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Economics Module 1: Basic Concepts

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Questions and Answers

What is the main difficulty in defining economics?

The limited scope of economic studies
The lack of famous economists
The puzzling nature of economics (correct)
The complexity of economic systems

What are the two key aspects of economics according to the definition?

Production and distribution
Consumption and wealth creation
Production and consumption
Wealth creation and distribution (correct)

What is the ultimate goal of studying economics?

To list the benefits of studying economics
To define economics in various forms
To understand the assumptions of economics
To enunciate on the principles of economics (correct)

What is the primary focus of economics?

Creating wealth (B) Signup and view all the answers

What is the significance of understanding economics?

It has various benefits that are listed in the unit (C) Signup and view all the answers

What is the relationship between economics and other concepts?

They are interdependent and complex (D) Signup and view all the answers

According to Lionel Robbins, economics studies human behavior as a relationship between what and what?

Given ends and scarce means (B) Signup and view all the answers

Who among the following economists did not give a definition of economics?

Brooks (D) Signup and view all the answers

What is one of the benefits of studying economics?

Understanding the financial sector, government decision making, and the global economy (C) Signup and view all the answers

What is assumed about people's objectives in economics?

They are reasonable and simple (C) Signup and view all the answers

What is economics also defined as?

The approach to understanding behavior that starts from the assumption that people have objectives (D) Signup and view all the answers