MEANING OF ECONOMICS (Definition and Scope)

What is the name of your school?

Economics can best be defined as the study of ______________

• How to spend the family income efficiently

• How to find the minimum cost of production

• The interpretation of scarce resources and date

• How scarce resources can be used efficiently

Economics is best described as the study of ___________

• The wealth of nations

• How man consumes his products

• How man provides for his everyday needs

• The distribution of wealth

Economics can be defined as the study of ___________ 

• How to spend the family income efficiently

• How to find the minimum cost of production

• The interpretation of scarce resources and data

• How scarce resources can be efficiently used

Economics is a social science because it

• studies  human behaviour

• Provides people with the commodities they want

• Deals with limited resources with alternative uses

• Is related to how choice is made

Which of the following defines Economics most comprehensively?

 

• The study of buying and selling

• The organization of industries and markets

• The study of human behaviour in the allocation of scarce resources

• the study of market forces as they affect human behavior

The study of economics enables individuals to ___________

• Evade taxes

• Accumulate huge wealth

• Make rational decision

• Change jobs

The most basic concern of economists is to _______________

• Create human wants

• Allocate scare resource to satisfy human wants

• Create perfect competition

• Redistribute income so that it is used correctly

The definition of economics as ‘the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses’ was given by _______

 

• Lionel Robbins

• Thomas R. Malthus

• David Ricardo

• Adam Smith

The study of economists enables  individuals to __________

• Change jobs

• Make rational decisions

• Evade tax

• Accumulate huge wealth