The goods purchased by consumers that satisfy immediate needs and wants
Producer goods
Non-economic goods
Durable goods
Consumer goods
Labour
Capital
Entrepreneur
What gives the PPC the concave shape?
Increasing marginal opportunity cost
Decreasing marginal opportunity cost
Decreasing fixed cost
Decreasing marginal cost
The satisfaction that consumers derive from consuming a good or service.
Utility
Scarcity
Budget line
Subjectivity
The value of the next best alternative that must be given up or sacrificed in order to obtain something else is
Fixed cost
Marginal cost
Variable cost
Opportunity cost
The production possibility curve is
Upward sloping
Downward sloping
Backward shifting
Increasing return
Which one of the following comes under public sector?
Reliance
HCL
Railway
Axis bank
Mixed economy relies on
Public sector
Private sector
Public and private sector
Government enterprises
The method used to make resource allocation and output distribution decisions
Rationing
Resource ownership
Economic decision making
Central planning
Economic good
Free good
Private good
Inferior good
