Fundamentals of Economics Concepts

The video introduces economics as a social science focused on human behavior and societal influences. It traces the historical evolution of economic systems from barter to modern trade, highlighting socioeconomic development. The meaning and definition of economics are explored, with references to its Greek origin and the concept of household management. Various economists' definitions are discussed, including Adam Smith's wealth-oriented view, Alfred Marshall's welfare-oriented perspective, and Lionel Robins' scarcity-oriented definition.

What is the primary focus of economics as a social science?

• The study of political systems

• The study of natural resources

• The study of human behavior and societal influences

• The study of technological advancements

How did early humans satisfy their basic needs?

• By relying on government support

• Through modern trade systems

• By using technology

• By utilizing natural resources freely available

What system did early humans develop to exchange goods?

• Monetary system

• Digital currency

• Barter system

• Credit system

What is the main challenge that economics addresses?

• Unlimited resources and limited wants

• Limited resources and unlimited wants

• Unlimited resources and wants

• Limited resources and wants

From which language is the term 'economics' derived?

• Greek

• German

• Latin

• French

What does the Greek origin of 'economics' refer to?

• Market management

• Wealth management

• Household management

• Resource management

Who is considered the father of economics?

• Adam Smith

• Lionel Robins

• Alfred Marshall

• Paul Samuelson

What was Adam Smith's definition of economics focused on?

• Trade

• Scarcity

• Human welfare

• Wealth

Which economist defined economics as a science of human welfare?

• Lionel Robins

• Paul Samuelson

• Adam Smith

• Alfred Marshall

What is the modern definition of economics according to Lionel Robins?

• A science of trade

• A science of wealth

• A science of human welfare

• A science of scarcity and choice