5 Questions
What was 19th century Economics known as?
Political Economy
Who wrote 'The wealth of Nations' in 1776?
Adam Smith
What is the fundamental fact about human beings as mentioned in the text?
Human beings have unlimited wants
What does decision making in business economics refer to?
Selecting an appropriate alternative for attaining a desired end
What does business economics integrate according to the text?
Economics theory with business practice
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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