REENA KUMARIECONOMICS

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PROGRAMMED LEARNING MATERIAL

Content instructions

This content basically tells about content related things

In this 5 questions are their for student knowledge

In questions 4 options are their

CONTENT OBJECTIVE-1

Student able to classify the various conceptsStudent able to define the types of costStudent able to classify the cost of productionStudent able to explain the concepts

CONTENT OBJECTIVE -2

Student able to differentiate between micro economics and macro economics

Student able to classify the nature of macro economics

Student able to explain the macro aggregatesStudent able to define the characteristics

CONTENT -1CONCEPTS OF COST OF PRODUCTION AND REVENUE

Meaning: supply is a function of production cost and production is a function of production cost because it depends upon quantity and money.

Concepts: real cost -it is dissatisfaction on the part of factor of production by entering into the process of production

opportunity cost-when a factor is used for a particular use; the other use is left out or the same cannot be used for other purposes

money cost-it relates with three things i.e. prices paid to factors of production, level of production, period of time.

Types :fixed cost- the cost which does not increase with an increase in production ,does not decrease in production

variable cost :the cost which increase with an increase in production ,decrease with fall in production

total cost-fixed cost and total cost incurred in the short run makes total cost.

CONTENT -2MACREO ECONOMICS

Definition: micro-it is a study of individual units or a group of units i.e consumer,firm,income

Macro –it is a study of national income ,general price level, domestic production and unemployment

fetures:macro economics as a new economics ,study of economic activity in its totality ,the study of homogeneous agregates,diversity of total micro and macro aggregates, study of basic concepts and sub- aggregates, analysis of overall aggregates, interdependence of total aggregates, bird’s eye view of the economy.

TEST FOR KNOWLEDGE

Q-1 Q-2 Q-3 Q-4 Q-5

Content -1

Dissatisfaction on the part of factor of production by entering into the process of production is called as

1. Real cost2. Opportunity cost 3. Money cost 4. Total cost

When a factor is used for a particular use, the other use is left out or the same cannot be used for other purpose is called as

1. Fixed cost2. Total cost3. Variable cost 4. Opportunity cost

The cost of production in terms of money is called as

1. Real cost2. Money cost3. Fixed cost 4. Variable cost

The cost which does not increase in production with increase in production, does not decrease with a decrease in production

1. Average fixed cost2. Average variable cost3. Fixed cost4. Marginal cost

The cost increase in production , decreases with fall in production and is zero with zero production is called as

Money costOpportunity costVariable costReal cost

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Content-2

TEST FOR KNOWLEDGE

Q-1 Q-2 Q-3 Q-4 Q-5

CONTENT -2

It is a study of individual units or a group of units is called as

1. Micro economics2. Macro economics3. National income4. Price level

It is a study of national income ,domestic production and unemployment is called as

1. Micro economics2. Industry3. Macro economics4. investment

Macro economics is 1. The study of homogeneous2. The study of hetrogeneous3. The study of firm4. The study of market

Macro economics studies which are quantifiable and presentable in figures

1. Analysis of overall prices2. Analysis of overall aggregates3. Analysis of overall income4. Analysis of overall economy

Macro economics studies sub parts of1. Overall quantity2. Overall quality3. Overall aggregates4. Overall economy

Total micro and macro aggregates are1. Savings2. Employment 3. Income4. diversity

ITS RIGHT

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OPPS ITS WRONG