20 Questions
What sparked SS's interest in economics according to the text?
TT's enthusiasm for economics
What did Alfred Marshall define as the study of mankind, according to the text?
Economics as a study of the ordinary business of life
In what year was Alfred Marshall's book 'Principles of Economics' published?
1890
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
How did SS feel about economics before starting the sessions with TT?
Uninformed
According to Marshall, what is the main focus of economics?
Examining the acquisition and use of material resources
How did Edwin Canaan support the welfare definition in economics?
By stating that economics studies the cause of material welfare
What does material welfare in economics refer to?
The satisfaction from consuming physical goods
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
What does Marshall consider to be more important in economics than studying wealth?
The study of human behavior
What is the main focus of macroeconomics?
National income
What do economists study in relation to decision-making?
Factors influencing resource allocation
Which economic concept is focused on individual units like households and firms?
Microeconomics
What do tax laws and employment programs fall under in economics?
Government policies
In economics, what does the 'Nepali economy' encompass?
Consumption and production
What is the main focus of microeconomics?
Analyzing individual economic units' behaviors
How does economics help an entrepreneur with scarce resources?
By guiding informed decisions on resource allocation
What do macroeconomics and microeconomics focus on in economic analysis?
Microeconomics - Smaller economic units, Macroeconomics - Larger economic analysis
Why is economics considered a social science?
Because it studies the behavior of individuals, organizations, and societies
What does the term 'Mikros' mean in reference to microeconomics?
Small
Engage in a conversation between two characters, TT and SS, discussing Alfred Marshall's definition of economics. Explore their different perspectives and reactions in this dialogue.
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