Group "A" | Group "B" | ||
(1) | Microeconomics | (a) | Independent |
(2) | Ceteris Paribus | (b) | No government intervention |
(3) | Laissez Faire Policy | (c) | Individualistic |
(4) | Partial Equilibrium | (d) | Other things remaining equal |
(5) | Market Mechanism | (e) | Price determination |
1-c, 2-d, 3-b, 4-a, 5-e
(1) Microeconomics- (c) Individualistic
Microeconomics is the branch of economics that studies the individual units of the economy such as individual consumer, individual firm, and individual producer.
(2) Ceterus Paribus- (d) Other things remaining constant
Ceterus Paribus is a Latin phrase meaning “all other things being equal” which is used in laws of Economics to assume that other factors affecting the phenomenon are held constant.
(3) Laissez Faire Policy- (b) No government Intervention
Laissez Faire is an economic policy that says governments should not interfere with the free market; let the market develop on its own. This means that the government cannot control restrictions, taxes, or businesses.
(4) Partial Equilibrium- (a) Independent
Partial equilibrium is a condition of equilibrium in the theory of Economics which takes into consideration only a part of the market to attain the equilibrium and is not dependent of other variables affecting the phenomenon.
(5) Market Mechanism- (e) Price determination
Market mechanism means mechanism by which the price in the market is decided by the forces of demand and supply.