Microeconomics is also called
Economic theory
Price theory
Demand theory
Supply theory
Economic problem arises because of
Abundance of resources
Scarcity of resources
Alternative use of resources
Not using resources
"Growth definition " is the contribution of
Keynes
Samuelson
Adam Smith
Alfred Marshall
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
What to produce is a question of
Efficient use of resources
Allocation of resources
Growth of resources
Resources
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
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
"Wealth of Nation" is written by
Lionel Robbins
By economizing resources we mean:
Using less resources
Making the best use of resources
Using more resources
How to produce is a question relating to
Choice of techniques of production
Distribution of output produced
Distribution of input produced