Nature And Scope Flashcards
(15 cards)
What is the origin of the word ‘Economics’?
The word ‘Economics’ is derived from the Greek word ‘oikonomia’, which means household.
Who is considered the father of Economics?
Adam Smith is considered the father of Economics.
What is the title of Adam Smith’s influential book?
The title of Adam Smith’s influential book is ‘The Wealth of Nations’.
What does Economics study?
Economics is the study of processes by which the scarce resources are allocated to satisfy unlimited human wants.
What are the two fundamental facts in Economics?
The two fundamental facts in Economics are scarcity and resources.
How does modern Economics differ from classical Economics?
Modern Economics is relatively more complex and nuanced compared to classical Economics.
What is a current example of economic issues?
Current examples of economic issues include global crises such as the COVID-19 pandemic.
Can the study of Economics solve all problems?
The study of Economics cannot ensure that all problems will be approached, but it can help examine a problem in its broader context.
What is the primary focus of Business Economics?
Business Economics integrates economic theory with business practice.
Who defined Business Economics?
Joel Dean defined Business Economics in terms of economic analysis in the formulation of business policies.
What is the basis of Business Economics?
It is based on microeconomic principles.
What elements does Business Economics incorporate?
It incorporates elements of managerial economics.
Is Business Economics a normative or positive science?
Business Economics is a normative science.
