Production Possibility Curve (PPC) is concave to the origin because of the increasing opportunity cost. As we move down along the PPC, to produce each additional unit of one good, more and more units of other good need to be sacrificed. That is, as we move down along the PPC, the opportunity cost increases. The curve measures the trade-off between producing one good versus another. For example, say an economy can produce 20,000 oranges and 120,000 apples. On the chart, that's point B. If it wants to produce more oranges, it must produce fewer apples.

Qualities of a Good Questionnaire

• The length of questionnaire should be proper one.
• The language used should be easy and simple.
• The term used are explained properly.
• The questions should be arranged in a proper way.
• The questions should be in logical manner.
• The questions should be in analytical form.

National Service Scheme, Popularly known as NSS is an extension of activities to the higher education system to orient the student youth to community service while they are studying in education institutions, under the aegis of Ministry of Youth Affairs & Sports, Govt. of India.

Census vs Sampling

Census and Sampling are the two terms that are considered to be the opposite of each other by most of the people, which is not the case.

Census and Sampling are the processes that are used to collect survey data of the people.

One of the key differences between Census and Sampling is that census includes all the members of the population to extract data, whereas, in sampling, a large chunk of the population is considered as a single group to collect data.

A consumer is in a state of equilibrium when he maximizes his satisfaction by spending his given income on different goods and services. Any deviation or change in the allocation of income under the given circumstance will lead to a fall in total satisfaction.

For two-commodity case:   Rupee worth of marginal utility of money should be same across good X and good Y, and equal to marginal utility of money.

Condition 1 :  MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money) 

Reason: In case rupee worth of satisfaction (MU of good X/ price of good X) is greater for good X than good Y, the consumer will be prompted to buy more of good X and less of good Y. This would lead to a fall in marginal utility of good X and a rise in marginal utility of good Y. This process would continue till MU(of good X)/ Price of good X = MU(OF GOOD Y)/ Price of good Y = MU(of money) . In case rupee worth of satisfaction (MU of good y/ price of good Y) is greater for good Y than good X, the consumer will be prompted to buy more of good Y and less of good X. This would lead to a fall in marginal utility of good Y and a rise in marginal utility of good X.

Condition 2: Marginal utility of money remains constant.

Condition 3: Law of marginal utility holds good.

A sector is an area of the economy in which businesses share the same or a related product or service. It can also be thought of as an industry or market that shares common operating characteristics. Dividing an economy into different sectors allows for more in-depth analysis of the economy as a whole. A four-sector model of economy includes households, businesses, government, and foreign trade. In four-sector economy, exports are the injections in the national income, while import act as leakages or outflows of national income.

Weighted Mean is an average computed by giving different weights to some of the individual values. If all the weights are equal, then the weighted mean is the same as the arithmetic mean.

It represents the average of a given data. The Weighted mean is similar to the arithmetic mean or sample mean. The Weighted mean is calculated when data is given in a different way compared to the arithmetic mean or sample mean.

Weighted means generally behave in a similar approach to arithmetic means, they do have a few counter-instinctive properties. Data elements with a high weight contribute more to the weighted mean than the elements with a low weight.

The weights cannot be negative. Some may be zero, but not all of them; since division by zero is not allowed. Weighted means play an important role in the systems of data analysis, weighted differential and integral calculus.

Economics is sometimes called the study of scarcity because economic activity would not exist if scarcity did not force people to make choices. When there is scarcity and choice, there are costs. The cost of any choice is the option or options that a person gives up. Choice refers to the ability of a consumer or producer to decide which good, service or resource to purchase or provide from a range of possible options. Being free to chose is regarded as a fundamental indicator of economic well being and development.

Relation: total utility is the summation of marginal utility.

Total utility is the sum total of utility derived from the consumption of all the units of a commodity. To illustrate, if 2 units of a commodity are consumed and 1st unit yields satisfaction of 10 utils, while 2nd unit yields satisfaction of 9 utils, then total utility is 19 utils.

Marginal utility refers to additional utility obtained from the consumption of an additional unit  of a commodity. To illustrate, if 10th  unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.

Secondary data refers to data that is collected by someone other than the user. Common sources of secondary data for social science include censuses, information collected by government departments, organizational records and data that was originally collected for other research purposes. Secondary data means data that are already available i.e., they refer to the data which have already been collected and analysed by someone else. When the researcher utilises secondary data, then he has to look into various sources from where he can obtain them. Primary data: Data collected by the investigator himself/ herself for a specific purpose. Examples: Data collected by a student for his/her thesis or research project. ... Secondary data: Data collected by someone else for some other purpose (but being utilized by the investigator for another purpose).

