What is Economics
NIOS · Class 10 · Economics
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Quick Quiz: What is Economics
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What does economics study in everyday life?
Which of these is a daily economic decision?
In the late eighteenth and early nineteenth century, economics was mainly called the science of what?
Which group of scholars is linked with the wealth definition of economics?
Sample Questions
Which statement correctly describes the science of welfare view of economics?
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Economics is concerned with welfare of society
The welfare definition shifted attention from wealth alone to welfare of society.
What do the words 'ends' and 'scarce means' mean in the scarcity and choice view?
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Ends means wants and scarce means implies limited resources
In the scarcity definition, ends means wants and scarce means means limited resources.
Which branch studies decisions by a single individual, buyer, seller, or producer?
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Micro Economics
Micro economics studies economic decisions at a very small level, such as those taken by a single individual.
Which branch studies the economy as a whole?
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Macro Economics
Macro economics studies economic decisions and aggregates at the level of the whole economy or society.
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