Policy Puzzle
Government programs or schemes that provide financial assitance to individuals or families with low income.
What are Welfare schemes?
Poverty ReductionThe relationship between price of good and quantity demanded by consumers
What is the Law of Demand?
He is known for his innovative apporaches to electric vehicles and space explorations.
Who is Elon Musk?
Finite resources which cannot be replaced or replenished once they have been used up.
What are non-renewable resources?
This term refers to the total expenses incurred by a firm in producing a specific quantity of goods or services.
What is Cost of Production?
This government policy is aimed at reducing income inequality through income redistribution.
What is Taxation?
The percentage change in quantity demanded in response to a percentage change in price
What is Price Elasticity of Demand?
He is the founder one of India's oldest and largest conglomerates with interests in steel, automative and hospitality industries.
Who is Jamsetji Tata?
All natural resources used in the production of other goods and services
What is land?
This type of cost remains constant on a per-unit basis but varies in total with the level of production.
What is Variable cost?
The government's use of taxation and spending to influence the economy
What is Fiscal Policy?
Goods for which demand decreases as income increases.
What are Inferior Goods?
He is known as the father of moden economics
Who is Adam Smith?
Human made resources including machinery, tools and factory buildings used in the production of other goods and services?
What is capital?
This cost is incurred by a firm when it chooses to spend its funds to buy new machineries over new a new plot of land.
What is Opportunity Cost?
This type of government intervention involves setting maximum prices for certain goods or services to protect consumers.
What is price ceiling?
This type of good can be used in place of another and when the price of the latter increases, the demand for this this increases.
What is a substitution good?
Founder and CEO of Canva, one of the youngest self-made billlionaires in the world.
This is an organisation that engages in collective bargaining for workers' benefits, both financial and non-financial.
What is a trade union / labour union?
This term refers to the cost advantages that a firm can achieve by increasing the scale of production, leading to lower average costs.
What are economies of scale?
Practice of government selling bonds to reduce the money supply and control inflation
What is Open-market Operations?
This concept refers to the amount of satisfaction that a consumer derives from consuming a particular quantity of a good or service.
What is utility?
Producer of Lagaan and Founder of UTV Movies. He owns one of India's largest edtech companies and has recently made his debut on TV.
Who is Ronnie Screwvala?
Ability to move factors of production from one productive use or location to others.
What is factor mobility?
What is supernormal profit?