Std-12 Arts GSEB Economics / Arthshashtra IMP Download
Table of Content (toc)
Economics is the study of how society uses its scarce resources to satisfy unlimited wants and needs. It is a subject that helps us understand the production, consumption, and distribution of goods and services, as well as the behavior of individuals, firms, and governments in the economy. In this article, we will explore some of the key concepts and topics in economics that are relevant to students in Standard 12 Arts of the GSEB.
Key Concepts in Economics:
Scarcity:
Scarcity is the fundamental economic problem of having limited resources but unlimited wants and needs. It means that there are not enough resources to satisfy all the needs and wants of society.
Opportunity Cost:
Opportunity cost is the cost of the next best alternative that must be given up in order to pursue a certain action or decision. It is the cost of the foregone opportunity.
Demand and Supply:
Demand and supply are the two fundamental concepts in economics that determine the price and quantity of goods and services in the market. Demand is the willingness and ability of consumers to buy a product at a certain price, while supply is the willingness and ability of producers to sell a product at a certain price.
Market Structures:
Market structures refer to the different types of markets in which goods and services are traded. These include perfect competition, monopolistic competition, oligopoly, and monopoly.
Std-12 Arts GSEB Economics IMP Or Arthshashtra IMP For March-2023 By Dhadhi Sir
For Download Click Below.
Economics Or Arthshashtra IMP Click Here.
