Economist name
49 Questions
76 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Economy is a science which deals with wealth

  • JB SAY (correct)
  • Alfred Marshall
  • James Duesenberry
  • Adam Smith

Economy is a science

  • JB SAY
  • Adam Smith
  • James Duesenberry
  • Lionel Robbins (correct)

Economy is what economic do

  • Adam Smith
  • Jacob Vernil (correct)
  • Cobb Douglas
  • Hicks and allen

Economy is neutral between end

<p>Lionel Robbins (D)</p> Signup and view all the answers

Scarcity definition of economy

<p>Lionel Robbins (C)</p> Signup and view all the answers

Economy as a science of choice making

<p>Lionel Robbins (B)</p> Signup and view all the answers

Economy as a study of a dynamic growth and development

<p>Lionel Robbins (A)</p> Signup and view all the answers

Oligopoly

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

Who is the father of modern or advance economy

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

Who is the father of managerial economy

<p>Jeol dean (B)</p> Signup and view all the answers

Monopolistic competition theory

<p>Chamberlin (A)</p> Signup and view all the answers

Who write the book wealth of nation

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

Who is the father of applied economy

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

Concept of socialist economy

<p>Karl Marx and Frederick engel (B)</p> Signup and view all the answers

Distinction between selling cost and production cost

<p>Chamberlin (C)</p> Signup and view all the answers

Demonstration effect

<p>James Duesenberry (A)</p> Signup and view all the answers

Giffen goods

<p>Sir Robbert giffen (B)</p> Signup and view all the answers

Concept of normative science

<p>Alfred Marshal (C)</p> Signup and view all the answers

Veblen effect

<p>Thorstein veblen (B)</p> Signup and view all the answers

Prestige goods effect

<p>Thorstein veblen (A)</p> Signup and view all the answers

Welfare definition economy in a study of a mankind in the ordinary business of life

<p>Alfred Marshal (B)</p> Signup and view all the answers

Law of diminishing marginal utility or marginal utility analysis

<p>Alfred Marshall (B)</p> Signup and view all the answers

Doctrine of conspicuous consumption

<p>Thorstein veblen (D)</p> Signup and view all the answers

Substitutions effect

<p>Hicks and allen (A)</p> Signup and view all the answers

Study of the whole forest not a tree

<p>M.c. Collen (C)</p> Signup and view all the answers

Cardinal approach

<p>Alfred Marshall (B)</p> Signup and view all the answers

Ordinal approach

<p>Hicks and allen (C)</p> Signup and view all the answers

IC analyse

<p>Hicks and allen (A)</p> Signup and view all the answers

Consumer surplus and time element

<p>Alfred Marshall (C)</p> Signup and view all the answers

Innovation is a true functions of enterprises

<p>Schumpeter (B)</p> Signup and view all the answers

Sweezy Model

<p>Pual' A Sweezy (B)</p> Signup and view all the answers

Fluctuation in economy activity are due to fluctuation inaugurated effective demand

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

The trade cycle is a pure monetary phenomenon

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

Kinked demand curve

<p>Pual' A Sweezy (B)</p> Signup and view all the answers

Who defined business economy

<p>Jeol dean (C)</p> Signup and view all the answers

Growth of a business .

<p>Samuelson (A)</p> Signup and view all the answers

Feedback

<p>David easton (C)</p> Signup and view all the answers

Cowbwed theory

<p>Nicholas kaldos (B)</p> Signup and view all the answers

Property of land

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

Create and retain customer

<p>Peter drucker (B)</p> Signup and view all the answers

Satisfying behaviour

<p>Ha simon (C)</p> Signup and view all the answers

Maximize growth

<p>RL Marris (A)</p> Signup and view all the answers

Functional goal production inventory sales and market

<p>Cyert March (C)</p> Signup and view all the answers

Black box model

<p>David easton (D)</p> Signup and view all the answers

Maximization of profit

<p>Williams son (A)</p> Signup and view all the answers

Managerial utility

<p>Williams son (B)</p> Signup and view all the answers

Revenue maximization

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

Delphi techniques

<p>Olaf helmer (D)</p> Signup and view all the answers

Production Function by cobb

<p>Cobb and Paul H Douglas (C)</p> Signup and view all the answers

Flashcards

Scarcity definition of economy

Lionel Robbins defined economics as the study of how scarce resources are allocated to satisfy unlimited wants.

