Explain: -In economy “development stage” means starting of steadily increasing economy

The Malthusian theory explained that the human population grows more rapidly than the food supply until famines, war or disease reduces the population. He believed that the human population has risen over the past three centuries.

Explain: -In 1933, Ragnar Frisch firstly used the words “Micro” and “Macro”

Explain: -Rent is a cost paid for land as wages and interest are paid  for labour and capital respectively.

Explain: -Intensive industry are those industries which need large amount of capital for investment.