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Questions and Answers
According to Alfred Marshall, how did he define economics?
According to Alfred Marshall, how did he define economics?
- The study of international trade and commerce
- The study of financial systems in modern society
- The study of mankind in the everyday business of life (correct)
- The study of resource allocation in society
What is the subject of economics according to the text?
What is the subject of economics according to the text?
- The study of advanced economies like those in western Europe and the United States (correct)
- The study of global economic systems
- The study of economic theories and models
- The study of primitive economies only
What does economics primarily focus on according to the text?
What does economics primarily focus on according to the text?
- Resource conservation and sustainability
- Financial management in households
- Production, distribution, and exchange of goods and services (correct)
- International trade relations
What does the term 'economy' refer to according to the text?
What does the term 'economy' refer to according to the text?
What interests economists the most?
What interests economists the most?
Flashcards
Alfred Marshall's Definition of Economics
Alfred Marshall's Definition of Economics
The study of mankind in the everyday business of life.
Subject of Economics
Subject of Economics
The study of how societies produce, distribute, and exchange goods and services.
Primary Focus of Economics
Primary Focus of Economics
Production, distribution, and exchange of goods and services.
Definition of 'Economy'
Definition of 'Economy'
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Economists' Interest
Economists' Interest
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