How did Alfred Marshall define economics in Principles of Economics? - A study of mankind in the
ordinary business of life
What is the meaning of the Greek word oikonomos from which we get the word economics? - steward
In previous generations, the word economy primarily referred to the management of what? - a
household
Today the words economize and economical usually refer to what? - being wise or frugal
List 3 jobs that economists do. - teach in universities, work for investment companies, write books, hold
positions in government
Define economics. - the social science that studies the production, distribution, and consumption of
goods and services
Productions involves the supply of what? - goods and services available in a society
Getting goods and services to the public is called what? - distribution
Individuals, households, businesses, and governments purchasing and using goods and services is called
what? - consumption
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