Match the pairs.
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
| 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.
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.
