Economics 1
Exam Material
Important questions, short notes and revision material for Economics 1 — all in one place, ready before your exam.
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Explain the concept of Quasi Rent.
Meaning: The concept of quasi rent was first introduced by Marshall. He explained that besides land,…
What is Wage Differentials? Explain the causes of Wage Differentials?
Meaning: The term wage differential refers to the wage differences which exist between different occupations or…
Explain the Loanable Funds theory of Interest?
Introduction: Loanable funds theory of interest is an extension of the classical theory of interest the…
Define Profit? Explain the Innovation theory of Profit?
Meaning: Profit refers to the financial gain or benefit that an individual or business receives from…
What is Production? Explain the importance of Production?
Meaning, Types and Importance of Production in Economics Complete Guide for BA LLB Students | Economic…
Write a note on Production Function.
Meaning of production function: The term production means transformation of physical inputs in to physical outputs.…
Explain the Economies of Scale.
Meaning of Economies of Scale: Economies of scale refer to the cost advantages that a business…
Explain the properties of Land and Labor?
Meaning of Land: The term land mean the surface of the earth of soil in ordinary…
Explain the Properties of Capital and Organization?
Meaning of Capital: In ordinary the term capital means cash or money, but in economics capital…
Distinguish between Micro and Macro economics.
Meaning: The difference between micro and macro economics is huge. Microeconomics is a branch of economics…
Briefly Explain the Law of Variable Proportions?
Introduction: In economic theory, the law of variable proportion occupies an vital place. It is one…
ECONOMICS – 1 – PRINCIPLES OF ECONOMICS
UNIT WISE IMPORTANT QUESTIONS: UNIT: 1. INTRODUCTION TO ECONOMICS. TEN MARKS QUESTIONS. SIX MARKS QUESTIONS. UNIT…