Class 11 Economics - Chapter 1 Basic Concepts in Economics
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Vocabulary flashcards covering the basic concepts, definitions, schools of thought, and key figures from Chapter 1 of Class 11 Economics.
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17 Terms
Natural Sciences
Sciences referred to as exact sciences, such as Mathematics, Physics, and Chemistry.
Social Sciences
Sciences referred to as abstract, behavioural, or inexact sciences, such as Psychology, Sociology, and Economics.
Oikonomia
The Greek word from which the term 'Economics' originates, meaning management of the household.
Queen of Social Sciences
A title given to Economics by economist Paul Samuelson.
Types of Economic Systems
The three categories of economic systems, which consist of Capitalism, Socialism, and Mixed Economy.
Artha
A word meaning 'Wealth' in the context of Kautilya's Arthashastra.
Shastra
A word meaning 'Science' in the context of Kautilya's Arthashastra.
Kautilya
A royal advisor, great statesman, philosopher, and economist, also known as Chanakya or Vishnugupta, who authored the book 'Arthashastra'.
Adam Smith
The economist known as the "Father of Economics" who provided a wealth-oriented definition of economics and authored "An Inquiry into the Nature and Causes of Wealth of Nations" in 1776.
Prof. Alfred Marshall
The economist who provided a welfare-oriented definition of economics and authored "Principles of Economics" in 1890.
Lionel Robbins
The economist who provided a scarcity-oriented definition of economics and authored "An Essay on the Nature and Significance of Economic Science" in 1932.
Classical School Of Thought
A group of economists that includes Adam Smith, T. R. Malthus, David Ricardo, and J. S. Mill.
Neo-Classical School Of Thought
A group of economists that includes Irving Fisher, A. C. Pigou, and Alfred Marshall.
Modern School Of Thought
A group of economists that includes J. M. Keynes, Lionel Robbins, and Paul Samuelson.
Micro Economics
A branch of economics originating from the Greek word 'Mikros', meaning small.
Macro Economics
A branch of economics originating from the Greek word 'Makros', meaning large, aggregate, or total.
Basic Concepts Of Micro Economics
Core economic concepts consisting of Wants, Goods and Services, Utility, Value, Wealth, Personal Income, Personal Disposable Income (PDI), and Economic Activity.