Microeconomics Odd Word Identification

<p>Perfectly elastic demand (A)</p> Signup and view all the answers

<p>Internal trade (B)</p> Signup and view all the answers

<p>Joint demand (D)</p> Signup and view all the answers

<p>Perfect competition (C)</p> Signup and view all the answers

<p>Commercial banks (A)</p> Signup and view all the answers

<p>Theory of market control (A)</p> Signup and view all the answers

<p>Credit budget (D)</p> Signup and view all the answers

<p>Profit (B)</p> Signup and view all the answers

<p>Barter trade (C)</p> Signup and view all the answers

<p>Total cost (B)</p> Signup and view all the answers

<p>Unemployment allowance is not transfer income (A)</p> Signup and view all the answers

<p>Labor market : Wage determination (A)</p> Signup and view all the answers

<p>Profit and loss statement (A)</p> Signup and view all the answers

The degree to which the quantity demanded of a good changes in response to a change in its price.

The additional cost incurred by producing one more unit of a good or service.

The ability of a good or service to satisfy human wants or needs.

Charging different prices to different consumers for the same good or service, often based on their willingness to pay.

A desire backed by the willingness and ability to pay for a good or service.

The total market value of all final goods and services produced within a country's borders in a specific period, usually a year.

Deposits that can be withdrawn from a bank or other financial institution on demand, without any prior notice or penalty.

A financial statement that outlines the government's expected revenue and planned expenditure for the coming fiscal year.

A blood bank provides a service by storing and providing blood for medical purposes. This service adds value by making blood readily available when needed.

Public expenditure refers to the spending by the government on various goods and services to benefit the public. This spending usually increases over time as governments invest in infrastructure, social programs, and other public services.

Macroeconomics is the study of the overall economy, including factors like national income, inflation, unemployment, and economic growth. It examines the big picture of how the economy works.

Perfectly elastic demand occurs when any increase in price causes the quantity demanded to fall to zero. Consumers will buy nothing if the price is even slightly higher.

Internal trade refers to the exchange of goods and services within the geographical boundaries of a nation, involving buyers and sellers from the same country.

Joint demand occurs when two or more goods are demanded together to satisfy a single want. The demand for one good is directly related to the demand for the other.

Perfect competition is a market structure characterized by a large number of buyers and sellers, homogeneous products, free entry and exit, perfect information, and no market power for any individual firm.

The organized sector of the money market in India includes institutions like commercial banks that are regulated and supervised by the Reserve Bank of India. They play a vital role in providing financial services and lending money to businesses and individuals.