Those goods which help the production of other goods.
Economic goods
Consumer goods
Capital goods
Non-economic goods
An example for natural resource is
Electricity
Forest
Monuments
Machinery
Which model illustrates the concepts of scarcity, choice and opportunity cost?
Circular flow
Vicious circle of poverty
Production possibilities
Business cycle
In the circular flow model, the main decision makers in the economy are
Land
Capital
Households and firms
Markets and labour
The situation in which available resources are not enough to produce everything that human beings need and want.
Abundant resource
Scarcity
Unlimited resource
Non-durable
The absence of markets or the limited operation of markets is the characteristics of
Mixed economy
Private sector
Centrally planned economy
The production possibility curve is
Upward sloping
Downward sloping
Backward shifting
Increasing return
The payments that firms make to buy factors of production.
Income
Cost
Revenues
Profit
The transition from a centrally planned economy towards a mixed market economy is
Privatization
Public sector
Economy in transition
Feudalism
Which one of the following comes under public sector?
Reliance
HCL
Railway
Axis bank
