Elementary Economic Theory

aggregate demand agriculture amount average cost balance of payments capital formation Central Bank cheque commodity consumer consumer's surplus consumption cost curve cost of production currency demand and supply demand curve depends determined diminishing returns division of labour economic development economic rent economists elasticity of demand employment enterprise entrepreneur equal equilibrium exchange Explain exports factors of production fall firm foreign functions gold standard Hence important India indifference curve industry inelastic investment land law of diminishing loanable funds loans long-run machinery marginal cost marginal productivity marginal revenue marginal utility means mixed economy modern monopolistic competition monopoly national income organisation output perfect competition person planning population profits public expenditure purchase quantity rasgulla rate of interest rent rise rupee savings sector short-run social standard of living supply curve theory under-developed countries unit wages wants wealth workers