Economics: An Introduction
Gujarat Board · Class 11 · Economics
Flashcards for Economics: An Introduction — Gujarat Board Class 11 Economics. Quick Q&A cards covering key concepts, definitions, and formulas.
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What does the word 'Economics' mean in Sanskrit and what is its literal translation?
Answer
In Sanskrit, economics is called 'arthshashtra' which is derived from 'arth' meaning 'purpose' or 'goal'. Arthshashtra means 'the science of benefits or purpose in practical life', describing that the…
What is the Greek origin of the word 'Economics' and what does it mean?
Answer
The English word economics comes from the Greek word 'Oikonomos', where 'Oikos' means households and 'nomos' means management. Hence, economics originally meant 'management of households'.
According to Kautilya's Arthashashtra, what is the intention of human beings and how does he define economics?
Answer
According to Kautilya, the intention of human beings is 'arth' (wealth). He defines that the piece of land with human settlement is 'arth' (wealth), and the science explaining the purpose and utility …
State Adam Smith's definition of economics and explain its significance.
Answer
Adam Smith defined economics as 'the study of the nature and causes of wealth of nations'. This definition focuses on the exchange of physical wealth produced by labour. Smith is considered the pionee…
What is Alfred Marshall's definition of economics and what does it emphasize?
Answer
Alfred Marshall defined economics as 'the study of mankind in the ordinary business of life'. This definition emphasizes that in everyday life, people usually seek material wellbeing. It focuses on hu…
State Lionel Robbins' definition of economics and explain the key problem it addresses.
Answer
Robbins defined economics as 'the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses'. It addresses the problem of allocating limited res…
What is Paul Samuelson's definition of economics and what aspects does it cover?
Answer
Samuelson defines economics as 'the study of how people and society choose to employ scarce productive resources with alternative uses to produce commodities and distribute them for consumption'. It c…
Define economic activity with its key characteristics and provide two examples.
Answer
Economic activity is performed with the purpose of getting economic benefits involving exchange of goods, services, and/or factors, and involving costs. Key aspects: purpose of economic gains, satisfa…
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