Economics an Introduction

Economics an Introduction

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  1. What is the first occupation known by men?

Agriculture

  1. What is called as agriculture?

The basic needs of man are food, clothing and shelter. The food we eat like wheat, rice etc are cultivated in the land. The farmers cultivate food grains. This is termed as agriculture.

  1. What is national income?

Agriculturist, laborers and employees help to improve the economy of the country. This is called as national income.

  1. What is per capita income?

Income earned by individual is called as per capita income.

  1. What is distribution?

The facilities like food, cloth and house given by government is called distribution.

  1. What are the basic divisions of economics?

Production, Consumption and Distribution.

  1. What is the place where buying and selling of goods happen?

Market

  1. What is term given when people purchase commodities from the market to satisfy their requirements?

Consumption

  1. What is trade?

The buying and selling of commodities is termed as trade.

  1. Who are called as traders?

People who buy and sell things are called as traders.

  1. Who are wholesale merchant?

People who buy and sell large quality of commodities is called wholesale merchant.

  1. Who are retailers?

People who buy and sell in small quantities are called as retailers.

  1. What is called as economic development?

As the demand increase there is increase in the production, consumption and distribution. This is called as economic development.

  1. Who has received Nobel Prize for Economics from India?

Amarthya Sen

  1. When does price for commodity increase?

When there is deficit for commodities there is rise in price.

  1. When does price for commodity decreases?

When there is surplus in commodity there is decrease of price.

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