12 Questions
What is the concept of economics derived from?
Greek word 'Oikonomia'
According to Lionel Robbins' definition, what are the key points?
Wants are unlimited, Means are limited, Means have alternative uses
Which statements are related to wealth?
Wealth means anything which has market value and can be exchanged for money, Wealth is scarce and exchangeable
What is included in National Income?
Final goods and services
Who authored the book 'Wealth of Nations'?
Adam Smith
What is Economics related to according to the given statements?
Study of human economic behavior
What is the significance of my father purchasing a two-wheeler vehicle in the context of fulfilling travel needs?
Fulfilling travel needs is the purpose of the purchase.
How does Karuna's mother saving a portion of her salary every month relate to the concept of saving?
Saving a fixed amount monthly is a form of financial planning.
Explain the impact of a 20% increase in a country's production of goods and services based on the data for the financial year 2018-19.
It indicates significant economic growth in that period.
How does Ram's father utilizing his provident fund amount to set up a grocery store exemplify investment?
Investing the fund in a business venture generates potential returns.
Explain the relationship between free goods and economic goods in terms of their value.
Free goods have value-in-use, while economic goods have value in exchange.
What is the purpose of distinguishing between natural sciences and social sciences using the provided analogies?
To highlight the differences in approach and subject matter between the two categories of sciences.
Test your knowledge about statements related to Economics and incorrect statements with reference to Adam Smith's definition. Choose the correct options from the provided choices.
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