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Questions and Answers
Which economist is known as the father of economics?
Which economist is known as the father of economics?
What does the welfare definition of economics focus on?
What does the welfare definition of economics focus on?
What is the nature of economics?
What is the nature of economics?
Economics is a social science that explains the relationships between people and societies.
Economics etymologically comes from the ancient Greek word '____________.'
Economics etymologically comes from the ancient Greek word '____________.'
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What is the primary focus of the scarcity definition of economics?
What is the primary focus of the scarcity definition of economics?
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Economics only studies wealth accumulation.
Economics only studies wealth accumulation.
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What are the four principles that underlie the economics of individual choice?
What are the four principles that underlie the economics of individual choice?
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Which term describes the concept of the alternatives forgone when making a choice?
Which term describes the concept of the alternatives forgone when making a choice?
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What distinguishes wants from needs?
What distinguishes wants from needs?
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List the four broad categories of economic resources.
List the four broad categories of economic resources.
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Study Notes
Economics as a Social Science
- Economics is a social science that studies the relationships between people and societies.
- Often called the “queen of the social sciences” (Paul Samuelson).
- Economics examines human behavior, similar to sociology, psychology, and political science.
- Economics applies unique tools and methodologies, making its analysis far-reaching.
Economics Defined
- The term "economics" originates from the Greek word "oikonomia," meaning "management of a household."
- Households face resource constraints and require decision-making skills for effective resource management.
Definitions of Economics
- Wealth definition (Adam Smith): Economics focuses on wealth creation. "Wealth of Nations" defines economics as the study of the factors influencing national wealth.
- Welfare definition (Alfred Marshall): Economics emphasizes human well-being and activities, not just wealth accumulation. "Principles of Economics" views economics as the study of human behavior in the pursuit of well-being, including the attainment and use of resources.
- Scarcity definition (Lionel Robbins): Emphasizes scarcity as central to economics. Economics is the study of how individuals and societies choose to use scarce resources to satisfy their unlimited wants.
- Growth definition: Economics is concerned with the growth of the economy, focusing on factors like production, consumption, and investment.
- Modern definition: Economics is the study of how people make choices in the face of scarcity and the consequences of those choices.
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Description
This quiz explores the foundational concepts of economics as a social science, examining its definitions, methodologies, and the relationships it studies. Delve into the perspectives of key economists like Adam Smith and Alfred Marshall. Gain a deeper understanding of how economics interrelates with other social sciences.
