Question

Fill in the Blanks by Suitable word :
1. ‘Economics is the science of wealth’ is the statement of … … …
2. … … …. …. is the satisfaction power of the commodity.
3. The formula for consumer’s surplus is … … … ….
4. Two qualities of a good to be wealth are … … … and … …. …. ….
5. When a rational consumer consumes homogeneous goods continuously, it satisfaction diminishes continuously is the concept of Law … … … … …
6. …. … … means use of goods to fulfill wants of the consumer.
7. Creation of utility is known as … …. … in economics.
8. The satisfaction derived from the consumption of last one unit of commodity is ….. ….. Utility.
9. According to the law … … … … , when consumer consumes two or more than two goods, making equal satisfaction from the consumption of goods.
10. The study of income and expenditure of the Government is known as … … …

Answer 1

Explanation:

1) Adam Smith

2)utility

Answer 2

1. Adam smith

2. Utility

3. 1/2 the length of base multiplied by overall height

4. Courage and satisfaction

5. Law of diminishing marginal utility

6. Producer goods

7. Possession utility

8. Marginal utility

9. Indifference curves

10. Fiscal policy