Agricultural Economics and Important Definitions of Economics

Play an AI-generated podcast conversation about this lesson

What is the main focus of micro-economics?

Transportation of goods from one place to another

Activities and services at a macro level

Consumption, production, exchange, and distribution at an individual unit level (correct)

Total production and total income

Which type of goods have value in exchange and value in use?

Mono-period goods

Economic goods (correct)

Free goods

Poly-period goods

What type of utility involves storage activity?

Time utility (correct)

Place utility

Form utility

Possession utility

In consumer behavior, what distinguishes a 'demand' from a 'want'?

Fulfillment at a specific place and time Signup and view all the answers

According to the Law of Demand, what happens when the price of a commodity decreases?

Expansion in demand Signup and view all the answers

Who is considered the father of economics?

Adam Smith Signup and view all the answers

Which economist introduced the concept of law of diminishing marginal utility?

Alfred Marshall Signup and view all the answers

According to Lionner Rosbins, economics is the science which studies:

Human behavior as a relation between ends and scarce means Signup and view all the answers

Who introduced the terms 'Microeconomics and Macroeconomics' in economics?

J.M. Keynes Signup and view all the answers

Which economist is associated with the study of individual and social action most closely connected with well-being?

Alfred Marshall Signup and view all the answers

Agricultural Economics and Important Definitions of Economics

Podcast Beta

Questions and Answers

What is the main focus of micro-economics?

Which type of goods have value in exchange and value in use?

What type of utility involves storage activity?

In consumer behavior, what distinguishes a 'demand' from a 'want'?

According to the Law of Demand, what happens when the price of a commodity decreases?

Who is considered the father of economics?

Which economist introduced the concept of law of diminishing marginal utility?

According to Lionner Rosbins, economics is the science which studies:

Who introduced the terms 'Microeconomics and Macroeconomics' in economics?

Which economist is associated with the study of individual and social action most closely connected with well-being?

More Quizzes Like This

Agricultural Economics Quiz

Agricultural Policy Notes: Introduction to Economics

Introduction to Agricultural Economics

AREC 3006 Week 1: Agricultural Production Economics

Upgrade to continue