Scope of Business: Economics Chapter 1 Quiz and Flashcards

What is the basic objective of all economic activities?

Which of the following is not a type of business mentioned in the text?

What are the inputs referred to in economic activities?

What does business economics incorporate elements of?

Which of the following are the basic economic problems?

What is the meaning and nature of business economics described in the learning outcomes?

What is the main purpose of any economic activity such as production, consumption, distribution, exchange, and inventory accumulation?

What did the term 'Economics' originally mean, based on its Greek origin?

In the context of economic enterprises, what decisions does a production unit have to make?

What is considered as the first modern work of Economics?

What was Economics known as till the 19th century?

What is the primary aim of Non-Profit Organisations (NPOs) according to the text?

What is the original meaning of the term 'Oikonomia' in Greek?

What did Adam Smith's book 'The Wealth of Nations' contribute to Economics?

What type of goods are consumer goods, producer goods, capital goods, private goods, public goods, essential goods, and non-essential goods?

What decisions does a finance enterprise dealing with funds have to make?

The basic objective of all economic activities is to satisfy human wants and needs.
The term 'Economics' originally meant "household management" based on its Greek origin, derived from the words 'oikos' meaning house and 'nomos' meaning management.
The original meaning of the term 'Oikonomia' in Greek is "household management".

Business economics incorporates elements of economics, management, and decision-making.
The basic economic problems are what, how, and for whom to produce.
A production unit in an economic enterprise has to make decisions about what, how, and for whom to produce.

Consumer goods, producer goods, capital goods, private goods, public goods, essential goods, and non-essential goods are all types of goods.

The primary aim of Non-Profit Organisations (NPOs) is to provide social services and benefits to society.
A finance enterprise dealing with funds has to make decisions about investment, financing, and dividend distribution.

Adam Smith's book 'The Wealth of Nations' is considered a foundational work of modern economics, contributing to the development of the field.
Economics was known as "Political Economy" until the 19th century.

Economic activities involve inputs, which are the resources used to produce goods and services.
A business enterprise has to make decisions about production, consumption, distribution, exchange, and inventory accumulation.