Advertisements
Advertisements
Question
Match the following Group ‘A’ with Group ‘B’
|
Group ‘A’ |
Group ‘B’ |
||
|
(1) |
Perfect competition |
(a) |
Captain of industry |
|
(2) |
Micro economics |
(b) |
Price Discrimination |
|
(3) |
Entrepreneur |
(c) |
Homogeneous product |
|
(4) |
Money |
(d) |
Smallest unit |
|
(5) |
Central Bank |
(e) |
Largest unit |
|
|
|
(f) |
Lender of last resort |
|
|
|
(g) |
Medium of exchange |
Advertisements
Solution
| Group ‘A’ | Group ‘B’ | ||
| (1) | Perfect competition | (c) | Homogeneous product |
| (2) | Micro economics | (d) | Smallest unit |
| (3) | Entrepreneur | (a) | Captain of industry |
| (4) | Money | (g) | Medium of exchange |
| (5) | Central Bank | (f) | Lender of last resort |
Explanation:
1. Perfect competition is an ideal market where there are a large number of buyers and sellers selling homogenous products in the market. The price is determined by the market factors and the goods sold are similar in nature.
2. Micro economics deals with the study of smallest units of an economy such as behaviour of the individual consumers and producers. It also studies how prices of single commodities are determined in various kinds of market.
3. Entrepreneur is said to be the captain of the ship or industry as he coordinates all the factors of production single handedly. He is the one who takes risk and carries out a business by himself.
4. Money is acts as a medium of exchange and has the power to buy goods. Money is accepted by a seller in exchange of his goods and services and acts as a tool for the consumers to purchase things.
5. Central banks is said to the lender of last resort. As the lender of last resort, the central bank is under the obligation to provide funds against securities to the commercial banks as and when needed by them.
