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 (C)</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 (C)</p> Signup and view all the answers

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

<p>Statistics (D)</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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