Podcast Beta
Questions and Answers
What is the significance of the term 'Economics' origin?
What role do prices play in a market?
What concept did Adam Smith use to explain how self-interest can benefit society as a whole?
How did Adam Smith describe the role of individuals in promoting societal interests?
Signup and view all the answers
Which of the following is NOT an important component of Economics as mentioned in the text?
Signup and view all the answers
What is the primary focus of Economics as described in the text?
Signup and view all the answers
What does the spillover principle suggest?
Signup and view all the answers
How does the Principle of Diminishing Returns affect output?
Signup and view all the answers
What is the significance of the marginal principle in decision-making?
Signup and view all the answers
How does the principle of opportunity cost relate to decision-making?
Signup and view all the answers
What is the difference between nominal value and real value, as per the text?
Signup and view all the answers
What does the spillover benefit refer to, based on the text?
Signup and view all the answers