MY FIRST 20 QUESTIONS
Answer the following 20 Questions.
1. What is meant by Economics?
2. What is meant by the term ‘oikonomia’?
3. Name the two dimensions in economics?
4. Identify the usual objectives of every government?
5. Name the father of economics?
6. Name the book written by Adam Smith?
7. When did Adam Smith publish his book?
8. How did Adam Smith define ‘economics’?
9. How did Lionel Robbins define ‘economics’?
10. How did Alfred Marshall define ‘economics’?
11. What are needs? Give five examples.
12. What are wants? Give five examples.
13. Why human wants are virtually unlimited?
14. What is meant by ‘resource’?
15. Describe the three types of resources?
16. Give two examples of natural resource?
17. What are replaceable resources? Give one example.
18. What are non-replaceable resources? Give one example.
19. What is meant by economizing?
20. What is scarcity?