Basic Concepts of Economics
Basic Concepts of Economics: Overview
This topic covers concepts, such as, Economic Activities, Scarcity as Route of All Economic Activities, Diverse Economic Activities and Study of Economics etc.
Important Questions on Basic Concepts of Economics
According to _____ , Economics is the study of man in the ordinary business of life.
Scarcity is the root of all economic problems
Economic activities are ones that are undertaken for monetary gain. This is what economists mean by an ordinary business of life.
The root cause of all economic problems is scarcity.
Saving is the part of income which is not consumed.
What are your reasons for studying Economics?
How will you choose the wants to be satisfied?
You have unlimited wants and limited resources to satisfy them. Explain this statement by giving two examples.
Make a list of activities in a bus stand or a market place. How many of them are economic activities?
