Economics

Gross National income (GNI) is the ....???

International trade refers to ...???

According to the law of demand, other things remain constant (ceteris paribus), when the price increase of a product, demand of this product decreases and when the price of a product decreases, demand of this product also increases.

So, demand and price of a product are inversely related.

For example

When price of an apple is $2 dollar, you will buy 10 pieces of apple 🍎,but when price increases from $ 2 dollar to $ 6 dollar,your demand also decreases...

When choosing an alternative, the cost of giving up the best alternative is called opportunity cost. Giving up everything is not called opportunity cost, giving up the next best alternative is opportunity cost.

For Example

Suppose you have 500 taka and you can buy a book and a meal with 500 taka. If you buy a book instead of a meal, then your next best alternative is the meal that you gave up to buy the book. So your opportunity cost is the meal.

Utility means.....??
Cost
Production
Income
Satisfaction

Scarcity means....??
Demand and supply
Profit
Production cost
Limited resources and unlimited wants

Scarcity means that resources are limited (time , money,land ,labor , capital etc) and human wants are unlimited in our society.. People cannot consume as much as they want at the same time due to scarcity...

For example

Suppose, you need to buy a book which costs 200 taka and you want to buy a food which also costs 200 taka. But you only have 200 taka. So now you can buy only one thing. And this is your scarcity. Because you cannot buy two things at the same time.

Economics is a social science that studies how people make decisions and fulfill their unlimited wants by using limited resources... Because resources are limited in our society,,, people can't fulfil their unlimited wants as much as they want due to limited resources...

For example:

If you have 1000 taka, then with this money you can buy books, you can buy furniture, you can buy your clothes, you can travel somewhere, but you have to do any one of them. You cannot do everything at once because resources are limited but your wants are unlimited.

Deflation....?

Monetary policy is controlled by .....??
Trade
Central Bank
Private Bank
American Bank