Introduction Important Questions for Class 12 Economics Central Problems of An Economy, Production Possibility Curve and Opportunity Cost 1.Economic Problem Problem of choice or a problem of allocation of resources is the major economic problem which arises due to scarce resources and alternative uses of resources. With this meaning we have several other aspects also to study … [Read more...]
Important Questions for Class 12 Economics Comercial Banks and Central Bank
Money and Banking Important Questions for class 12 economics Commercial Banks and Central Bank 1. Bank It is an institution which receives funds from the public and gives loans and ; advances to those who need them. 2. Commercial Banks A profit making financial institution which accepts chequeable and non-chequeable deposits from the people and offers different kind of … [Read more...]
Important Questions for Class 12 Economics Barter System and Money
Money and Banking Important Questions for class 12 economics Barter System and Money 1. Barter System: It is a system of exchange, where goods are exchange for goods, also known as c-c economy. Where c stands for commodity. 2.Drawbacks of Barter System of Exchange (i) Lack of double coincidence of wants (ii) Lack of common measures of value (iii) Lack of store of value … [Read more...]
Important Questions for Class 12 Economics Consumers Equilibrium Through Utility Approach
Introduction Important Questions for Class 12 Economics Consumer's Equilibrium Through Utility Approach 1.Consumer’s Equilibrium It refers to a situation wherein a consumer gets maximum satisfaction from the purchases of given units of the commodity with his given income. 2.Cases of Consumer’s Equilibrium using Marginal Utility Analysis The conditions of consumer’s … [Read more...]
Important Questions for Class 12 Economics Budget Set,Budget Line and Consumer Equilibrium through Indifference Curve Analysis or Ordinal Approach
Theory of Consumer Behaviour Important Questions for Class 12 Economics Budget Set , Budget Line and Consumer Equilibrium through Indifference Curve Analysis or Ordinal Approach 1.Consumer’s Budget It is the real purchasing power of consumer from which he can purchase the certain quantitative bundles of two goods at a given price. 2.Budget Set It refers to the set of all … [Read more...]