Understanding the Nature and Scope of Economics
5 Questions
6 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

According to Adam Smith, what did he define as the subject matter of economics?

  • Basic economic problems
  • Allocation of limited resources
  • Production and expansion of wealth (correct)
  • Maximizing utility
  • What does economics seek to analyze, according to the given text?

  • Optimal resource allocation (correct)
  • Growth strategies of a society
  • Production and expansion of wealth
  • Maximizing utility
  • What did the Classical economists view as the science of wealth?

  • Production and expansion of wealth (correct)
  • Basic economic problems
  • Allocation of limited resources
  • Maximizing utility
  • What is the main focus of economics, based on the text?

    <p>Production and expansion of wealth</p> Signup and view all the answers

    What does the term 'economics' mean, as per the text?

    <p>Science of wealth</p> Signup and view all the answers

    Study Notes

    Economics Overview

    • Adam Smith defined the subject matter of economics as the "study of wealth".
    • Economics seeks to analyze the "production, distribution, and consumption of goods and services".
    • To the Classical economists, economics was viewed as the "science of wealth".
    • The main focus of economics is the "study of mankind in the ordinary business of life".
    • The term 'economics' originates from the Greek words "oikos" meaning "house" and "nomos" meaning "law" or "management", implying management of household resources.

    Studying That Suits You

    Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

    Quiz Team

    Description

    Learn about the fundamentals of economics, including the analysis of human decision making and resource allocation in society. Explore the concept of economics as the science of proper resource utilization.

    More Like This

    Understanding Human Needs and Goods
    6 questions
    E&F per 2
    183 questions

    E&F per 2

    ThrivingDesert avatar
    ThrivingDesert
    Conceptos básicos de Economía
    10 questions
    Use Quizgecko on...
    Browser
    Browser