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History of Economics: From Oikonomos to Adam Smith

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History of Economics: From Oikonomos to Adam Smith

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Questions and Answers

What is the primary focus of classical economics according to Adam Smith?

Management of wealth within families

Study of human behavior in everyday life

Production and distribution of wealth (correct)

Exploration of human welfare through economic science

How did Alfred Marshall define economics in relation to human life?

Study of human behavior as a relationship between ends and scarce resources

Consideration of human welfare beyond monetary measurements (correct)

Focus on management of wealth within families

Exploration of why some countries are rich while others are poor

According to Lionel Robbins, what is the key aspect in the study of economics?

Understanding human behavior in the context of scarcity (correct)

Consideration of unlimited wants and satisfactions

Measurement of human welfare through monetary values

Exploration of the production and distribution of wealth

In economics, what is meant by 'needs'?

Basic requirements essential for human survival Signup and view all the answers

How does Alfred Marshall describe economics in relation to everyday human activity?

An emphasis on human interaction and involvement Signup and view all the answers

What is the significance of scarcity in Lionel Robbins' view of economics?

Studying human behavior in light of limited resources with alternative uses Signup and view all the answers

What is the main focus of equity in economics?

Achieving fairness and greater outcomes Signup and view all the answers

Which economic goal emphasizes the importance of a strong macroeconomic foundation?

Stability Signup and view all the answers

What does Positive Economics focus on?

Providing evidence-based descriptions of economic phenomena Signup and view all the answers

Which type of economics answers the question 'what should be'?

Normative Economics Signup and view all the answers

What does Economic Model use to represent economic theories?

Mathematical equations and graphs Signup and view all the answers

Which goal refers to the ability to produce a desired result with the least cost possible?

Efficiency and Full Employment Signup and view all the answers