Very Short Answer Question: 1). Define production.Ans: Production refers to the process of creating goods and services using various inputs such as labor, capital, and raw materials to satisfy human wants and needs. 2). What is meant by production function?Ans: A production function describes the relationship between inputs (such as labor and capital) and outputs…
VERY SHORT ANSWER TYPE QUESTIONS 1. Define elasticity of demand.Ans: Elasticity of demand measures how much the quantity demanded of a good changes in response to a change in its price. 2. Define price elasticity of demand.Ans: Price elasticity of demand quantifies the responsiveness of the quantity demanded to changes in the price of a…
VERY SHORT ANSWER TYPE QUESTIONS 1. What is meant by demand?Ans: It’s the quantity of a good or service that consumers are willing and able to buy at various prices within a specific time. 2. Name any four determinants of demand.Ans: Income, price of related goods, consumer preferences, and expectations about the future. 3. State…
VERY SHORT ANSWER TYPE QUESTIONS 1. What is economics?Ans: Economics studies how people make choices to fulfill their unlimited wants with limited resources. 2. Write the definition of economics in the words of Adam Smith.Ans: Adam Smith described economics as the study of how individuals and societies allocate their limited resources to satisfy their unlimited…
