(Answered) Very Short Answer Question 1. What is economics? 2. Define substitute goods. 3. Define…

Very Short Answer Question
1. What is economics?
2. Define substitute goods.
3. Define complementary goods.
4. Make a list of factors of production.
5. What is meant by demand?
6. Define supply.
7. What is equilibrium price?
8. Define elasticity of demand.
9. Define price elasticity of demand.
10. Define income elasticity of demand.
11. Define cross elasticity of demand.
12. Define elasticity of supply.
13. Define utility.
14. Define total utility (TU).
15. What is meant by marginal utility(MU) ?
16. Define consumer’s surplus.
17. Define producer’s surplus.
18. Define production.
19. What is meant by production function?
20. Define total product (TP) with formula.
21. Define average product (AP) with formula.
22. Define marginal product (MP) with formula.
23. What is macroeconomics?
24. Point out any four macroeconomic variables.
25. Define closed economy.
26. Define open economy.
27. What is national income?
28. Define Gross Domestic Product (GDP)?
29. Define personal income (PI).
30. Define personal income (DI) with formula.
31. Define per capita income (PCI) with formula.
32. Define GDP deflator.
33. What is money?