Podcast
Questions and Answers
Conventional economics sees economics as the ______ of wealth.
Conventional economics sees economics as the ______ of wealth.
science
According to Adam Smith, economics is the ______ of wealth.
According to Adam Smith, economics is the ______ of wealth.
science
In Islamic economics, the goal is to prevent ______ in acquiring and disposing material resources.
In Islamic economics, the goal is to prevent ______ in acquiring and disposing material resources.
injustice
Alfred Marshall defined economics as the study of ______ in the ordinary business of life.
Alfred Marshall defined economics as the study of ______ in the ordinary business of life.
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Islamic economics concerns the ______ and immaterial welfare subjected to Islamic prohibition.
Islamic economics concerns the ______ and immaterial welfare subjected to Islamic prohibition.
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According to M.A.Mannan, economics is a social science that studies the economic problems of people imbued with ______ values.
According to M.A.Mannan, economics is a social science that studies the economic problems of people imbued with ______ values.
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Study Notes
Conventional Economics
- Economics is considered the science of wealth, as defined by Adam Smith.
- Alfred Marshall defined economics as the study of mankind in the ordinary business of life, highlighting its focus on everyday human activities.
- Modern economists define economics as the study of human behavior concerning money getting and money spending, emphasizing the role of financial transactions.
Islamic Economics
- According to M.A. Mannan, Islamic economics is a social science that studies economic problems in the context of Islamic values.
- Ibn Khaldun and Al-Tusi define Islamic economics as the administration of scarce resources in human society, guided by an ethical conception of welfare in Islam.
- This includes the material and immaterial welfare of individuals, subject to Islamic prohibitions on production, consumption, and distribution.
- In general, Islamic economics involves the study of human behavior in using resources to satisfy wants, with a focus on responsible management of earthly resources in terms of consumption, production, and distribution.
- The core of Islamic economics is the knowledge and application of Shari'ah injunctions and rules to prevent injustice in acquiring and disposing of material resources, enabling individuals to fulfill their obligations to Allah and society.
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Description
Quiz on different definitions of economics, including conventional and Islamic perspectives. Covers quotes from Adam Smith, Alfred Marshall, and M.A. Mannan.
