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.

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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)

If you want to grow sugarcane on a piece of agricultural land that you own, what are the resources that you will employ as means to achieve a certain level of output of sugarcane?

If you are traveling from home to your place of work, what kind of choice exists so far as the mode of transport to be used is concerned?

A PPC provides an economy’s ‘Menu of Choice’. If resources are scarce and fully employed, will the economy be operating on PPC or inside it?

If your resources (means) are expanding (growing) what happens to the PPC? shifts outwardly or inwardly.

In what sense is economics a science?

If you can achieve whatever you wanted to achieve, does a meaningful choice exist?

If you throw an apple from a tree top it will always fall on the ground. Your prediction will always be 100 percent correct. However, if you reduce the price of an apple, will people always consume more of it? Do you think that your prediction will always be correct in this case?

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If you throw an apple from a tree top it will always fall on the ground. Your prediction will always be 100 percent correct. However, if you reduce the price of an apple, will people always consume more of it? Do you think that your prediction will always be correct in this case?

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Learning Pundits Content Team
Written on Jun 26, 2019 5:31:58 PM

Economics is not an exact science unlike physics and other natural sciences. Human behaviour cannot reveal any regularity unlike natural phenomenon. To the same stimuli the reactions of human beings can be different in different situations and varies from individual to individual. Hence one cannot say with 100% certainty that the quantity demanded of apples would increase when price of apples falls.

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Unit-1 Central Problems

If you throw an apple from a tree top it will always fall on the ground. Your prediction will always be 100 percent correct. However, if you reduce the price of an apple, will people always consume more of it? Do you think that your prediction will always be correct in this case?

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Written on {{ansDate($index)}}

Learning Pundits Content Team
Written on Jun 26, 2019 5:31:58 PM

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Unit-1 Central Problems

If you throw an apple from a tree top it will always fall on the ground. Your prediction will always be 100 percent correct. However, if you reduce the price of an apple, will people always consume more of it? Do you think that your prediction will always be correct in this case?

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