5 Questions
Which criticism is directed towards the first definition of economics as the science of personal interest?
It focuses on utilitarian philosophy
What is the main criticism of the second definition of economics as the science of wealth?
It excludes non-material services from its definition
According to thinker Birro, what does he believe economics is the science of?
Exchange between two persons
Why does the second group criticize the idea that donation is not an economic act?
Because it does not account for exchange between two persons
What force is stated to be behind all behavior according to the first definition of economics?
Creation by God Almighty
Test your knowledge of the different definitions of economics and the criticism associated with them. Explore the concepts of personal interest, wealth, and their implications in the field of economics.
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