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.

Capitalism is an economic system in which private entities or businesses own capital goods.

Most electric, gas, and water companies are examples of natural monopolies. Utilities like water, electricity and gas are essential services that play a vital role in economic and social development.

Fiscal policy is connected with public revenue and expenditures. This policy is the use of government revenue collection to monitor the nation's economy.