Accounting vs. Economics: An Overview . Economics is not to be concerned only with the production of wealth but also the distribution of wealth. Economics is not primarily a collection of facts to be memorized, though there are plenty of important concepts to be learned. As a social science it is primarily concerned with the behaviour and relationships of people and societies and economics is applied to the real world to study and analyse the activities and interaction between people, markets and governments. Source: Wikipedia Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. It is concerned with promoting and stimulating competent work force to make their fullest contribution to the concern. D)normative economics. 1) limited wants-unlimited resources dilemma. The manner in which production and distribution of wealth will take place in a market economy is the Smithian ‘invisible hand’ mechanism or the ‘price system’. 4 years ago. Financial Management MCQ Questions and answers with easy and logical explanations. 12) 13)The analysis of the behavior of individual decision-making units is the definition of A)microeconomics. Economics is a social science, as is emphasised in the definition of economics that refers to how society decides. Question 3 options: Efficiency. The concept of economic efficiency is primarily concerned with? A) choices that are made in seeking to use scarce resources efficiently: B) keeping private businesses from losing money: C) demonstrating that capitalistic economies are superior to socialistic economies: D) None of the above: Therefore, personnel department is a staff department of an organization. Economics, however, is mainly concerned with scarce resources and goods. B)macroeconomics. B. choices which have to be made concerning the use of scarce resources. One means by which society allocates scarce resources and goods is the market system. C. relies solely on the scientific method for analysis. Personnel management is an extension to general management. 1 decade ago. Economics acknowledges that production of useful goods and services can create problems of environmental pollution. D. keeping businesses from losing money. Economics (/ ɛ k ə ˈ n ɒ m ɪ k s, iː k ə-/) is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.. Economics focuses on the behaviour and interactions of economic agents and how economies work. 12)Studying the determination of prices in individual markets is primarily a concern of A)negative economics. For example, one result of the nineteenth- and twentieth-century debate over capitalism and socialism is a general consensus that capitalism is effective at producing wealth and socialism is effective at keeping people poor. Economics is the study of the means by which people gain their resources and how they use their resources. C)positive economics. 2) considerations of equity in the distribution of wealth. 75 relations. (A) Microeconomics is concerned primarily with the problem of what , how and for whom to produce (B) Microeconomics is concerned primarily with the economic behavior of individual decision making units when at equilibrium (C) Microeconomics is concerned primarily with the time path and processes Abstracts of research, links to sites and more. on Academia.edu. Health Policy Center – Urban Institute “…primarily concerned with issues related to how the dynamics of the health care market affect health care financing, costs, and access.” 13) Learning about interest rates, exchange rates, economic indicators and equity markets can help you make better decisions about investing and obtaining mortgages. C. demonstrating the superior nature of capitalist economies. This problem has been solved! because everything is related with economics as we know micro economics is related with small things or individual units it concerned with the act of households. B)microeconomics. Behavioral economics (also, behavioural economics) studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Health economics is a branch of economics concerned with issues related to efficiency, effectiveness, value and behavior in the production and consumption of health and healthcare. Macroeconomics is the branch of economics that looks at economy in a broad sense and deals with factors affecting the national, regional, or global economy as a whole.Microeconomics looks at the economy on a smaller scale and deals with specific entities like businesses, households and individuals.. Do you think that you have what it takes to identify which economic study is being described by the questions below? The study of economics is primarily concerned with keeping private businesses from losing money. Source(s): study economics primarily concerned choices seeking scarce resources: https://shortly.im/rfoy0. Economics is concerned with the well-being of all people, including those with jobs and those without jobs, as well as those with high incomes and those with low incomes. The scholars developed machine-learning techniques to classify economics papers into subfields (such as macroeconomics or industrial organization) and by research “style” — meaning whether papers are primarily concerned with economic theory, empirical analysis, or … Anonymous. Economics Knowledge Is Useful at a Personal Level When pursuing a degree in economics, you'll learn a lot of skills and knowledge that you can apply to other jobs or to your personal life. This course introduces you to microeconomics—the area of economics that deals with the behaviour of specific economic units (households and firms). Financial Management MCQ is important for exams like CA, CS, CMA, CPA, CFA, UPSC, NET, Banking and other accounts department exam. Economics is divided into two categories: microeconomics and macroeconomics. Commerce provides you all type of quantitative and competitive aptitude mcq questions with easy and logical explanations. 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