Samuelson's Economics Definition Explained
The provided definition, "Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time, and distribute them for consumption now, and in the future, among various people and groups of society," defines the scope of economics.
This definition focuses on the core economic challenge: managing limited resources to satisfy unlimited wants.
Identifying the Economist Behind the Definition
This specific definition, emphasizing scarcity and choice in the allocation of resources with alternative uses, is famously attributed to Professor Paul Samuelson.
Key takeaways from this definition include:
- Scarcity: Resources are limited.
- Choice: Society must decide how to use these limited resources.
- Alternative Uses: Resources are versatile and can be employed in multiple ways.
- Production & Distribution: It covers how goods are made and allocated.
- Time Factor: It considers both current and future needs.
Therefore, the definition is recognized as that of Prof. Samuelson.
Similar Questions
- Match List - I with List - II.
List - I List - II A. Yellow Pages I. Promotion of a product/brand in a movie in such a way to enter the subconscious mind of the customer B. Infomercials II. Banners, posters and stickers put inside the retail shop C. Point of purchase advertising III. Television commercial runs as typical as television program D. Product Placement IV. Directory of Local business names and products
Choose the correct answer from the options given below : - The revenue function of a firm is given as
$$R = 300000 + 2250x - 75x^2$$
Where R is the revenue and $x$ is the quantity sold.
The revenue maximizing level of quantity sold is - The effective rate, $r_e$ equivalent to the nominal rate r converted m times a year is given by :
- Which of the following are the methods for finding an Initial feasible solution for a Transportation problem ?
A. Stepping Stone Method
B. Vogel's Approximation Method
C. The North West Corner Rule
D. Lowest Cost Entry Method
E. Modified Distribution (MODI) Method
Choose the correct answer from the options given below : - Match List - I with List - II.
List - I List - II A. Matrix addition is commutative I. If O is the zero matrix of same order as that of the matrix A, then A + 0 = A = 0 + A B. Matrix addition is associative II. If A, B and C be three matrices of the same order, then (A + B) + C = A + (B + C) C. Existence of additive identity III. If A be any matrix, then A + (-A) = O = (-A) + A D. Existence of additive inverse IV. If A and B be two matrices of the same order then A + B = B + A
Choose the correct answer from the options given below : - "A" bought two life insurance policies, one from XYZ company and second from WXY company of a sum of ₹ 20,00,000 and ₹ 30,00,000. He met an accident and admitted to hospital and unfortunately dies. The legal representatives of the insured are entitled to get :
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A. Deductions under section 24 of Income Tax Act
B. Computations of Net Annual Value
C. Deduction of Municipal Taxes paid
D. Computation of Gross Annual Value
E. Computation of Expected Rent
Choose the correct answer from the options given below :
Important Questions from Miscellaneous
- Which of the following scheduler/schedulers is/are also called CPU scheduler ?
(A). Short Term Scheduler
(B). Long Term Scheduler
(C). Medium Term Scheduler
(D). Asymmetric Scheduler
Choose the correct answer from the options given below: - A situation where two or more processes are blocked, waiting for resources held by each other is called:
- External fragmentation occurs ________.
- Which disk scheduling algorithm looks for the track closest to the current head position?
- Which CPU scheduling algorithm prefers the process with the shortest burst time?
