Very Short Answer Type Questions
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:
1.Adam Smith is called the "Father of Economics" because of his theories on capitalism, free markets, and supply and demand
2.Adam Smith's Definition of Economics
Adam Smith was a Scottish philosopher, widely considered as the first modern economist. Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”
3.(i) Study of Wealth: Economics deals with the study of wealth only. ...
(ii) Only Material Commodities:
4.It ignores the non material services like the services of teacher which has an important contribution of economic welfare.
The distinction made in this definition between ordinary business of life is not clear.
5.Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses