Introduction to Economics — Flashcards
ICSE · Class 9 · Economics
32 flashcards for Introduction to Economics (ICSE Class 9 Economics) to test yourself on key terms and facts. Part of the ICSE Class 9 Economics syllabus.
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What is the origin of the word Economics?
Answer
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 …
What is the Wealth Definition of economics?
Answer
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…
Why is Adam Smith called the Father of Economics?
Answer
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…
What is meant by the term economic man in Adam Smith's definition?
Answer
An economic man is a person who acts mainly in self-interest. Adam Smith used this idea in the Wealth Definition to explain economic behaviour as motivated by the desire to gain wealth.
Which things are not counted as wealth in the Wealth Definition?
Answer
Services, water, and sunshine are not counted as wealth in the Wealth Definition because wealth refers only to material goods such as table, chair, book, and pen.
What is the Welfare Definition of economics?
Answer
Alfred Marshall gave the Welfare Definition of economics. He defined economics as "a study of mankind in the ordinary business of life. It examines that part of individual and social actions which is …
Why did Marshall place man at the centre and wealth at the periphery?
Answer
Marshall placed man at the centre because economics should study human welfare first. Wealth is important, but only as a means to improve well-being. In this view, human beings and their satisfaction …
Who else gave welfare definitions similar to Marshall?
Answer
Pigou and William Beveridge also gave welfare definitions similar to Marshall's. These definitions connect economics with material welfare and human well-being.
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