Chapter 15
Aggregate demand (AD) curve: curve that shows the relationship between the price
level and the quantity of real GDP demanded by households, firms, and the
government. (Holds everything else constant)
Short-run aggregate supply (SRAS) curve: cur
Chapter 12
Ratio and
Proportion
12.1 Introduction
In our daily life, many a times we compare two
quantities of the same type. For example, Avnee and
Shari collected flowers for scrap notebook. Avnee
collected 30 flowers and Shari collected 45 flowers.
So,
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Chapter 4
Basic Geometrical
Ideas
4.1 Introduction
Geometry has a long and rich history. The term Geometry is the English
equivalent of the Greek word Geometron. Geo means Earth and metron
means Measurement. According to
historians, the geometrical ideas
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Chapter 1
Knowing our
Numbers
1.1 Introduction
Counting things is easy for us now. We can count objects in large numbers,
for example, the number of students in the school, and represent them
through numerals. We can also communicate large numbers using s
Chapter 8
Decimals
8.1 Introduction
Savita and Shama were going to market to buy some stationary items.
Savita said, I have 5 rupees and 75 paise. Shama said, I have 7 rupees
and 50 paise.
They knew how to write rupees and paise using decimals.
So Savita
Chapter 9
Data Handling
9.1 Introduction
You must have observed your teacher recording the attendance of students in
your class everyday, or recording marks obtained by you after every test or
examination. Similarly, you must have also seen a cricket scor
Ch 4 continued
When a government imposes price controls, some people win, some lose, and there
is a loss of economic efficiency.
Economists seldom recommend price controls with the possible exception of
minimum wage laws.
Externality- a cost or benefit no
Chapter 8 Technology, Production, and Costs
Use inputs workers, machines, natural resources, to produce outputs of goods and
services.
The process by which a firm does this is a technology. If a firm improves its ability
to turn inputs into outputs we ref
Chapter 14:
Long run economic growth- process by which rising productivity increases the
average standard of living. (We use real GDP per capita to measure this average
standard of living) GDP: amount of production in the economy, per person, adjusted
for
Chapter 3- Where Prices Come From: Supply and Demand
Demand: affected by price of smartphones and by other factors ( prices of other
goods)
Supply: affected by price of smartphones and other factors (prices of other goods)
Perfectly competitive market: ma
Chapter 12- GDP Measuring Total Production and Income
Business cycle - alternating periods of economic expansion & economic recession
Expansion - period of a business cycle during which the total production and total
employment are increasing
Recession -
Ch. 4 continued
Behavioral economics: some economists have started studying situations in which
people make choices that do not appear to be economically rational.
3 common mistakes: taking into account monetary costs but ignoring nonmonetary
opportunity
Chapter 10 Monopoly and Antitrust Policy
Monopoly: market structure with only one seller of a good or service and does not
have a close substitute maintain long-term economic profit
Four main reasons for barriers to entry are:
1. Patents, copyrights, and
Chapter 1 -Economic Models
Economists develop economic models to analyze real-world issues.
Economic model building steps:
1. Decide on assumptions to use in developing the model
2. Formulate a testable hypothesis
3. Use economic data to test hypothesis
4
Chapter 4 Market Efficiency & Market Failure
Surplus: something that remains above what is used or needed
Consumer surplus: difference between highest price the consumer is willing to pay
for a good or service and the actual price the consumer pays
Produc
Chapter 7
Fractions
7.1 Introduction
Subhash had learnt about fractions in
Classes IV and V, so whenever possible
he would try to use fractions. One
occasion was when he forgot his lunch
at home. His friend Farida invited him
to share her lunch. She had f
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ISBN 81-7450-599-7 (Hkkx&2)
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PD 7
CCBU152 Homework on K,W&G Chapters 1 & 2
Chapter 1 :
-
Marginal benefit : the advantage earned by consuming or getting one
more dollar or one more hour
Marginal cost : the lost profit if you consume one more unit, it is what you
give up.
Opportunity cost
