Podcast
Questions and Answers
Who is considered the father of Modern Economics?
Which of the following definitions represents the concept of economics as a science of choice?
What is the key focus of the Giffen goods concept?
Which theory distinguishes between selling cost and production cost?
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What does the Veblen Effect primarily relate to?
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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.
