Podcast
Questions and Answers
What is the central focus of economics?
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?
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?
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?
What does economics aim to do with limited resources according to the text?
Apart from individual decision-making, what macro variables does economics cover?
Apart from individual decision-making, what macro variables does economics cover?
Which concept is central to the science of economics?
Which concept is central to the science of economics?
According to Adam Smith, how did an individual's pursuit of self-interest benefit society?
According to Adam Smith, how did an individual's pursuit of self-interest benefit society?
What was the main criticism of Adam Smith's definition of economics according to Ruskin and Carlyle?
What was the main criticism of Adam Smith's definition of economics according to Ruskin and Carlyle?
In Alfred Marshall's definition, what distinction did he make between material and immaterial things?
In Alfred Marshall's definition, what distinction did he make between material and immaterial things?
What aspect of human life does Alfred Marshall emphasize in his definition of economics?
What aspect of human life does Alfred Marshall emphasize in his definition of economics?
How did Alfred Marshall define the scope of economics in relation to human actions?
How did Alfred Marshall define the scope of economics in relation to human actions?
What was a significant shift in focus from Adam Smith's wealth definition to Alfred Marshall's welfare definition?
What was a significant shift in focus from Adam Smith's wealth definition to Alfred Marshall's welfare definition?
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