Notgrass Economics Lesson 1 Questions & Answers Solved 100% Correct!!

Define economics. - the social science that studies the production, distribution, and consumption of goods and services Getting goods and services to the public is called what? - distribution How did Alfred Marshall define economics in Principles of Economics? - A study of mankind in the ordinary business of life In previous generations, the word economy primarily referred to the management of what? - a household Individuals, households, businesses, and governments purchasing and using goods and services is called what? - consumption List 3 jobs that economists do. - teach in universities, work for investment companies, write books, hold positions in government Productions involves the supply of what? - goods and services available in a society Today the words economize and economical usually refer to what? - being wise or frugal What is the meaning of the Greek word oikonomos from which we get the word economics? - steward