Economics Definitions & Key Concepts
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Questions and Answers

Who is considered the father of Modern Economics?

  • Karl Marx
  • Alfred Marshall
  • Joel Dean
  • Adam Smith (correct)
  • Which of the following definitions represents the concept of economics as a science of choice?

  • Economics assesses the efficiency of production.
  • Economics is neutral between ends. (correct)
  • Economics is a study of wealth distribution.
  • Economics engages in the dynamics of economic growth.
  • What is the key focus of the Giffen goods concept?

  • An increase in demand with rising prices. (correct)
  • Normal consumer choices.
  • Consumer surplus generation.
  • The relationship between income and consumption.
  • Which theory distinguishes between selling cost and production cost?

    <p>Monopolistic Competition theory</p> Signup and view all the answers

    What does the Veblen Effect primarily relate to?

    <p>Consumption patterns influenced by social status.</p> Signup and view all the answers

    Study Notes

    Economics Definitions

    • Economics is a science which deals with wealth - B.S.V
    • Economics is what economies do - A.C.O.B.V.I.N.L.R
    • Scarcity definition of economics - Lionel Robbins
    • Economics is a science - Lionel Robbins
    • Economics is neutral between ends - Lionel Robbins
    • Economics is a science of choice - Lionel Robbins
    • Economics as a study of dynamic growth and development - Lionel Robbins
    • Book - Nature & significance of economics - Lionel Robbins

    Economics: Key Concepts and Pioneers

    • Father of Modern Economics - Adam Smith
    • Wealth Definition - Adam Smith
    • Book- An enquiry into the nature and causes of wealth of nations in 1776 - Adam Smith
    • Concept of Socialistic economy - Karl Marx & Frederick Engels
    • Giffen goods - Sir Robert Giffen
    • Welfare definition - Economics in a study of mankind in the ordinary business of life - Alfred Marshall
    • Concept of Normative Science - Alfred Marshall
    • Consumer Surplus - Alfred Marshall
    • Time Element - Alfred Marshall
    • Law of DMU - Alfred Marshall

    Economic Theories And Models

    • Oligopoly - Stigler
    • Monopolistic Competition theory - Chamberlin
    • Distinction between selling cost & production cost - Chamberlin
    • Demonstration Effect - James Duesenberry
    • Veblen Effect/Prestige Goods Effect - Thorstein Veblen
    • Doctrine of conspicuousConsumption - Thorstein Veblen
    • Substitution Effect - Hicks & Allen
    • Ordinal Approach /1C Analysis - Hicks & Allen
    • Cobb Douglas Production function - C.W Cobb & Paul H Douglas
    • Innovation is the true function of an entrepreneur - Schumpeter
    • Sweezy's model / Kinked Demand Curve - Paul A. Sweezy

    Economic Fluctuations

    • Fluctuations in economic activities are due to fluctuations in aggregate effective demand - Keynes

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    Description

    Explore essential definitions and key concepts in economics, referencing influential figures such as Adam Smith, Lionel Robbins, and Alfred Marshall. This quiz will test your understanding of the fundamental ideas and principles that shape economic theory and practice.

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