Concept of Economics:
The word “economics” is derived from the ancient Greek word “Oikonomus”. The word“Oikonomus” itself is combined of the two words Oikos means household and Nomus means systemof management. Hence, economics is derived from oikonomus, which means household management.
Different Economic Periods:
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School of Economics |
Classical Economics |
Neoclassical Economics |
Modern Economics |
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Time Period |
1776 to 1890 |
1890 to 1932 |
1932 to Present |
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Founder |
Adam Smith |
Alfred Marshall |
Lionel Robbins |
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Key Books |
An enquiry into the nature and cause of wealth of Nations, 1776 |
Principle of Economics, 1890 |
An Essay on the Nature and Significance of Economic Science, 1932 |
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Main Concept |
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Representative Economists |
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Focus of Analysis |
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MCQs Based on the above notes:
- The word “Economics” is derived from which Greek term?
A. Nomikos
B. Oikonomus
C. Oikodomos
D. Nomothetis
2. The term “Oikos” in Greek refers to:
A. Market
B. Household
C. Wealth
D. Production
3. “Nomus” in Greek means:
A. Management
B. Production
C. Economy
D. Resources
4. Who founded classical economics?
A. Lionel Robbins
B. Alfred Marshall
C. Adam Smith
D. Leon Walras
5. The time period of Classical Economics is:
A. 1980 to 1932
B. 1832 to Present
C. 1776 to 1980
D. 1700 to 1850
6. Which book represents the Classical School in the table?
A. Principles of Economics
B. An Essay on the Nature and Significance of Economic Science
C. Wealth of Nations
D. The General Theory
7. Who is identified as the founder of Neoclassical Economics?
A. Adam Smith
B. Lionel Robbins
C. Leon Walras
D. Alfred Marshall
8. The main concept of Neoclassical Economics includes:
A. Free market and invisible hand
B. Explicit focus on scarcity and opportunity cost
C. Marginal utility and equilibrium
D. Macroeconomic stabilization
9. Which book is associated with Neoclassical Economics?
A. Wealth of Nations
B. Principles of Economics (1890)
C. Capital
D. An Essay on Population
10. Who is listed as the founder of Modern Economics?
A. John Maynard Keynes
B. Alfred Marshall
C. Lionel Robbins
D. Milton Friedman
11. The key book of Modern Economics:
A. Wealth of Nations
B. The General Theory
C. Principles of Economics
D. An Essay on the Nature and Significance of Economic Science
12. Which of the following is not a representative economist of Classical Economics?
A. David Ricardo
B. J.B. Say
C. Thomas Malthus
D. William Jevons
13. The focus of analysis in Neoclassical Economics is:
A. Free market functioning
B. Macro stabilization policy
C. Price determination and marginal analysis
D. Economic planning
14. Modern Economics mainly focuses on:
A. Labor theory of value
B. General problem of economizing (scarcity, choice, opportunity cost)
C. Invisible hand
D. Utility maximization
15. Which of the following is not listed under Modern Economics representative economists?
A. Keynes
B. Lucas
C. Solow
D. J.B. Say
