Give Economic Term (Weightage 5 Marks)
1. Introduction to Micro and Macro Economics
No Textual Question
2. Utility Analysis
No Textual Question
3 A Demand Analysis
1) A situation where more quantity is demanded at lower price ______.
A situation where more quantity is demanded at lower price
Ans:- expansion of demand.
Explanation:
Expansion of demand refers to a rise in quantity demanded due to falling in price alone while other factors like tastes, income of the consumer, size of the population, etc. remain unchanged. Demand moves in a downward direction on the same demand curve.
2) Graphical representation of demand schedule _____.
Graphical representation of demand schedule
Ans:- demand curve.
Explanation:
Demand curve is a graphical representation of the individual demand schedule
3) A commodity which can be put to several uses ______.
A commodity which can be put to several uses
Ans:- composite demand.
Explanation:
The demand for a commodity which can be put to several uses is known as composite demand.
For example: Electricity is demanded by several uses such as light, washing machines, etc.
4) More quantity is demanded due to changes in the factors determining demand other than price _____.
More quantity is demanded due to changes in the factors determining demand other than price
Ans:- increase in demand.
Explanation:
increase in demand: It refers to increase in quantity demanded due to favourable changes in other factors like tastes, income of the consumer, climatic conditions etc. and price remains constant. Demand curve shifts to the right-hand side of the original demand curve.
5) A desire which is backed by willingness to purchase and ability to pay _______.
A desire which is backed by willingness to purchase and ability to pay
Ans:- demand.
Explanation:
Demand: According to Benham, “the demand for anything at a given price is the amount of it, which will be bought per unit of time at that price.” In ordinary language, demand means a desire. Desire means an urge to have something. In Economics, demand means a desire which is backed by a willingness and ability to pay.
3 B Elasticity of Demand
1) Degree of responsiveness of quantity demanded to change in income only.
Ans: – Income elasticity
2) Degree of responsiveness of a change in quantity demanded of one commodity due to change in the price of another commodity.
Ans: – Cross elasticity
3) Degree of responsiveness of a change of quantity demanded of a good to a change in its price.
Ans: – Elasticity demand
4) Elasticity resulting from infinite change in quantity demanded.
Ans: – Perfectly Elasticity of demand
5) Elasticity resulting from a proportionate change in quantity demanded due to a proportionate change in price.
Ans: – Price Elasticity
4. Supply Analysis
1) Cost incurred on fixed factors.
Ans: – Total Fixed Cost.
2) Cost incurred per unit of output.
Ans – Average Cost
3) Net addition made to total cost of production.
Ans: – Marginal Cost
4) Revenue per unit of output sold.
Ans: –Average Revenue
5. Forms of Market
1. The market where there are few sellers.
ANS: – Oligopoly
2. The point where demand and supply curve intersect.
ANS: – Equilibrium point/price
3. The cost incurred by the firm to promote sales.
ANS: – Selling Cost
4. Number of firms producing identical product
ANS:- Homogeneous Product
5. Charging different prices to different consumers for the same product or services.
ANS:- Price Discrimination
6. Index Numbers
No Textual Question
7. National Income
No Textual Question
8. Public Finance in India
No Textual Question
9. Money Market and Capital Market
No Textual Question
10. Foreign Trade in India
No Textual Question