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Economics Basics Overview

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Questions and Answers

What is the central focus of economics?

Minimizing production costs

Scarcity of resources and choices among their alternative uses (correct)

Maximizing profits

Promoting consumerism

Why do people need to make choices according to the text?

To increase scarcity of resources

To eliminate the need for alternatives

Due to limited resources or scarcity (correct)

To confuse themselves with multiple options

What is one reason for the emergence of economic problems?

Equal distribution of resources

Limited human wants

Scarcity of available resources (correct)

Abundance of resources

What does economics aim to do with limited resources according to the text?

Satisfy numerous human wants Signup and view all the answers

Apart from individual decision-making, what macro variables does economics cover?

National income, public finance, international trade Signup and view all the answers

Which concept is central to the science of economics?

Efficiency in resource utilization Signup and view all the answers

According to Adam Smith, how did an individual's pursuit of self-interest benefit society?

Through the concept of 'invisible hand' leading to collective societal interests Signup and view all the answers

What was the main criticism of Adam Smith's definition of economics according to Ruskin and Carlyle?

It promoted selfishness and went against ethics Signup and view all the answers

In Alfred Marshall's definition, what distinction did he make between material and immaterial things?

Material things are tangible while immaterial things are intangible Signup and view all the answers

What aspect of human life does Alfred Marshall emphasize in his definition of economics?

Economic welfare in the ordinary business of life Signup and view all the answers

How did Alfred Marshall define the scope of economics in relation to human actions?

Economics examines actions promoting material requisites of well-being for individuals and society Signup and view all the answers

What was a significant shift in focus from Adam Smith's wealth definition to Alfred Marshall's welfare definition?

From individual gain to societal welfare Signup and view all the answers