Introduction to Microeconomics and Macroeconomics
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Human wants areMarks:1
Explanation:Human wants are unlimited. Some wants are recurring in nature like want for food , water etc. on the other hand some wants depend on other economic factors like income, tastes and preferences etc. When a particular want is satisfied another crops up.
Economic activity concerned with increasing the value of goods and services is calledMarks:1
Explanation:Adding value to the matter is called production. It increases the utility and value of goods and services. For example, manufacturing consumer or capital goods.
That part of economic theory which studies the economy in its totality is known asMarks:1
Macro economics is the study of broad economy-wide aggregates such as national income, employment level, general price level etc.
In the market economy, prices are determined on the basis ofMarks:1
demand and supply.
Explanation:Market economies are those economies where the decision-making is based on the price determination through the market forces of demand and supply.
The study of cotton textile industry is the study ofMarks:1
Explanation:Micro economics is the study of individual units, whereas, macro economics is the study of economy as a whole. The study of cotton textile industry is the micro economic study but the study of general price level is the macro economic study.