Question

What is meant by relati pricer
Define microeconomics.
Define macroeconomics.
Short Answer Type Questions
Write the main points described in wealth definition.
Explain the main criticisms of wealth definition.
Explain the subject matter of economics.
High light the main features of material welfare definition.
Explain the points of superiority of Robbins definition over Marshall's
"Economics is both light giving as well as fruit bearing”. Explain.
Explain the concept of positive economics.
Distinguish between free goods and economic goods.
Explain the practical importance of economics.
What are the characteristics of wealth?
Explain the types of demand.
Explain the concept of microeconomics.
Explain the concept of macroeconomics.
Write limitations of economics.
Write the characteristics of wealth.
İnswer Type Questions​

Answer 1

Answer:

A relative price is the price of a commodity such as a good or service in terms of another; i.e., the ratio of two prices. A relative price may be expressed in terms of a ratio between the prices of any two goods or the ratio between the price of one good and the price of a market basket of goods (a weighted average of the prices of all other goods available in the market). A relative price is an opportunity cost. Microeconomics can be seen as the study of how economic agents react to changes in relative prices, and of how relative prices are affected by the behavior of those agents.

Explanation: