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Description
Flashcards by weird kpop girl, updated more than 1 year ago
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Created by weird kpop girl
over 1 year ago
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| Question | Answer |
| Meaning of Economics | Its a social science of human behaviour which aims at allocation of scars resources in such a way that consumers can maximise their statisfaction, producers can maximise their profits and society can maximise social welfare |
| Father of economics and the name of the book he wrote? | Adam Smiths is known as the father of economics and the name of the book he wrote was wealth of nature |
| Meaning of an Economy | A system which provides people the means to work and earn a living |
| Meaning of Scarcity | scarcity means when the demand of resources is greater than the supply of the resources. {it is a fundamental economic problem and faced by developing and developed countries} |
| economic problems are? | 1) Human wants are unlimited 2) Resources are limited 3) resources have alternative uses |
| human wants are unlimited | They are recurring in nature as soon as one want is satisfied another emerges. some are basic like food and shelter, while some grow with the inccrease of income |
| Resources Are Limited | availability of resources are less in comparison of its demand. economic problems will not arise if resources are unlimited. they are faced by humans when the demand of resources is more than the supply of it. |
| resources have alternative uses | resources can have more than one uses and the choice as to be made between different uses. opting for one want means sacrificing the other one, so choice has to be made in order to attain maximum satisfaction with limited resource. |
| Features of wants and resources | WANTS: They are unlimited and differ in urgency and intensity RESOURCES: They are unlimited and have unlimited uses |
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