Scarcity definition of economics was given by
Adam Smith
Alfred Marshall
Robbins
Samuelson
Economic problem arises in
All types of economies
Poor economies
Rich economies
Capital economy
Economic is
Social Science
General Science
Basic Science
Welfare science
Economic problem arises because of
Abundance of resources
Scarcity of resources
Alternative use of resouces
Not using resources
The father of economics is
Another name for production possibility curve is
Transformation curve
Marginal Productivity curve
Indifference curve
Supply curve
The branch of microeconomics which deals with efficiency in production and distribution is called
Welfare economics
Positive economics
Normative economics
Macro economics
The technique of using more labour and less capital is called
Capital intensive technique
Labour intensive technique
Economising the use of labour
Supply and demand
Microeconomics is also called
Economic theory
Price theory
Demand theory
Supply theory
Choice is fundamental to economic behaviours because
People fund it difficult to choose what they want
Resources are scarce in relation to wants
Prices depend on people making choice
Resource scarce
