1. How did Lionel Robbins define economics in 1932?
2. Why is scarcity considered the fundamental economic problem?
3. A student chooses to attend a paid work shift instead of studying for an examination. What represents the opportunity cost of this choice?
What did Adam Smith define economics as in 1776?
An inquiry into the nature and causes of the wealth of nations.
How did Lionel C. Robbins define economics in 1932?
As the social science studying human behaviour between unlimited ends and scarce means.
Why is scarcity considered the fundamental economic problem?
Because resources are limited relative to insatiable human wants.
What is opportunity cost in economics?
The value of the next best alternative forgone when a choice is made.
What is another name for opportunity cost?
Real or true cost.
What distinguishes needs from wants in economics?
Needs are essential for living, while wants are desires people can live without.
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