1. Define utility.
 Utility refers to the ability of good to satisfy a want. There are three kinds of utility. They are form utility, place utility and time utility.
2. Define Factors of production.
 Factors of production may also refer specifically to the primary factors which are stock including land ,labour and capital goods applied to production.
3. Write a note on public finance.
Public finance deals with the economics of government. it studies mainly about the income and expenditure of government.
4. Is economics a positive science or a normative science?
 Positive economics can be defined as a body of systematized  knowledge concerning what is while normative economics tries to develop criteria for what ought to be" Positive economics is mainly concerned with the description of economic events and it tries to formulate theories to explain them. But in normative economics, give more importance to ethical judgments. Normative economics is concerned with the ideal either than the actual situations.
5. Discuss the relationship between Economics and other Social sciences.
 Economics is social science which deals with human wants and their satisfaction. it is related to other Social sciences like sociology, political science, history, ethics, jurisprudence and psychology.
6. Explain the relationship between Economics and Sociology.
 Sociology is the science of society social science like political science and economics may be considered as the branches of sociology. Sociology is a general science. It attempts to discover the facts and laws of society as a whole. sociology deals with all aspect of a society.But economics deals only with the economic aspects of a society. It studies human behaviors in relation to scarce, means and unlimited wants.
7. Explain the relationship between Economics and Political science?
 Political science and economics are social sciences. Political science is the study of politics in theory and practice while economics is the study of how resources are produced allocated and distributed . political science deals with a variety of topics related to politics. This includes differing political philosophies about how society should operate. Economics deals with two main areas Micro economics and Macro economics.
8. Explain the relationship between Economics and History.
 Economics and history are closely related. history is a record of the past events. But Economics is a social Science which deals with human wants and their satisfaction. In history we survey economic, political and social conditions of the people in the past.
9. Distinguish between Micro and Macro economics.
 In micro economics, we deal with problems such as the output of a single firm or industry, price of a single commodity and spending on goods by a single household.
    Macro economics studies the economic system as a whole. It is a study of the relation between broad economic aggregates such as total employment saving and investment.
10. What is deductive method?
 The deductive method is also known as abstract method or analytical method. In the words of Wilson Gee ‘‘By deductive method is meant the reasoning from general to particular or from universal to individual.’’
11. Write a note on the importance of economic laws.
 Economic laws are of great importance in practical life. Some economic laws are applicable to all types of economic systems. They have universal application.
     Examples are: law of diminishing returns, law of diminishing marginal utility and the law of demand.
12. Write a note on the law of diminishing utility.
 The law of diminishing utility is based on actual experience. It tells that the more and more of a thing you have less and less you want it. It explains the relationship between the price of a good and the satisfaction get from it.
13. Explain the law of demand.
 The law of demand is based on actual experience. When price falls demand increases, price falls when supply is more. When there is increase in the supply of a good, its marginal utility diminishes.
14. Write a short on the law of diminishing marginal returns.
 The law of diminishing marginal returns has universal application. In agriculture, it means that we cannot double the output by doubling labour and capital. The law applies to manufacturing industry also.
15. Explain Malthusian theory of population.
Malthus has become widely known for his theories about population and its increase or decrease in response to various factors. The six editions of his An Essay on the Principle of Population, published from 1798 to 1826, observed that sooner or later population gets checked by famine and disease.  The Malthusian theory of population tells that population increases at a faster rate than food supply.
16. What are the characteristics of wealth.
 The following are the characteristics of wealth.
     a) It must possess utility. It must have the power to satisfy a want.
       As Marshall says "they must be desirable".
     b) It must be limited in supply.
     c) Wealth should be transferable.
     d) It must have money value.
17. Write the classification of wealth.
 Wealth may be classified into
     a) Personal wealth (individual wealth)
     b) Social wealth (Collective wealth)
     c) National wealth.
     d) Cosmopolitan wealth.
18. Define free goods.
 Free goods are not scarce so they do not command a price in the market. They are known as free goods. Goods like air and sunlight which are the gift of nature and free goods.
19. Define Economic goods.
 Economic goods command a price in the market. They have value in exchange.
20. Define money income.
 Money income is also known as nominal income. Money income refers, income that has not been adjusted for inflation and decreasing purchasing power.