5 Questions
What was 19th century Economics known as?
Political Economy
Who wrote 'The wealth of Nations' in 1776?
Adam Smith
What are the two fundamental facts mentioned in the text?
Unlimited wants and scarce resources
What does business economics integrate?
Economics theory with business practice
What does decision making in business economics refer to?
Selecting the most efficient means of attaining a desired end
Test your knowledge about the nature and scope of business economics with this quiz. Explore the origins of economics, from the Greek word 'Oikonomia' to the evolution of the discipline as 'Political Economy'. Delve into insights from Adam Smith's 'The Wealth of Nations' and understand the fundamental principles governing human wants and resources.
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