Question

Match the pairs.

	Group "A"		Group "B"
(1)	Adam Smith	(a)	Principles of Economics
(2)	Micro Economics	(b)	Aggregates
(3)	Macro Economics	(c)	Prof. Boulding
(4)	Dr. Marshall	(d)	Father of Economics
(5)	Theory of Welfare	(e)	Individual Units
		(f)	Economic Efficiency

Answer 1

1. Adam Smith - Father of Economics

Adam Smith was a British philosopher whose book “The Wealth of Nations” was published in 1776.With that book he gave birth to the notion tht free markets worked to improve general welfare, and that the role of government was not to accumulate gold but to support the working of a free market.

2.Micro Economics - Individual Units

It studies the behaviour of individuals and firms in making decisions regarding the allocation of scarce resources and the interactions among these individuals and firms

3.Macro Economics - Aggregates

It focuses on the aggregate changes in the economy such as unemployment, growth rate, gross domestic product and inflation.

4.Dr. Marshall - Principles of Economics

Marshall emphasized that the price and output of a good are determined by supply and demand which act like “blades of the scissors” in determining price.

5.Theory of Welfare- Economic Efficiency

Welfare economics focuses on the optimal allocation of resources and goods and how the allocation of these resources affects social welfare.