Podcast
Questions and Answers
Which criticism is directed towards the first definition of economics as the science of personal interest?
Which criticism is directed towards the first definition of economics as the science of personal interest?
- It does not account for exchange between two persons
- It is not a disciplined idea
- It focuses on utilitarian philosophy (correct)
- It does not consider non-material services
What is the main criticism of the second definition of economics as the science of wealth?
What is the main criticism of the second definition of economics as the science of wealth?
- It does not account for exchange between two persons
- It excludes non-material services from its definition (correct)
- It is not a disciplined idea
- It does not consider personal interest
According to thinker Birro, what does he believe economics is the science of?
According to thinker Birro, what does he believe economics is the science of?
- Material money
- Wealth
- Exchange between two persons (correct)
- Personal interest
Why does the second group criticize the idea that donation is not an economic act?
Why does the second group criticize the idea that donation is not an economic act?
What force is stated to be behind all behavior according to the first definition of economics?
What force is stated to be behind all behavior according to the first definition of economics?
Flashcards
Criticism of 1st econ def
Criticism of 1st econ def
The first definition of economics, as the science of personal interest, is criticized for focusing too much on utilitarian philosophy.
Criticism of 2nd econ def
Criticism of 2nd econ def
The second definition of economics, as the science of wealth, is criticized for excluding non-material services and is too narrow.
Birro's econ def
Birro's econ def
Birro believes economics is the science of exchange between two persons.
Donation & econ act
Donation & econ act
Signup and view all the flashcards
Force behind 1st def
Force behind 1st def
Signup and view all the flashcards
Utilitarian Philosophy
Utilitarian Philosophy
Signup and view all the flashcards
Second econ def flaw
Second econ def flaw
Signup and view all the flashcards
Birro's econ focus
Birro's econ focus
Signup and view all the flashcards
Economic act criteria
Economic act criteria
Signup and view all the flashcards
Limitations of 2nd approach
Limitations of 2nd approach
Signup and view all the flashcards
