Q. What are substitutes goods? Top Answer Solution:Substitute goods are products or services that can be used as alternatives to each other. If the price of one good increases, consumers may switch to purchasing a substitute good that provides similar…
Q. What is a monopoly? Top Answer Solution:A monopoly is a market structure in which a single firm or entity dominates the production and sale of a particular product or service. In a monopoly, the firm has complete control over…
Q. What is inflation? Top Answer Solution:Inflation is a sustained increase in the general price level of goods and services in an economy over time, making things more expensive. It means that the purchasing power of money declines.A little inflation…
Q. Why economics is important? Top Answer Solution:Economics provides a framework for understanding how societies function, how resources are allocated, and how individuals and businesses make decisions. This knowledge is essential for making informed decisions about our own lives and…
Q. What is GDP? Top Answer Solution:Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced in a country during a specific period, usually a year. GDP is one of the most commonly…
Q. What microeconomics? Top Answer Solution:Microeconomics studies the behavior of individual agents, such as households, firms, and industries, and how they make decisions to allocate limited resources. Related Links
Q. What macroeconomics? Top Answer Solution:Macroeconomics studies the overall economy and big trends like growth, unemployment, and inflation. It looks at how the government spends and taxes money, and how banks control money and interest rates. It also examines how…
Q. What are the branches of economics? Top Answer Solution:The two branches of economics are microeconomics and macroeconomics. Microeconomics – Microeconomics studies the behavior of individual agents, such as households, firms, and industries, and how they make decisions to allocate…
Q. Who is the father of economics? Top Answer Solution:Adam Smith, a Scottish philosopher and economist is known as the father of economics. Related Links
Q. What is economics? Top Answer Solution:Economics is a social science that studies how people, businesses, governments, and societies allocate scarce resources to satisfy their unlimited wants and needs. It involves analyzing the production, distribution, and consumption of goods and…
