Podcast Beta
Questions and Answers
Which statement best describes economics?
Economics is solely concerned with wealth creation and has no relation to human behavior.
False
Who is considered the father of modern economics?
Adam Smith
The word 'economics' originates from the Greek word '______' meaning management.
Signup and view all the answers
Which two Greek words form the foundation of the word 'economics'?
Signup and view all the answers
Match the economists with their contributions:
Signup and view all the answers
According to Adam Smith, economics is an inquiry into the nature and causes of the wealth of the nation.
Signup and view all the answers
What does the term 'Oikonomos' refer to in the context of economics?
Signup and view all the answers
Study Notes
Economics as a Social Science
- Economics is recognized as the “queen of the social sciences,” a term attributed to Paul Samuelson.
- The discipline studies relationships between individuals and societies, focusing on human behavior.
- While sharing common interests with sociology, psychology, and political science, economics offers a distinct analytical perspective.
- Economists employ tools and methodologies that address complex questions, often surpassing the breadth found in other social sciences.
Definition of Economics
- The term "economics" is derived from the ancient Greek word "oikonomia," meaning the management of a household or family.
- Breakdown of the word "oikonomia":
- "Oikos" translates to "Home."
- "Nomos" translates to "Management."
- Economics, therefore, can be understood as "Home Management," emphasizing decision-making in resource management.
- The Greek term "oikonomos" refers specifically to the management of family income and expenses.
Various Definitions of Economics
- Economics has numerous definitions, evolving through contributions from different economists.
- Adam Smith, the father of economics and author of "Wealth of Nations," emphasized wealth creation in his definition.
- Smith viewed economics as an inquiry into the nature and causes of national wealth.
- Important details about Adam Smith:
- Born in 1723 and passed away on July 17, 1790.
- He is recognized as the founder of modern economics, laying foundational principles still relevant today.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
This quiz covers Module 1, Chapter 1 of Economics, focusing on the nature and scope of economics and microeconomics. Explore key concepts that define economics as a social science and its relationship with human behavior in society. Test your understanding of how economics interacts with other social sciences.
