This video covers the detailed discussion on the Basic Concepts of Economics. After this class, we will have generated brief idea about Needs, Wants, Demand, Supply, Demand Curve, Supply Curve, Market, types of market, market equilibrium, Utility, Consumption, Consumer Surplus, Law of diminishing marginal utility, Price, Value, GDP, GNP, Factors of Production, National income, And Per Capita Income. Each topic is explained in short and easy language with suitable examples, diagrams, curves, and graphs wherever needed.
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