Indian Economy Questions

Opportunity cost is the cost of other alternative choices for making your interested choice of work. Oppurtunity cost is also called as alternative cost.

For example on a holiday, you have two choices to do, either you can go to movie or a function. And if you chose to go to moavie, the oppurtunity cost of going to movie is the value that would have gotten if you had gone to function.

The law of increasing opportunity costs states that as you increase production of one good, the opportunity cost to produce an additional good will increase.

The multiplier effect means that "An effect in economics in which an increase in spending produces an increase in national income and consumption greater than the initial amount spent."

A trade bloc is a type of intergovernmental agreement for a group of countries where barriers to trade are reduced or eliminated among the participating states and less competition and for economic integration.

Sociologists define the concept of "race" as a socially constructed category composed of people who share biologically transmitted traits that members of a society consider important.