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Economics

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Questions and Answers

Which Greek word does the term 'Economics' come from?

Cavite
Oikonomikos (correct)
Economia
Philippines

What is the field of social science focused on examining how to allocate limited resources effectively to generate goods and services?

Cavite
Oikonomikos
Economics (correct)
Philippines

What represents a fundamental economic challenge, where there exists a disparity between finite resources and essentially limitless desires?

Economics
Philippines
Scarcity (correct)
Oikonomikos

Who is known for the quote 'Economics is an inquiry into the nature and causes of the wealth of nations'?

<p>Adam Smith (D)</p> Signup and view all the answers

What is the task that the ancient Greek word 'Oikonomikos' literally translates to?

<p>The task of managing a household (C)</p> Signup and view all the answers

Flashcards

What does 'Economics' derive from?

The term 'Economics' originates from the Greek word 'Oikonomikos', meaning 'household management'.

What is Economics?

Economics is the study of how societies allocate scarce resources to produce and distribute goods and services.

What is Scarcity?

Scarcity is the fundamental economic problem where unlimited wants collide with limited resources.

Who said 'Economics is an inquiry into the nature and causes of the wealth of nations'?

The famous economist Adam Smith is credited with this quote, which captures the essence of economic study.

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What does 'Oikonomikos' literally translate to?

The ancient Greek word 'Oikonomikos' literally translates to 'the task of managing a household'.