The branch of microeconomics which deals with efficiency in production and distribution is called
Welfare economics
Positive economics
Normative economics
Macro economics
Choice is fundamental to economic behaviours because
People fund it difficult to choose what they want
Resources are scarce in relation to wants
Prices depend on people making choice
Resource scarce
A shift of the production possibility curve to the right means
Expansion of output produced
Scope for greater choice
That the economy is able to produce more of the commodities than before
Supply curve
Scarcity definition of economics was given by
Adam Smith
Alfred Marshall
Robbins
Samuelson
Capital intensive technique is the method of using
More labour and less Capital
More Capital and less Labour
More Capital and More Labour
More labour and More capital
Microeconomics is also called
Economic theory
Price theory
Demand theory
Supply theory
Economic is
Social Science
General Science
Basic Science
Welfare science
How to produce is a question relating to
Choice of techniques of production
Distribution of output produced
Growth of resources
Distrbution of input produced
"Wealth of Nation" is written by
Lionel Robbins
Economic problem arises in
All types of economies
Poor economies
Rich economies
Capital economy
