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  3. Unit-1
unit-1-central-problems

Unit-1 Central Problems

The purpose of this unit is to define the subject matter of economics, highlighting what constitute the central (essential) problems of an economy.

If you have Rs. 1000 income per month, name some biological needs that you will satisfy first. (In other, words name some commodities which you regard essential for survival)




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Written on Jun 26, 2019 5:26:42 PM

Some essential food items milk, cereals, oil, pulses, vegetables, clothes and a small room for living. Since Rs.1000 is a very small income you can afford only small quantities of the above goods. Your consumption habits will determine the weights to be given to the various food items in your budget.