Match the pairs.
Group "A" Group "B" (1) Microeconomics (a) Wealth of Nations (2) Macroeconomics (b) Price theory (3) Adam Smith (c) Social Science (4) Alfred Marshall (d) Smallest unit (5) Economics (e) Rationality (f) Wastage (g) Income theory
| Group "A" | Group "B" | ||
| (1) | Microeconomics | (a) | Wealth of Nations |
| (2) | Macroeconomics | (b) | Price theory |
| (3) | Adam Smith | (c) | Social Science |
| (4) | Alfred Marshall | (d) | Smallest unit |
| (5) | Economics | (e) | Rationality |
| (f) | Wastage | ||
| (g) | Income theory |
1-b, 2-g, 3-a, 4-e, 5-c
(1) Microeconomics- (b) Price
Theory
Price theory is a microeconomic principle
that uses the concept of supply and demand to determine the equilibrium price for
a good or service.
(2) Macroeconomics- (g) Income
Theory
Macroeconomics is also called Income
theory as it studies the relative levels of income, output, employment, and
prices in an economy.
(3) Adam Smith-(a) Wealth of
Nations
An Inquiry into the Nature and Causes of the
Wealth of Nations, generally referred to by its shortened title the Wealth
of Nations, is an important work of economic and social theory
by Adam Smith, published in 1776.
(4) Alfred Marshall- (e)
Rationality
Prof. Alfred Marshall gave the theory of consumer
behaviour. The basic assumption of his theory is that the consumer is a “rational”
being.
(5) Economics- (c) Social Science
Economics is a social science which studies the relations between
people during the production, distribution and consumption of wealth in human
society.
It examines how people interact within markets to get what they want or
accomplish certain goals.
1-b, 2-g, 3-a, 4-e, 5-c
(1) Microeconomics- (b) Price Theory
Price theory is a microeconomic principle that uses the concept of supply and demand to determine the equilibrium price for a good or service.
(2) Macroeconomics- (g) Income Theory
Macroeconomics is also called Income theory as it studies the relative levels of income, output, employment, and prices in an economy.
(3) Adam Smith-(a) Wealth of Nations
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title the Wealth of Nations, is an important work of economic and social theory by Adam Smith, published in 1776.
(4) Alfred Marshall- (e) Rationality
Prof. Alfred Marshall gave the theory of consumer behaviour. The basic assumption of his theory is that the consumer is a “rational” being.
(5) Economics- (c) Social Science
Economics is a social science which studies the relations between people during the production, distribution and consumption of wealth in human society. It examines how people interact within markets to get what they want or accomplish certain goals.
