1. Define Macro Economics.
Macro Economics is the study of the economy as a whole.
2. Define the term "inflation'.
"Too much of Money chasing too few goods" – Coulbourn
3. What is meant by an 'Economy'?
A.J.Brown defined economics as "A system by which people earn their living".
4. Classify the economics based on status of development.
Developed, Underdeveloped, Undeveloped, Developing Economies
5. What do you mean by Capitalism?
Capitalism is the system where the means of production are privately owned and market determines the economic activities
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