Economics

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  1. The one who gathers capital and organizes the factors of production entrepreneur
  2. It studies the problem if efficient use of resources welfare economics
  3. It is scientific inquiry into a problem using statistical tools statistical problems
  4. It is a study of man in the ordinary business of life.economics
  5. It is the transformation of input into outputproduction
  6. A situation where there is not enough resourcesscarcity
  7. It refers to the value of a factor in its next best alternative use.opportunity cost
  8. It is the problem related to the allocation of resources to different uses.economic problem
  9. It refers to the way in which consumers spend their income.consumer behavior
  10. The satisfaction derived from the consumption of a commodity.utility
  11. The standard unit of measurement used by A. Marshall to measure utility. utils
  12. What refers to a situation wherein a consumer gets maximum satisfaction. consumer equilibrium
  13. He is one who wants to get maximum satisfaction out of his given income.rational consumer
  14. It shows different combinations of 2 goods offering same levels of satisfaction.indifference curve
  15. It refers to the attainable combinations of a set of two goods.budget set
  16. The desire to buy a commodity backed with sufficient purchasing power.demand
  17. Effect of change in price of a related good on the demand for a commodity.cross price effect
  18. These are goods, the demand for which increases as income of the buyers rise.normal goods
  19. These are goods, the demand for which decreases as income of the buyers rise.inferior goods
  20. It is a graphic representation of a demand schedule.demand curve
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