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Question
Identify & explain the concept from the given illustration.
Mala collected information about the income and expenditure of twenty five families from her locality.
Solution
Concept: Microeconomics
Explanation:
- Microeconomics deals with a small part of the national economy.
- Since Mala collected information about income and expenditure of 25 families, which is a small part of the entire economy, this illustration is related to the concept of ‘Microeconomics’.
RELATED QUESTIONS
Identify and explain the concept from the given illustration:
Gauri collected the information about the income of a particular firm.
Scope of micro economics.
- Theory of Product Pricing
- Theory of Growth and Development
- Theory of General Price Level and Inflation
- Theory of Income and Employment
Branch of economics that deals with small part of national economy −
Find the odd word
Features of Microeconomics
Theory of economic welfare, basically deals with ______.
Assertion (A): Micro-economics uses slicing method.
Reasoning (R): Slicing method is the study of the whole economy rather than its part.
Distinguish Between
Slicing method and Lumping method
Explain the scope of microeconomics
‘Economics is a study of mankind in the ordinary business of life’ -It is the statement of
Which of the following is a microeconomics statement?
Define microeconomics.
______ is a branch of economics that studies the economic variables at an individual level.
The method of partial equilibrium is used in ______
Which of the following theories are studied in microeconomics?
Microeconomics was Popularised by ______
Which of the following variables are involved in microeconomics?
How does Robbins define Economics?
Which of the following is a limitation of microeconomics?
The word 'Economics' was derived from two words, ______ and ______
What is the other name of Microeconomics and Macroeconomics?
- Assertion (A): Microeconomics is a small part of the national economy.
- Reasoning (R): Microeconomics divides the economy into small units.
Complete the correlation:
Macro-Economic Theory : Income and Employment :: Micro Economics : ______
Concepts studied under Microeconomics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Microeconomics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Macro economics.
- Whole economy
- Economic development
- Aggregate supply
- Product pricing
Give an economic term:
The economic variables of micro quantities.
Give an economic term:
Factor payment received by an entrepreneur in the form of money.
Concepts studied under Micro economics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Microeconomics.
- National income
- General price level
- Factor pricing
- Product pricing
Concepts studied under Macro economics.
- Whole economy
- Economic development
- Aggregate supply
- Product pricing
