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Essay text:
And by using these minimal resources they have to address very many needs of society.
ECONOMICS IS BASED ON SOME ASSUMPTIONS:
1) Resources are limited.
2) Multiple choices or alternatives are there in the market.
3) All the choices are equally attractive.
Optimization is every body’s choice. i.e. MAXIMUM utility, profit, output, satisfaction etc and MINIMUM loss, cost, dissatisfaction, etc.
GNP: Is a Gross National Product, all goods and services that are produced in a country over a given period of time.
GDP: Is a Gross Domestic Product, all goods and services that are domestically produced excluding import and export...
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