Law of supply states that other factors remaining constant, price and quantity supplied of a good are directly related to each other. In other words, when the price paid by buyers for a good rises, then suppliers increase the supply of that good in the market.

Resources can be classified in the following ways– (a) On the basis of origin – biotic and abiotic (b) On the basis of exhaustibility – renewable and non-renewable (c) On the basis of ownership – individual, community, national and international (d) On the basis of status of development – potential, developed stock and reserves. Resources have three main characteristics namely 1) Utility, 2) Limited availability, 3) Potential for depletion or consumption. Scarcity is the fundamental economic problem of having humans who have unlimited wants and needs in a world of limited resources.

1. Scarcity: Resources are scarce in relation to their wants.
2. Alternative uses: Resources have alternative uses. For example, land may be used for agricultural activity or for industrial purpose. 

Limitations of Statistics:

1. Statistics studies numerical facts only, it is not suited for qualitative study such as honesty, friendship etc.

2.Data must be homogenous and uniform otherwise comparison may not be possible. 

3. Satistical methods can be used by experts only or they may give rise to errors or distrust in the data.

4. Statistical data can be prone to misuse.

This studies the problem of distribution of final goods and services or the problem of distribution of income.
It has two aspects. The first aspect relates to personal distribution and the second aspect relates to functional distribution.
Personal distribution refers to output/income share of individuals or households in society.
Functional distribution refers to income share of different factors of production.
Here, the problem is whether allocation of resources is promoting equality or not.
Equality is a social virtue, and inequality may induce high saving, investment and hence high rate of growth.

Economics is the important you get to know how societies, governments, businesses, households, and individuals allocate their scarce resources. The economics can also provide valuable knowledge for making decisions in everyday life. Economics is concerned with the optimal distribution of resources in society. Economics is important for many areas of society. It can help improve living standards and make society a better place. Economics is like science in that it can be used to improve living standards and also to make things worse. It partly depends on the priorities of society and what we consider most important.

Human wants can be referred to as the desires that human beings strive to satisfy by using goods and services. The satisfaction of these wants refers to the process of acquiring and using the required goods and services. First and most important wants are obviously necessaries for life. These include food, water, clothing, shelter, etc. And then there are necessaries that improve our efficiency and well being like comfortable housing, nourishing foods, etc. Needs and Wants are two very different things. Basic human needs are food, clothing, shelter, companionship, justice, free association, freedom, friends, family, work, religion, stable government and everything thing else is a Want.

The production function describes a boundary or frontier representing the limit of output obtainable from each feasible combination of inputs. The production function also gives information about increasing or decreasing returns to scale and the marginal products of labor and capital. Production function is the mathematical representation of relationship between physical inputs and physical outputs of an organization. There are different types of production functions that can be classified according to the degree of substitution of one input by the other.

Demand theory is an economic principle relating to the relationship between consumer demand for goods and services and their prices in the market. Demand theory forms the basis for the demand curve, which relates consumer desire to the amount of goods available. An effective demand has three characteristics namely, desire, willingness, and ability of an individual to pay for a product. The demand for a product is always defined in reference to three key factors, price, point of time, and market place. The law of supply and demand is a theory that explains the interaction between the sellers of a resource and the buyers for that resource. The theory defines what effect the relationship between the availability of a particular product and the desire (or demand) for that product has on its price.

The two basic property of production possibility curve are:

• It slopes downward from left to right- Production possibility curve slopes downward because both the variables involve in the equation are inversely related as one increase then other one decreases and vice versa because the resources are constant.
• The curve is concave to the origin- Since resources are use specific, therefore every time when one more unit of a commodity is produced more units of the other commodity is sacrificed that results in increasing marginal opportunity cost which leads to the concave shape of production possibility curve.  

A published thesis is out in the market printed, usually, in the form of a book. An unpublished thesis is in its primary form and sits in one of shelves in the department of advanced studies getting burried under the dust. Published and unpublished sources. Generally, published sources are international, national, govt., semi-Govt, private corporate bodies, trade associations, expert committee and commission reports and research reports. 

One tax regime is a major relief to the manufacturers. It simplified the process and encourage the business man to invest more. GST will lead to increase in production potential, increases the GDP of an economy. Therefore, national imcome of the economy will increase. Due to increase in national income with fuller utilisation of resources, PPC will shift rightward.

Production Possibilities Curve (ppc) The Production Possibilities Curve (PPC) models a two-good economy by mapping production of one good on the x-axis and production of the other good on the y-axis. Points inside the PPC result from inefficiency; output combinations outside the PPC are impossible to produce. Production possibilities curve (PPC) (also called a production possibilities frontier) a graphical model that represents all of the different combinations of two goods that can be produced; the PPC captures scarcity of resources and opportunity costs.