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1. What is the meaning of ‘market’ as an economic terminology? Describe the major macroeconomic markets in an economy. 2. Draw and describe the circular flow of economic activities. 3. Describe the determinants of demand and supply in a commodity market. 4. Describe the law of demand with some of its exceptions. 5. What do you understand by the term ‘market equilibrium’? What are the causes of shifting product market equilibrium? 6. Describe the substitution effect and scale effect in context of labour
7. Why individual labour supply is a backward bending curve? Explain with the
concepts of income effect and substitution effect. 8. What is a derived demand? Explain in relation to labour demand.
9. Describe the idea of demand elasticity. How can we use the concept of
elasticity in connection to labour demand and labour supply?