AP (Advanced Placement) Macroeconomics Fundamentals of Economics-Demand & Supply Study Material (Page 7 of 14)
Choose Programs:
📹 Video Course 2024 (33 Lectures [13 hrs : 48 mins]): Offline Support
Rs. 100.00 -OR-
1 Month Validity (Multiple Devices)
Preview All LecturesDetails
🎓 Study Material (230 Notes): 2024-2025 Syllabus
Rs. 400.00 -OR-
3 Year Validity (Multiple Devices)
Topic-wise Notes & SampleDetails
🎯 71 MCQs (& PYQs) with Full Explanations (2024-2025 Exam)
Rs. 100.00 -OR-
3 Year Validity (Multiple Devices)
CoverageDetailsSample Explanation
Help me Choose & Register (Watch Video) Already Subscribed?
Economic Problems
Edit
Economic Problems
The basic economic activities are:
- Production
- Consumption
- Distribution (Exchange)
In every society, the problem of choice is due to the scarcity of resources.
This scarcity of resources arises due to three central problems:
- What to produce?
- How to produce?
- For whom to produce?
What to Produce? How Much to Produce?
- An economy has to decide, what commodity is to be produced and in what quantity.
- A producer must identify the quantity of demand in the market.
- He has to decide, whether to produce food, clothing, or any luxurious goods; or agricultural goods or industrial goods and services etc.
How to Produce?
- Refers to cheapest mode of production techniques.
- Traditional v/s Robotics or Workers v…
… (120 more equations, 13 figures) …
Subscribe (by clicking here) to view full notes and track progress.
Economy Characteristics
Edit
Economy Characteristics
- The word Economy has various definitions with different meanings.
- We can call-a state or a nation as ‘Economy’ that which production or consumption, import or export takes place. But, in short, we can define-Economy as taking care of various resource or raw materials that which is available in particular region.
- When we convert that re…
… (258 more words, 3 figures) …
Subscribe (by clicking here) to view full notes and track progress.