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Economics: Fundamentals and Principles

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Questions and Answers

Define economics according to the neoclassical school of economics as described in Robbins' Essay on the Nature and Significance of Economic Science.

Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

Explain the concept of opportunity cost in economics.

Opportunity cost is the cost of forgoing the next best alternative when making a decision. It represents what must be given up to obtain something else.

What is meant by 'rational people' in economics?

Rational people are those who make decisions by comparing marginal costs and marginal benefits and act in their best self-interest.

How does trade benefit countries, according to the principles of economics?

<p>Trade allows countries to specialize in what they do best and to enjoy a greater variety of goods and services, making each country better off.</p> Signup and view all the answers

Explain the concept of marginal change in economics.

<p>Marginal change refers to small incremental adjustments to an existing plan of action, where individuals consider the additional benefits and costs of the decision.</p> Signup and view all the answers