Dialogue on Alfred Marshall's Definition of Economics

Play an AI-generated podcast conversation about this lesson

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?

Over a hundred years have passed since Adam Smith's book was published (B) Signup and view all the answers

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

Uninformed (D) Signup and view all the answers

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

Examining the acquisition and use of material resources (B) Signup and view all the answers

How did Edwin Canaan support the welfare definition in economics?

By stating that economics studies the cause of material welfare (C) Signup and view all the answers

What does material welfare in economics refer to?

The satisfaction from consuming physical goods (D) Signup and view all the answers

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

Adam Smith examines the wealth of nations, while Marshall emphasizes the study of mankind (C) Signup and view all the answers

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

The study of human behavior (D) Signup and view all the answers

What is the main focus of macroeconomics?

National income (D) Signup and view all the answers

What do economists study in relation to decision-making?

Factors influencing resource allocation (C) Signup and view all the answers

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

Microeconomics (C) Signup and view all the answers

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

Government policies (C) Signup and view all the answers

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

Consumption and production (D) Signup and view all the answers

What is the main focus of microeconomics?

Analyzing individual economic units' behaviors (B) Signup and view all the answers

How does economics help an entrepreneur with scarce resources?

By guiding informed decisions on resource allocation (C) Signup and view all the answers

What do macroeconomics and microeconomics focus on in economic analysis?

Microeconomics - Smaller economic units, Macroeconomics - Larger economic analysis (B) Signup and view all the answers

Why is economics considered a social science?

Because it studies the behavior of individuals, organizations, and societies (B) Signup and view all the answers

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

Small (B) Signup and view all the answers