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Economics concepts

  1. 3. He termed a certain kind of management as “Oeconomicus”
  2. 5. The condition wherein most things that people want are available only in limited supply
  3. 7. He introduced the economic concept of efficiency
  4. 8. In French, this means “free economics”
  5. 11. This encompassed the activities of money-making as well as some aspects of production
  6. 14. These are finished goods
  7. 15. Economic goods in the form of material goods
  8. 16. This dealt with the production and consumption of goods
  9. 18. He introduced the concept of specialization
  10. 19. Refers to a person’s desires or preferences
  11. 20. His contribution to economics was his theory on population
  1. 1. These are goods that give prestige to the owner
  2. 2. A group of economists who believed that the wealth of a nation was derived from the value of land agriculture or land development
  3. 4. He divided the concerns of economics into two different fields
  4. 6. It is the reason for justification of society
  5. 9. Ratio of outputs to inputs
  6. 10. Father of International Trade
  7. 12. The prosperity of a nation depends upon its supply of capital
  8. 13. Economic goods in the form of services
  9. 17. Father of Economics