Economy as a science of choice making

Lionel Robbins emphasized economics as the scientific study of how individuals choose to allocate scarce resources.

Economy as a study of dynamic growth and development

Lionel Robbins also viewed economics as a study of how societies grow and change, exploring wealth accumulation.

Father of modern/advanced economy

Adam Smith. He's considered a key figure in developing the concept of modern economics.

Signup and view all the flashcards

Father of managerial economy

Joel Dean. He focused on the management and decision-making aspects of businesses within an economy.

Signup and view all the flashcards

Monopolistic competition theory

A market structure where many firms offer similar, but not identical, products or services.

Signup and view all the flashcards

Who wrote "Wealth of Nations"

Adam Smith wrote the book "Wealth of Nations", a foundational text in economics.

Signup and view all the flashcards

Father of applied economy

Adam Smith, focusing on real-world application of economic principles.

Signup and view all the flashcards

Concept of socialist economy

A system where the means of production are owned and controlled communally or by the government, typically focusing on collective well-being.

Signup and view all the flashcards

Demonstration Effect

A behavioral phenomenon where people adopt consumption patterns they see others around them adopting.

Signup and view all the flashcards

Giffen Goods

A rare type of good where its demand increases as its price increases, primarily due to poverty-level income.

Signup and view all the flashcards

Welfare definition economy

Alfred Marshall viewed economics as the study of how humans manage their lives to meet their material needs, including work and production.

Signup and view all the flashcards

Law of diminishing marginal utility

The principle that as consumption of a good increases, the marginal utility derived from each additional unit declines.

Signup and view all the flashcards

Cardinal approach

An approach to analyzing consumer behavior that measures utility in numerical terms.

Signup and view all the flashcards

Ordinal approach

An approach where consumer preferences are measured in terms of their rank, rather than numerical amounts.

Signup and view all the flashcards

Innovation is true function of enterprises

Schumpeter highlighted innovation as a crucial aspect of business and economic progress.

Signup and view all the flashcards

Fluctuation in economy activity

Keynes believed economic fluctuations largely stem from changes in aggregate demand.

Signup and view all the flashcards

Satisfying behaviour

Herbert Simon's idea that individuals aim for satisfactory rather than optimal solutions when making decisions.

Signup and view all the flashcards

Revenue maximization

A business objective of making as much revenue as possible, regardless of profit.

Signup and view all the flashcards

Property of land

Ricardo's concept emphasizing the unique characteristics of land influencing its economic value.

Signup and view all the flashcards

Functional goal

Cyert and March outlined the goals of business operations, encompassing production, inventory, sales, and market strategies, rather than a singular profit aim.

Signup and view all the flashcards

Maximization of profit

A central goal of many businesses, striving to increase overall financial gain.

Signup and view all the flashcards

Managerial utility

Williams on highlighted the importance of managerial satisfaction and preferences in business decision-making.

Signup and view all the flashcards

More Like This

The Wealth of Nations
10 questions

The Wealth of Nations

CherishedInsight avatar
CherishedInsight
Adam Smith: Wealth and Freedom
40 questions

Adam Smith: Wealth and Freedom

JovialEpilogue avatar
JovialEpilogue
Adam Smith Wealth of Nations Flashcards
17 questions

Adam Smith Wealth of Nations Flashcards

BrainiestDouglasFir avatar
BrainiestDouglasFir
Basic Economic Problems and Theories
16 questions

Basic Economic Problems and Theories

FuturisticBromine avatar
FuturisticBromine
Use Quizgecko on...
Browser
Open
Browser
Browser