Economics

4. Adam Smith defined Economics as a science of ......
7. The economic problem is the problem of economising .... resources
10. The relationship between price and the quantity demanded is states as law of ......
13. Indian economy is a ...... economy
14. Such goods the demand for which falls when income increases are called .... goods
15. The welfare definition of economics was given by........
17. The indifference curve approach was introduced by Prof......

1. Those goods for which the demand increases when income increases are called .... goods
2. The quantity demanded of a commodity varies inversely with it's.......
3. The downward slope of the demand curve reflects the .... effect
5. ........ Curve is the production possibility curve
6. In the case of inferior goods, an increase in income shifts the demand curve to the.... side
8. An economy in which goods and services are bought and sold freely in the market is called ..... economy
9. Production Possibility Curve is ...... slopping
11. Costs of the factor inputs or services supplied by the owner of the firm is called .... costs
12. Elasticity of demand will be less in the case of households having... income
16. In micro economics, the details of operation of .....small are observed