Introduction-Chapter 1 Flashcards
1
Q
Father of Economics
A
Adam Smith
2
Q
Study of Wealth
A
First ever definition of Economics by Adam Smith
3
Q
Alfred Marshall
A
Study of mankind in ordinary business of life
4
Q
key words
-satisfying own wants and needs or family needs
A
consumer
5
Q
key word
-produce, generating income
A
Producer
6
Q
key words
-to buy
A
Buyer
7
Q
key words
-make profit for yourself
A
Seller
8
Q
which activity is done for a monetary gain?
A
Economic activity
9
Q
employee
A
Service holder
10
Q
Employer
A
Service provider
11
Q
Root of all economic problems
A
Scarcity of resources
12
Q
If no scarcity__________
A
No economic problems
13
Q
What gives rise to the problem of choice ?
A
Alternatives uses for scarce resources gives rise to the problem of choice
