Introduction to Business Economics

The word ‘Economics’ originates from the word ………………

• Oikomnomikos

• Oikonomia

• Eikonomikos

• Ekconomics

The word ‘Economics’ has the………….. origin

• Roman
• French
• Greek
• European

In Business economics ‘Means’ refers to………….

• Human wants
• Resources
• Both (1) and (2)
• Neither (1) nor (2)

Which of the following is an economic activity?

• Friends playing Chess.

• Boy drawing a picture.

• A man polishing shoes

• Mother scolding her children for not doing study.

Till 19th century Economics was known as

• Political Economy
• Social Economy
• Both (1) and (2)
• Neither (1) Nor (2)

Which of the following is not an economic activity?

• Medical facility rendered by charitable trust

• Manufacturing of garments at subsidized rate.

• Mother preparing breakfast.

• A CS doing his own practice.

The law of Scarcity-

• Does not apply to developed and rich countries
• Applies only to less developed countries
• Implies that the consumers’ want will be satisfied in a socialist economy
• Implies that consumers’ want will never be completely satisfied.

In Business economics ‘ends’ refers to-

• Human wants

• Resources

• Both (1) and (2)

• Neither (1) nor (2)

What does the scarcity of resource implies…

• We must develop way to decrease our individual wants

• Not all wants can be satisfied.

• Resources can not satisfy any want

• Resources are very scarce and shall not be used at all

Consider the following and decide, which economy (if any) is without scarcity

• American economy

• Chinese Economy

• Post independence Indian economy

• None of the above