Basic Concepts of Economics ( Question Paper)

 Basic Concepts of Economics:

1. From which word the term 'Economics ' has been derived?

2. From which language the term 'Economics ' has been derived?

3. What is Economics?

4. Why do we need to study economics?

5. What is the necessity of Economics?

6. Who is considered as the father of Economics?

7. Write the name of the book written by Adam Smith.

8. Who defined economics as ' the science of wealth '?

9. Who 's definition is considered as a wealth - based definition?

10. Who criticised the Adam Smith 's definition as " Gospel of the Mammon"?

11. Who wrote the book " Principles of Economics"?

12. Who gave the definition of Economics based on the principles of welfare?

13. Who said - " Economics is the study of mankind in the ordinary business of life"?

14. Who wrote the book " An Essay on the Nature and significance of Economic Science "?

15. Who said -" Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"?

16. What are the three main highlights of Robbins definition?

17. Who's definition is called as the definition of scarcity?

18 . Who combined the concept of 'scarcity' with 'efficiency'?

19 . Who said - " Accepting the reality of the existence of scarcity, the efficient use of resources by the society to produce valuable commodities, form the subject matter of economics"?

20. What is consumption?

21. What is production?

22. What is distribution?

23. What is Exchange?

24. Write the scope of economics.

25. The Jonbeel Mela is observed in which district?

26. Give an example of the barter system.

27. What is public finance?

28. What do you mean by welfare economics?

29. What are goods?

30. Give two examples of tangible goods.

31. Give two examples of intangible goods.

32. What are free goods? 

33. Give two examples of economic goods.

34. Write three  differences between free goods and economic goods. 

35. What is Utility?

36. What is wealth?

37. What is want?

38. What are the two types of welfare?

39. What is economic welfare?

40. What is non - economic welfare?

41. What is price?

42. What is demand?

43.What is supply?

44. What is market?

45. What is capital?

46. What is savings?

47. What is investment?

48. What is National Income?

49. What do you mean by per capita income?