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Q2.a)Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms.
Macroeconomics is a branch of economics that studies how an overall economy—the market systems that operate on a large scale—behaves.
b)Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.
Q3.a) that part of social welfare that can be brought directly or indirectly into relation with the measuring rood of money.
B)When the want for basic needs like food, clothing and housing are satisfied, he wants to have rich food, fashionable clothes, well furnished buildings and so many enjoyable things. Man's life is a bundle of wants which can never be satisfied always.
C)The concept of saving plays an important role in economic analysis. Saving is defined as the difference between income and consumption. During pre-independence period in India, people spent most of their income on consumption and only a small amount of income was left in the form of saving.
Q4.a)Demand-pull inflation results when prices rise because aggregate demand in an economy is greater than aggregate supply. ... Cost-push inflation is a result of increased production costs, such as wages and raw materials and decreased aggregate supply.
B)Economics is the study of how men and society choose with or without the use of money, to employ the scarce productive resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future.