Economics by Alfred Marshall: Consumer and Producer Concepts
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Questions and Answers

What is the process of using up utility value of goods and services for the direct satisfaction of our wants?

  • Production
  • Saving
  • Consumption (correct)
  • Investment

    • According to Alfred Marshall, what is the study of man in the ordinary business of life?

  • Consumption
  • Economics (correct)
  • Statistics
  • Production

    • According to Bowley, what are numerical statements of facts in any department of enquiry placed in relation to each other?

  • Economics
  • Saving
  • Producer
  • Statistics (correct)

    • What is the part of income which is not consumed and is an art of abstinence from consumption?

    <p>Saving</p> Signup and view all the answers

    What is the problem of choice arising due to the scarcity of resources which have alternative uses?

    <p>Economic Problem</p> Signup and view all the answers

    What refers to information in terms of numbers or numerical data?

    <p>Statistics</p> Signup and view all the answers

    Define consumption in the context of economics.

    <p>Consumption is the process of using up utility value of goods and services for the direct satisfaction of our wants.</p> Signup and view all the answers

    Explain the concept of saving in economics.

    <p>Saving is the part of income which is not consumed, and it involves abstaining from immediate consumption.</p> Signup and view all the answers

    What is the economic problem and why does it arise?

    <p>The economic problem arises due to the scarcity of resources and their alternative uses, leading to the need for making choices.</p> Signup and view all the answers

    Describe the role of a producer in economics.

    <p>A producer is one who produces and sells goods and services for the generation of income.</p> Signup and view all the answers

    What is the significance of investment in the context of economics?

    <p>Investment is the expenditure on assets that help generate income, contributing to economic growth and development.</p> Signup and view all the answers

    Explain the concept of economic activity and its relation to scarce means.

    <p>Economic activity involves the use of scarce means to fulfill wants, highlighting the fundamental challenge of resource scarcity.</p> Signup and view all the answers

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