GENERAL KNOWLEDGE

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GK

BUSINESS ECONOMICS

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Match list I and list II and choose the correct answer using the codes given belowList I (Economist) List II (Book)A. Adam Smith 1. EconomicsB. Marshall 2. Wealth of nationsC. Robbins 3. Nature and Significance of Economic ScienceD. Samuelson 4. Principles of Economics
A
A-2, B-1, C-4, D-3
B
A-2, B-4, C-3, D-1
C
A-1, B-2, C-3, D-4
D
A-4, B-3, C-2, D-1
Explanation: 

Detailed explanation-1: -A difference between the two economists may be that Smiths arguments mainly revolve around specialisation and division of labour whereas Marshall focuses on the decision of individuals and supply and demand.

Detailed explanation-2: -Adam Smith “Economics is the science of wealth” This definition was given by Adam Smith. He is also known as the ‘father of economics. According to this definition, economics is a science of the study of wealth only. It deals with production, distribution, and consumption.

Detailed explanation-3: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall.

Detailed explanation-4: -Alfred Marshall’s Definition of Economics British economist Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argued that the subject was both the study of wealth and the study of mankind.

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