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Questions and Answers
What is the origin of the word 'Economics'?
What is the origin of the word 'Economics'?
- Wealth of Nations, meaning economic management in English
- Oikos, meaning unlimited wants in Greek
- Nomia, meaning allocation of resources in Greek
- Oikonomia, meaning household management in Greek (correct)
According to Adam Smith, what does Economics study?
According to Adam Smith, what does Economics study?
- The unlimited wants of human beings
- The nature and causes of wealth of Nations (correct)
- The alternative uses of resources
- The allocation of resources in society
What does Economics focus on at the micro level?
What does Economics focus on at the micro level?
- Maximizing social welfare
- Maximizing individuals' gains (correct)
- Minimizing the scarcity of resources
- Allocation of unlimited wants
According to J.B. Say, what does Economics deal with?
According to J.B. Say, what does Economics deal with?
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What is the name of the book written by Adam Smith, known as the 'Wealth of Nations'?
What is the name of the book written by Adam Smith, known as the 'Wealth of Nations'?
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Study Notes
Origin of Economics
- The word "Economics" originates from the Greek words "oikos" meaning "house" and "nomos" meaning "law" or "management".
Definition of Economics
- According to Adam Smith, Economics is the study of wealth, focusing on its creation and distribution.
- At the micro level, Economics focuses on individual economic units, such as households, firms, and markets.
J.B. Say's Perspective
- According to J.B. Say, Economics deals with the production, distribution, and consumption of wealth.
Adam Smith's Notable Work
- Adam Smith wrote the book "An Inquiry into the Nature and Causes of the Wealth of Nations", commonly referred to as the "Wealth of Nations".
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Description
Test your knowledge of economics with this quiz on the fundamental principles and concepts of the discipline. Explore the origins of the word "economics" and its relation to household management, as well as the basic premise of self-interest and the fundamental economic problem of scarcity.
