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Economics > Economists Name > Flashcards

Economists Name Flashcards

1
Q
  1. Economics is a science which deals with wealth
A

JB Say

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2
Q
  1. Economics is what economies do
A

JACOB VINER

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3
Q
  1. Scarcity definition of economics
A

(LIONEL ROBBINS)

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4
Q
  1. Economics is a science
A

(LIONEL ROBBINS)

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5
Q
  1. Economics is neutral between ends
A

(LIONEL ROBBINS)

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6
Q
  1. Economics is a science of choice (LIONEL ROBBINS)
A
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7
Q
  1. Economics as a study of dynamic growth and development
A

(LIONEL ROBBINS)

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8
Q
  1. Book - Nature & significance of economics.
A

(LIONEL ROBBINS)

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9
Q
  1. Father of Modern Economics
A

(ADAM SMITH)

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10
Q
  1. Wealth Definition
A

(ADAM SMITH)

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11
Q
  1. Book - An enquiry into the nature and causes of wealth of nations in 1776
A

ADAM SMITH

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12
Q
  1. Concept of Socialistic economy
A

KARL MARX & FREDERICK ENGELS

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13
Q
  1. Giffen goods
A

SIR ROBERT GIFFEN

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14
Q

14) Welfare definition - Economics in a study of mankind in the ordinary business of life

A

ALFRED MARSHALL

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15
Q
  1. Concept of Normative Science
A

ALFRED MARSHALL

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16
Q
  1. Cardinal Approach / Margina! Utility Analysis
A

ALFRED MARSHALL

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17
Q

Consumer Surplus

A

ALFRED MARSHALL

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18
Q

Time Element

A

ALFRED MARSHALL

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19
Q

Time Element

A

ALFRED MARSHALL

20
Q

Law of Diminishing marginal utility

A

ALFRED MARSHALL

21
Q

Oligopoly

A

STIGLER

22
Q

Who proposed the Monopolistic Competition theory?

A

Edward Chamberlin

23
Q

Q: What is the distinction between selling cost and production cost?

A

Selling cost refers to expenses related to marketing and selling a product, while production cost pertains to the costs of manufacturing the product itself.

Edward Chamberlin

24
Q

What is the Demonstration Effect?

A

The tendency of individuals to emulate the consumption patterns of others, often seen in relation to consumer behavior.

(James Duesenberry)

25
Q

Q: What is the Veblen Effect?

A

A: The phenomenon where the demand for certain goods increases as their prices rise, due to their status as prestige goods. (Thorstein Veblen)

26
Q

Q: What is the Doctrine of Conspicuous Consumption?

A

A: The practice of purchasing goods not for their utility but for the status they confer.

(Thorstein Veblen)

27
Q

Q: What is the Substitution Effect?

A

A: The change in quantity demanded of a good as consumers substitute it for another good when its price changes. (Hicks & Allen)

28
Q

Q: What is the Ordinal Approach or IC Analysis?

A

A: A method of analyzing consumer preferences based on the ranking of utility rather than measuring it.

(Hicks & Allen)

29
Q

Who developed the Cobb-Douglas Production Function?

A

Charles W. Cobb and Paul H. Douglas

30
Q

Q: What is the key idea behind the Schumpeter’s view on entrepreneurs?
.

A

A: Innovation is the true function of an entrepreneur

31
Q

Q: What does the Sweezy’s model refer to?

A

A: A model of oligopoly that highlights price rigidity and the kinked demand curve.

32
Q

Q: What does Keynes argue about fluctuations in economic activities?
.

A

A: Fluctuations in economic activities are due to fluctuations in aggregate effective demand

33
Q

Q: Who claimed that the Trade Cycle is a purely monetary phenomenon?

A

A: Hawtrey

34
Q

Q: What did Pigou say about business cycles?

A

A: Business cycles are based on psychological factors, specifically optimism or pessimism.

35
Q

Q: What is Schumpeter’s view on Trade Cycles?
.

A

A: Trade cycles occur due to innovations

36
Q

Q: What does the Cobweb Theory explain?

A

A: It illustrates how prices and quantities can oscillate over time due to time lags in production.

(Nicholas Kaldor)

37
Q

Q: What are the four functional goals identified by - CYERT & MARCH ?

A

A: Production, Inventory, Sales, and Market.

38
Q

Q: What is the Delphi Technique?

A

A: A method for gathering expert opinions through a structured process. (Olaf Helmer)

39
Q

Q: What are the properties of land according to Ricardo?

A

A: The properties of land include its fixed supply and varying fertility.

40
Q

What does R.L. Marris emphasize about business?

A

The goal is to maximize growth.

41
Q

Q: What concept does H.A. SIMON introduce regarding behavior?

A

A: Satisfying Behavior, where individuals seek satisfactory solutions rather than optimal ones.

42
Q

Q: What is Baumol’s theory focused on?

A

A: Revenue Maximization for firms.

43
Q

Q: What does WILLIAMSON propose regarding business goals?

A

A: The Maximization of Profit / Managerial Utility.

44
Q

Q: What does David Easton refer to with the Feedback | Black Box Model?

A

A: It describes how systems receive input and produce output, emphasizing feedback loops.

45
Q

Q: What is PETER DRUCKER’S focus in business management?

A

A: Creating and retaining customers.

Economics (6 decks)

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