Very Short Answer Type Questions
03
1. Why was Adam Smith called the father of economics ?
2. Write the definition of Adam Smith.
3. Write two characteristics of the definition of Adam Smith.
4. Write two demerits of the definition of Prof. Marshall.
5. How has Robbins defined economics ?
Answers
Answer:
economics father adam smith
Answer:
1. Early Life Of Adam Smith
Adam Smith was an 18th-century Scottish economist, philosopher, and author, and is considered the father of modern economics. ... Smith's ideas–the importance of free markets, assembly-line production methods, and gross domestic product (GDP)–formed the basis for theories of classical economics.
2.Adam Smith was an 18th-century Scottish economist, philosopher, and author who is considered the father of modern economics. Smith argued against mercantilism and was a major proponent of laissez-faire economic policies.
3. In his book he discussed the word 'wealth' through its four aspects: production of wealth, exchange of wealth, distribution of wealth and consumption of wealth. Therefore it can be said according to Adam Smith: “Economics is a science of wealth”. Wealth means goods and services transacted with the help of money
4. It ignores the non material services like the services of teacher which has an important contribution of economic welfare. ... According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.
5. In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”