Chapter 1 - Introduction To Micro Economics Question 1(B): Match the following

Question 1(B):
Match the following

Group A
Group B
1) Adam Smith
A) Aggregates
2) Micro Economics
B) Prof. Boulding
3) Macro Economics
C) Father of Economics
4) Dr. Marshall
D) Individual units

E) Economic efficiency

F) Principles of Economics
ANSWER:
Group A
Group B
1) Adam Smith
C) Father of Economics
2) Micro Economics
D) Individual units
3) Macro Economics
A) Aggregates
4) Dr. Marshall
F) Principles of Economics

Explanation:

1) Adam Smith is regarded as the Father of Economics. He is the founder of Microeconomics. In his book ‘The Wealth of Nations’, published in the year 1776, he has mentioned how the prices of commodities and factors of production are fixed.

2) In microeconomics, we study the behaviour of individual economic units, basically consumers and firms.

3) In macroeconomics, we study the economy as a whole. It focuses on the aggregate measures such as aggregate demand, aggregate supply and aggregate price level.

4) The principles of economics were propounded by a well-known neoclassical economist Dr. Alfred Marshall in 1890.

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