors services to produce output. In economics production means transformation of inputs into outputs, in other words production is a process of changing the form of…
Explain the consumers equilibrium under indifferent analysis under indifferent curve.
Introduction: The basic objective of the consumer is to drive highest level of satisfaction of a given amount of money in order to achieve this objective; he will spend his limited income in combination of…
Explain the determinants of Supply.
Introduction: In the ordinary language or term supply and stock conveys the same meaning but in economics the term supply is different from that of stock. Supply has all the attributes of demand a seller…