12 Questions
What is the process of using up utility value of goods and services for the direct satisfaction of our wants?
Consumption
According to Alfred Marshall, what is the study of man in the ordinary business of life?
Economics
According to Bowley, what are numerical statements of facts in any department of enquiry placed in relation to each other?
Statistics
What is the part of income which is not consumed and is an art of abstinence from consumption?
Saving
What is the problem of choice arising due to the scarcity of resources which have alternative uses?
Economic Problem
What refers to information in terms of numbers or numerical data?
Statistics
Define consumption in the context of economics.
Consumption is the process of using up utility value of goods and services for the direct satisfaction of our wants.
Explain the concept of saving in economics.
Saving is the part of income which is not consumed, and it involves abstaining from immediate consumption.
What is the economic problem and why does it arise?
The economic problem arises due to the scarcity of resources and their alternative uses, leading to the need for making choices.
Describe the role of a producer in economics.
A producer is one who produces and sells goods and services for the generation of income.
What is the significance of investment in the context of economics?
Investment is the expenditure on assets that help generate income, contributing to economic growth and development.
Explain the concept of economic activity and its relation to scarce means.
Economic activity involves the use of scarce means to fulfill wants, highlighting the fundamental challenge of resource scarcity.
Test your knowledge of consumer and producer concepts in economics, based on the ideas of Alfred Marshall. Explore definitions and concepts related to consumption, production, saving, and utility value.
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