All important decisions regarding production, exchange and consumption of goods and services are made by the

Opportunity cost is called the

The term economics derived from the Greek word namely

________ is the cost of any activity measured in terms of value of the next best alternative forgone.

___________deals with the functioning of the economy.

Micro economics is the ___________ study of the economy.

The distinction between micro and macro economics was emerged after

Micro economics explains

____________ deals with interaction of individual markets.

The output produced in an economy is distributed among various factors of production is known as