Fundamentals of Economics, Microeconomics, Macroeconomics and Types of Economies
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Indian Economy and Indian Financial System — JAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is the central problem that gives rise to the entire study of Economics?
The central problem is scarcity — human wants are unlimited but the means to satisfy them are scarce and have alternative uses.
Which economist's definition of Economics is known as the 'wealth definition'?
Adam Smith
How did Lionel Robbins define Economics?
Robbins defined Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Which economist's definition of Economics is known as the 'welfare definition'?
Alfred Marshall
What does Alfred Marshall's definition of Economics emphasise?
Marshall defined Economics as a study of mankind in the ordinary business of life, emphasising material welfare and the role of money in measuring economic activity.
Which economist's definition of Economics is known as the 'scarcity definition'?
Lionel Robbins
What is the distinction between Microeconomics and Macroeconomics?
Microeconomics studies individual economic units such as a consumer or a firm, while Macroeconomics studies the economy as a whole, examining aggregates like national income, total employment, and the general price level.
According to Robbins, what is the relationship that Economics studies?
The relationship between unlimited ends (wants) and scarce means which have alternative uses
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