10 Questions
What are the two common aspects of human activities?
Earning a living and using earnings to satisfy wants
What is the primary motivation behind human economic activity?
To earn income to satisfy their unlimited wants
What are the things that directly satisfy human wants called?
Consumption goods
What gives rise to human efforts according to Prof. Seligman?
Human wants
What is the characteristic of human wants?
Unlimited and insatiable
What is the fundamental characteristic of economic goods that distinguishes them from other goods?
They are available only by paying a price and are scarce.
What is the primary focus of the subject of distribution in economics?
The sharing of income from production by four factors of production namely, land, labour, capital and organization.
What is the main objective of planning in economics, as mentioned in the text?
The systematic, efficient and full utilization of available limited resources for the maximum public welfare.
How does the author of the text define the circle of economics?
Wants, efforts, satisfaction.
What is the primary focus of the study of public finance in economics?
The financial operations of the governments and other public bodies.
Understand the fundamental concept of economics, including human wants, limited resources, and the reasons behind different occupations. Learn how individuals strive to satisfy their needs and wants through various activities.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
