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Questions and Answers
Which statement best defines economics according to J.B. Say?
Which statement best defines economics according to J.B. Say?
- Economics focuses solely on financial transactions.
- Economics analyzes supply and demand in markets.
- Economics investigates the nature and causes of the wealth of nations. (correct)
- Economics studies the wealth of individuals.
What is the primary focus of microeconomics?
What is the primary focus of microeconomics?
- The behavior of the economy as a whole.
- The decisions of individual markets and firms. (correct)
- Government regulation and policies.
- The overall performance metrics of nations.
Which of the following best describes economic goods?
Which of the following best describes economic goods?
- Services that can be freely accessed by everyone.
- Goods that are produced in large quantities.
- Tangible, scarce, and limited in supply. (correct)
- Unlimited and readily available for consumption.
What is considered a central problem in economics?
What is considered a central problem in economics?
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Which economist is associated with the idea that economics is the science of choice making?
Which economist is associated with the idea that economics is the science of choice making?
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Study Notes
Economics
- The study of how people work together to transform resources into goods and services to satisfy unlimited wants
- Economics is an inquiry into the nature and causes of the wealth of nations - J.B.Say
Suitable Match for Economics
- The science of wealth - Adam Smith
- The science of material well-being - Samuelson
- The science of choice making - Marshall
- The science of growth and development - Robbins
Microeconomics vs. Macroeconomics
- Microeconomics is the positive classical, pre-Keynesian study of individual entities (markets, firms, etc.)
- Macroeconomics is the study of the overall performance of the economy, often normative
Economic Goods
- Economic goods are tangible, scarce, and limited in supply
Central Problems of Economics
- Central problems arise due to unlimited wants and limited means
Definition of Economics
- "Economics is what economists do" - Samuelson
Key Economists
- Adam Smith is a key economist
Alfred Marshall's Contribution
- Competition amongst the few
- Principles of Economics
- Capital and Growth
Deductive Method
- Proceeds from particular truth
Past Tense of Sentence
- The correct past tense version of the sentence, "What kind of TV programmes are you interested in?" cannot be determined from the information provided
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