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Economics by Alfred Marshall: Consumer and Producer Concepts

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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?

Saving (C) Signup and view all the answers

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

Economic Problem (C) Signup and view all the answers

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

Statistics (D) Signup and view all the answers

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. Signup and view all the answers

Explain the concept of saving in economics.

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

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. Signup and view all the answers

Describe the role of a producer in economics.

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

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. Signup and view all the answers

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. Signup and view all the answers