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Questions and Answers
Who coined the terms microeconomics and macroeconomics?
Kautilya is also known by which name?
Paul Samuelson referred to economics as what?
What did Adam Smith define economics as?
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The wealth-oriented definition of economics was given by whom?
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Study Notes
Key Economists
- Ragnar Frisch and Ragnar Frisch coined the terms microeconomics and macroeconomics.
- Kautilya, also known as Chanakya, authored the Indian political treatise called Arthashastra.
Defining Economics
- Economics can be referred to as a queen of social sciences by Paul Samuelson.
- The wealth-oriented definition of economics was given by Adam Smith, focusing on the production of wealth.
- The scarcity-oriented definition of economics emphasizes the allocation of scarce resources among competing uses, highlighting the problem of scarcity.
- Adam Smith defines Economics broadly as a study of the nature and causes of the wealth of nations.
Economic Terms
- Goods refer to anything that has market value and can be exchanged for money.
- Income that is paid according to terms and conditions is called salaries.
- Exchange refers to the actual transfer of goods from one person to another.
- Commodities satisfy human wants.
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Description
This quiz covers key economists and fundamental economic concepts. Learn about the distinctions between micro and macroeconomics and explore various definitions of economics as well as essential economic terms. Perfect for beginners seeking a foundational understanding of the subject.
