Dialogue on Alfred Marshall's Definition of Economics
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Questions and Answers

What sparked SS's interest in economics according to the text?

  • TT's enthusiasm for economics (correct)
  • The upcoming discussion on Alfred Marshall's definition of economics
  • Learning about Alfred Marshall's background
  • Adam Smith's book published in 1890

    • What did Alfred Marshall define as the study of mankind, according to the text?

  • Individual and social action unrelated to material well-being
  • Economics as a study of the ordinary business of life (correct)
  • The meta-analysis of social actions
  • The study of material requisites of well-being

    • In what year was Alfred Marshall's book 'Principles of Economics' published?

  • 1890 (correct)
  • 1900
  • 1790
  • 1799

    • What did SS mention about Adam Smith in response to TT's mention of Alfred Marshall's book?

    <p>Over a hundred years have passed since Adam Smith's book was published</p> Signup and view all the answers

    How did SS feel about economics before starting the sessions with TT?

    <p>Uninformed</p> Signup and view all the answers

    According to Marshall, what is the main focus of economics?

    <p>Examining the acquisition and use of material resources</p> Signup and view all the answers

    How did Edwin Canaan support the welfare definition in economics?

    <p>By stating that economics studies the cause of material welfare</p> Signup and view all the answers

    What does material welfare in economics refer to?

    <p>The satisfaction from consuming physical goods</p> Signup and view all the answers

    How does Adam Smith's definition of economics differ from Alfred Marshall's?

    <p>Adam Smith examines the wealth of nations, while Marshall emphasizes the study of mankind</p> Signup and view all the answers

    What does Marshall consider to be more important in economics than studying wealth?

    <p>The study of human behavior</p> Signup and view all the answers

    What is the main focus of macroeconomics?

    <p>National income</p> Signup and view all the answers

    What do economists study in relation to decision-making?

    <p>Factors influencing resource allocation</p> Signup and view all the answers

    Which economic concept is focused on individual units like households and firms?

    <p>Microeconomics</p> Signup and view all the answers

    What do tax laws and employment programs fall under in economics?

    <p>Government policies</p> Signup and view all the answers

    In economics, what does the 'Nepali economy' encompass?

    <p>Consumption and production</p> Signup and view all the answers

    What is the main focus of microeconomics?

    <p>Analyzing individual economic units' behaviors</p> Signup and view all the answers

    How does economics help an entrepreneur with scarce resources?

    <p>By guiding informed decisions on resource allocation</p> Signup and view all the answers

    What do macroeconomics and microeconomics focus on in economic analysis?

    <p>Microeconomics - Smaller economic units, Macroeconomics - Larger economic analysis</p> Signup and view all the answers

    Why is economics considered a social science?

    <p>Because it studies the behavior of individuals, organizations, and societies</p> Signup and view all the answers

    What does the term 'Mikros' mean in reference to microeconomics?

    <p>Small</p> Signup and view all the answers

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