ICSE Class 9 Economics — Flashcards for Quick Revision

A: The word Economics comes from two Greek words: oikos meaning household and nomous meaning management. Together, it refers to the management of a household and, by extension, the management of limited

A: Adam Smith gave the Wealth Definition of economics. He defined economics as "a science which inquires into the nature and cause of wealth of nations". This definition gives importance to wealth and th

A: Adam Smith is called the Father of Economics because he wrote An Inquiry into the Nature and Causes of the Wealth of Nations in 1776 and gave the Wealth Definition of economics. His ideas focused on w

A: An economy is a system in which people and organisations produce, distribute, and consume goods and services in an area such as a nation or a small town. It is also a system that helps people produce

A: An economy has two main functions: producing goods and services to satisfy human wants, and providing employment or income-earning opportunities to people.

A: An economic entity is an institutional unit capable of doing economic activities independently. It can acquire assets, take up responsibilities, incur liabilities, participate in economic activities,

A: A want is a desire to acquire something, along with the willingness to put in an effort to get it. In economics, a want is not just a wish; it becomes a want only when effort is involved.

A: Desire is the wish to have something. Want is an effective desire for a particular thing that can be satisfied by making an effort to acquire it. For example, wishing for a bike is a desire; trying to

A: Human wants are unlimited because one want leads to another and there is no final end to them. They are competitive because the means to satisfy them are limited, so all wants cannot be satisfied at t