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Questions and Answers
What does a production unit have to decide?
What does a finance enterprise dealing with funds have to decide?
What was Economics known as until the 19th century?
What is considered as the first modern work of Economics?
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What does the term 'Economics' owe its origin to?
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What is the basic objective of all economic activities?
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Which of the following represents the inputs in economic activity?
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What is the purpose of Non-Profit Organizations (NPOs)?
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Which factor is not classified as an input in economic activity?
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What is the essence of economic activity?
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Study Notes
Economic Decision Making
- A production unit has to decide on what to produce, how to produce, and for whom to produce.
Financial Decision Making
- A finance enterprise dealing with funds has to decide on investment, financing, and dividend decisions.
History of Economics
- Until the 19th century, Economics was known as Political Economy.
Contributions to Economics
- The first modern work of Economics is considered to be "Wealth of Nations" by Adam Smith.
Origin of the Term 'Economics'
- The term 'Economics' owes its origin to the Greek words "oikos" meaning house and "nomos" meaning laws.
Economic Objectives
- The basic objective of all economic activities is to satisfy the unlimited wants of humans with limited resources.
Economic Activity
- Land, Labour, and Capital are the inputs in economic activity.
Non-Profit Organizations
- The purpose of Non-Profit Organizations (NPOs) is to provide social services and welfare to society.
Inputs in Economic Activity
- Consumption is not classified as an input in economic activity.
Essence of Economic Activity
- The essence of economic activity is the creation of goods and services to satisfy human wants.
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Description
Test your knowledge about the economic activities of different types of businesses and the transformation of inputs into outputs. Explore the essence of economic activity and the creation of net value.
