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Introduction to Economics Concepts

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Questions and Answers

What is the central focus of economics?

Scarcity of resources and choices among their alternative uses (correct)

Production, exchange, and consumption of commodities

Decision making behaviors of individuals

Unlimited human wants and the availability of resources

Why does scarcity lead to making choices among alternatives?

To increase wealth and human welfare

To compare the alternatives for choosing the best

To satisfy numerous human wants with limited resources

Due to the limited or scarce resources available (correct)

What are the two major factors responsible for the emergence of economic problems?

Scarcity of resources and unlimited human wants (correct)

Satisfaction of human wants and availability of resources

National income and production of commodities

Public finance and international trade

In economics, what do individuals need to do in order to satisfy numerous human wants?

Satisfy wants with limited resources available in nature Signup and view all the answers

What does the science of economics mainly center on?

Want satisfaction through effort Signup and view all the answers

Apart from individual decision making behaviors, what macro variables does economics cover?

International trade and public finance Signup and view all the answers

According to Adam Smith's definition, economics is primarily the science of:

Wealth Signup and view all the answers

Why did Ruskin and Carlyle criticize economics as a 'dismal science'?

It taught selfishness which was against ethics Signup and view all the answers

According to Alfred Marshall, what does economics primarily study?

Attainment and use of material requisites of well-being Signup and view all the answers

What did Marshall's definition of economics criticize about traditional views?

Consideration of material things only Signup and view all the answers

According to Adam Smith, how are individuals led to promote the interests of society?

Through self-interest guided by an 'invisible hand' Signup and view all the answers

Why did the emphasis in economics shift from wealth to welfare according to the text?

To align economics with social ethics Signup and view all the answers