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Economic Thought Overview

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Questions and Answers

What is the basic economic problem?

Scarcity

What are the four basic economic problems?

Production, distribution, consumption, and development (correct)

Distribution, production, consumption, and growth

Production, consumption, distribution, and growth

Production, consumption, distribution, and development

The ideas proposed by prominent Western thinkers like Adam Smith (1723-1790), the father of Economics, have contributed to the growth of the subject. Let us see the ideas of a few.

True

What is Economics not merely a study of?

Wealth Signup and view all the answers

What does ''the maximum number of individuals in the society that it benefits (the total income generated is distributed as different ) '' refer to?

Wages of labour, interest on capital, rent of land, and profit of the entrepreneur Signup and view all the answers

What is an example of why a meeting was held in Varun's school to decide how to utilize the one acre land available in the campus?

Many suggestions were discussed, finally it was decided to grow vegetables. Signup and view all the answers

Study Notes

Economic Thought

Economics is not merely a study of wealth; it is also a study of how the different periods contributions have benefited economic growth.
Western economic thinkers like Adam Smith (1723-1790), the father of economics, have contributed to the subject of economics.
Production is undertaken to satisfy the wants of the society.
Human wants are unlimited, however, resources are limited.
Therefore, we have to prioritize.
The maximum production activities in such a way that it benefits our society.
The total income is distributed as wages to individuals engaged in the production process.

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Description

Explore the key concepts and contributions of Western economic thinkers, particularly Adam Smith, in understanding economics as a study of wealth and societal needs. This quiz will help you grasp the foundational principles of production, resource allocation, and income distribution in economics.