Question: Answer the questions based on your understanding and your exposure in the course. Define economics and discuss the three key economics ideas in detail. Discuss

Answer the questions based on your understanding and your exposure in the course.

  1. Define economics and discuss the three key economics ideas in detail.
  2. Discuss the different issues studied in Micro and Marco economics.
  3. Define and discuss the concept of absolute advantage and comparative advantage.
  4. Explain the law of demand with a product of your choice.
  5. What are the factors influencing market supply?
  6. Define Governance. Provide your views on the need for governance in an organization.
  7. Explain the law of diminishing marginal utility with an example of your choice.
  8. Define game theory and discuss the prisoner's dilemma in brief.

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