Workbook Questions

1. Outline any 5 ideas that economics is really concerned about

a. ____________________________________

b. ____________________________________ 

c. ____________________________________ 

d. ____________________________________ 

e. ____________________________________ 

2. Economics is from __________ word

3. OIKOS means _______________________________

4. NOMOS in the meaning of economics means _____________________ 

5. The famous Greek Philosopher Aristotle considered Economics as the art of  HOUSEHOLD MANAGEMENT because _________________________________________________________________ 

________________________________________________________________________________________________________________

6. In the early days Economics was called Political Economy because __________________________________________________________________________

__________________________________________________________________

7. Spit it out. In fewer words, What can be considered as economic activities

__________________________________________________________________________________________________________________ 

__________________________________________________________________________________________________________________

__________________________________________________________________________________________________________________ 

8. Outline 5 examples of economic activities

a. _________________________________________ 

b. _________________________________________

c. _________________________________________ 

d. _________________________________________ 

e. _________________________________________ 

9. Outline 5 types of non-economic activities

a. _________________________________________ 

b. _________________________________________

c. _________________________________________ 

d. _________________________________________ 

e. _________________________________________ 

WEALTH DEFINITION OF ECONOMICS

Adam Smith proposed the definition of Economics as the ‘study of wealth’ 

in his famous book titled ________________________ 

11. According to Adam Smith, The two complementary tools for the production and 

distribution of wealth were the ______________________ and ___________________ 

12. Adam Smith's perception of economics institutionalized  ______________ economic 

13. According to Adam Smith, the ___________ is a sensible measurement of a nation's wealth and reserve accumulation instead of gold and silver reserves.

14.________________is a scale of wealth and prosperity of a nation based on its production and 

distribution capacity

15. The purchase and production power of people is what Adam Smith regarded as the _____________.

16. Outline 5 drawbacks of Adam Smith's definition of economics

a. ___________________________________________________________ 

b. ___________________________________________________________

c. ___________________________________________________________ 

d. ___________________________________________________________

e. ___________________________________________________________ 

17. Adam Smith and his co-supporter's definition of economics is popularly regarded as __________________________

18. Outline 3 usefulness of the Smithian's perception of economics