Fundamentals of Economics
Very short answer question:
1 . The word economy is derived from which language word?
Answer: The word economy is derived from a Greek word.
2. The From which word is the word economy derived?
Answer: The word economy is derived from the word 'Oikonomia' The word 'Oikos' means family 'nomos' means rules. Therefore, the term economics is considered to be the rules of family or social management.
3. The Who is the father of economics?
Answer: The father of economics is一 Adam Smith.
4. . Who proposed the resource-based definition of economics?
Answer: The resource-based definition of economics was put forward by Adam Smith.
5. 5. Who proposed the welfare-based definition of economics?
Answer: The welfare-based definition of economics was proposed by the Cambridge economist Marcel.
6 | Who proposed the definition of scarcity in economics?
Answer: The definition of scarcity in economics was proposed by Lionel Robbins.
7. In which book and when did Adam Smith define economics?
Answer: Adam Smith proposed the definition of economy in 1776 in An Inquiry into the Nature and Causes of the Wealth of Nations.
8. 8. In which book and when did Alfred Marcel define economics?
Answer: Alfred Marcel defined economics in 1890 in his Principles of Economics.
9. In which book and when did Lionel Robbins define economics?
Answer: Lionel Robbins defined economics in 1932 in An Essay on the Nature and Significance of Economic Science.
10. . Who called Adam Smith's definition the word of the Yaksha?
Answer: Adam Smith's definition was called the word of the yaksha by Carlyle and Ruskin.
11 . Who defined the economy with an emphasis on efficiency?
Answer: Focusing on efficiency, Samuelson and Nordhaus define the economy.
12. 12. What is the ability of an object to meet a person's needs?
Answer: Utility is the ability of a thing to meet a human need.
13. 13. What is the produced means of production called?
Answer: The produced means of production are called capital.
14 . The words 'Micro' and 'Macro' are derived from which two words?
Answer: The word 'Micro' comes from the Greek word 'Mikros' which means 'small'
Short answer questions:
1. Write Adam Smith's definition of economics.
Answer: 'Economics is the Science of Wealth' called "Economics is the Science of Wealth"
2. Write the definition of Marcel economics.
Answer: According to Marcel, the definition of economics is一'Economics is the study of the activities of the daily life of mankind' It studies the part of personal and social affairs that is closely related to the achievement of earthly welfare and its use.
3. The Write Robbins' definition of economics.
Answer: According to Robbins, economics is defined as 'the science that studies human behavior as the relationship between human expectations (goals) and limited resources (means) to be used alternatively'
4. The Write the definition of economics by Samuelson and Nordhaus.
Answer: According to Samuelson and Nordhas, the definition of economics is that 'the essence of economics is to organize society for the best efficient use of resources, recognizing the reality of scarcity'
5. What are the basic concepts of Robbins' definition of economics?
Answer: The basic concepts of Robbins' definition of economics are:
a) The shortage of people is infinite.
b) The means or tools to fill the gap are limited.
C. Limited resources are substitute usable.
6. What is specialist economics?
Answer: Comprehensive economics discusses the economic behavior of individuals or private institutions collectively. The economic behavior of a consumer, an entrepreneur or an industrial establishment, a market, a lender, a saver falls under the category of economics.
7. What is collectivist economics?
Answer: The overall behavior of the economy in a country, ie the behavior of all consumers, consumers, etc., is included in the collectivist economy. Collective economics includes the study of a country's population, employment, industrialization, agriculture, etc.
8. Write the difference between financial and non-financial objects.
Answer: The supply of financial goods is more limited than the demand. Therefore, such things have a price. For example, financial items such as electricity, food, clothing, etc.
On the other hand, non-economic things are free gifts of nature. For example, the heat of the sun, wind, rainwater, etc.
9. What is National Income?
Answer: National income is the monetary value of goods or services produced in a country in a given fiscal year.
Long answer questions:
1 . Explain the need to study economics with examples.
Answer: The requirements of studying economics are as follows:
Citizen awareness is essential in a healthy democracy. A taxpaying citizen will surely want to know how the government collects revenue, how it spends the revenue collected, what policies are followed when spending it, whether the revenue collected is being used properly, etc. A social organizer or reformer will want to explore the causes of widespread and deep poverty. In doing so, he will understand that many of the causes of the problem are economic. As conscious consumers, we would like to know what are the reasons for the increase in prices of essential commodities in the market? What is globalization? What are the advantages and disadvantages? What is economic development? What is an environmental economy? Many of these important topics are studied in economics.
2. The Which definition of economics is the most acceptable and why? explain.
Answer: Economist Lionel Robbins gave one of the most accepted definitions of economics in his 1932 book An Essay on the Nature and Significance of Economic Science. According to him, 'Economics is the science that studies human behavior as the relationship between human immense expectations (goals) and limited resources (means) to be used alternatively'
Three basic concepts are emphasized in this definition:
1) The shortage of people is infinite.
2) The means or tools to fill the gap are limited.
3. Limited resources are alternative usable.
These three basic concepts lead to economic problems and problems of choice. Economic problems or problems of choice are problems that arise as to which of the infinite shortages should be filled with the help of limited resources available. Robbins' definition is called the definition of scarcity.
For these reasons, Robbins' definition is the most widely accepted definition in economics.
3. The Write about the scope of economics.
Answer: The scope of economics covers the economic activities of society. Non-financial activities are not considered within the subject matter of economics. The scope of economics generally covers the following topics:
1) Enjoyment: Consumption is the activity of alleviating our wants. The study of laws related to consumption, consumer equilibrium, etc. falls within the scope of economics.
2) Production: Production is the creation of useful goods or services. Economics discusses the four components of production一 land, labour, capital and organization, as well as the laws of production, the balance of producers, the economic system, etc.
3) Distribution: Consumption can only be achieved if the goods are distributed among the consumers after they are produced. All the principles or theories that need to be followed in order for the distribution process to be accurate are discussed among the topics 'Distribution'.
4) Exchange: No individual or region or country can produce everything it needs on its own. Such cases require exchanges between individuals, regions and countries. Therefore, domestic and international, exchange takes place through internal trade and international trade. Both of these types of exchange are discussed in economics.
5) Currency: Money was created to simplify the system of exchange by removing the difficulties of direct exchange of goods. Discussions on the role of currency, the functions and types of currency, etc. fall within the scope of economics.
6) Income: The scope of economics includes the discussion of per capita income, national income, its growth and distribution, and its relationship with economic welfare.
7. Revenue or Public Finance Science: The science of public finance is the discussion of government income, government expenditure and government debt.
8. Welfare Economy: Consumption, production and distribution alone cannot be the main themes of the economy. Such activities must be accompanied by the welfare of the individual and society. Economists AC Pigu, Vilfredo Pareto, Hicks Armatya Sen, etc. have popularized welfare economics.
9. Environmental Economics: The increased focus on industrialization to accelerate economic growth on the one hand and the deterioration of the environmental balance on the other have worried sociologists around the world. Environmental studies have been included in economics for the purpose of maintaining environmental balance in such cases. This addition has given a new dimension to the subject of economics.
10) Skills: Economics is about building society through the efficient use of limited resources.
The above issues fall within the scope of economics. However, it should be noted that in today's dynamic world, the scope of any subject is not limited.
Therefore, economics has expanded its scope to include new concepts of the global economy, sustainable development, etc.
Editing By:- Lipi Medhi