Choice is the outcome of decision making

A chocie has to be made to produce/consume any good which gives maximum satosfaction with the available limited resources.

Problem of choice refers to the allocation of various scarce resources which have alternative uses that are utilized for the production of various commodities and services in the economy for the satisfaction of unlimited human wants
 

Give Data

Professor Mehta has considered the need of human beings as infinite in his principle of wantlessness, in which the second requirement is immediately born when one requirement is met. This is the situation of unconscious needs. A person who has never heard of something nor has ever seen it, will certainly not need the consciousness to see it nor he will feel pain in his heart if he does not obtain it.

According to Mehta, the given wantlessness principle does not apply to this unconscious need. Man’s needs grow with his income. The needs of a wealthy person will be higher than the requirement of a poor person. That means, the poor person is looking for adequate means to fulfill one of his needs, and after its fulfillment, he gets the feeling of pleasure in the same. Mehta’s wantlessness principle does not apply in every area altogether. It applies only to the person’s essential needs.

<a data-ved="2ahUKEwjlhuLsraLsAhXEzTgGHYu-B2cQ9QF6BAgCEAM" href="https://www.google.com/search?q=What+is+the+total+product+of+an+input?&rlz=1C1CHBD_enIN888IN888&sxsrf=ALeKk02tIxu0ZAKsURl63oYOw6du3bS5qQ:1602069468848&tbm=isch&source=iu&ictx=1&fir=yiCOoJ45glFZ6M%252CprcjUEzPwaoJgM%252C_&vet=1&usg=AI4_-kT10aJOefcUQu_jSn0K9340P0hNgA&sa=X&ved=2ahUKEwjlhuLsraLsAhXEzTgGHYu-B2cQ9QF6BAgCEAM#imgrc=yiCOoJ45glFZ6M"></a>

Total product is the overall quantity of output that a firm produces, usually specified in relation to a variable input. Total product is the starting point for the analysis of short-run production. It indicates how much output a firm can produce according to the law of diminishing marginal returns. The marginal product of an input, say labour, is defined as the extra output that results from adding one unit of the input to the existing combination of productive factors.

Substitute goods are the goods which are used in place of one another. For example, tea and coffee, coke and pepsi. On the other hand, complementary goods are the ones which are used together or the goods complement the use of one another. For example, car and petrol, pen and ink.

A rise in income of the consumer leads to an increase in demand for the commodity and vice-versa in case of normal goods whereas a rise in income of the consumer leads to a fall in demand for the commodity and vice-versa in case of inferior goods.
Example :- Toned milk is an example of inferior good 

Demand curve is a curve that is used in Microeconomics to determine how much quantity of any particular commodity that people are willing to purchase with corresponding changes in its price.

It is represented as the price of the commodity on y-axis and the quantity demanded at the x-axis in a graph.

Demand function shows the relationship between quantity demanded for a particular commodity and the factors that are influencing it.

Marginal utility refers to additional utility obtained from the consumption of an additional unit  of a commodity. To illustrate, if 10th  unit yields satisfaction of 100 utils, while 11th unit yields satisfaction of 105 utils, then marginal utility derived from the 11 th unit is 5 utils.

Law of diminishing marginal utility states that as consumption increases, marginal utility tends to decline. It is known as fundamental psychological law.

There are two alternative approaches namely 'utility analysis' approach and 'Indifference curve analysis' approach to attain the state of consumer's equilibrium.

A consumer is in a state of equilibrium when he maximizes his satisfaction by spending his given income on different goods and services. Any deviation or change in the allocation of income under the given circumstance will lead to a fall in total satisfaction.

For one-commodity case: Rupee worth of satisfaction actually received by the consumer is equal to the marginal utility of money as specified by the consumer himself. 

Condition 1 :  MU(of good X) = MU(of money) OR , PRICE(of good X) = MU(of money)

Reason: Price paid by the consumers should be exactly equal to the money value of MU that he derives. In case P(of X) is lesser than the MU(of money), he should be prompted to buy more of good X. Higher consumption will lead to a fall in MU. The consumption of good X would stop only when P(of good X) will be equal to MU(in terms of money). Likewise, if P(of X) is greater than MU(in terms of money), the consumer will be prompted to buy less of good X, leading to a fall in MU.

Condition 2: Marginal utility of money remains constant.

Condition 3: Law of marginal utility holds good.