Indian Economy Questions

Business fluctuations refer to the ups and downs in overall business activity measured by changes in national​ income, employment and the price level.

Marginal propensity to consume (MPC) in economics is a metric that quantifies induced consumption, the concept that the increase in personal consumer spending (consumption) occurs with an increase in disposable income (income after taxes and transfers).

Although demand curves are typically downward sloping to reflect that consumers’ utility for a good diminishes with increased consumption, firm supply curves are generally upward sloping.The upward sloping character reflects that firms will be willing to increase production in response to a higher market price because the higher price may make additional production profitable.

Economics is the study of how society manages its scarce resources i.e, Limited wants & unlimited resources.

Economic growth is measured by the percentage of gross domestic product. GDP refers to the total value of goods and services produced in the country.

A perfectly inelastic demand curve is perfectly vertical either up or down in any way.