Academic Questions in Economics
Budget deficit refers to the amount by which _____.
What are infant industries in Economics?
Which of the theory did Malthus became popular for?
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NOTABLE POINTS IN Economics
Scale of Preference can be defined as the list of a person's needs or wants written in an order of importance. 📜✍️
When you have a limited amount of money and could only buy some of the items on your list (the top items on the list); then the remaining items that you didn't buy will be generally considered as your opportunity cost.
Opportunity cost can be defined as the value of the best alternative that a person could have achieved or bought but couldn't achieve after the best choice had been achieved.
Opportunity cost are of two types