#1 Who is called the father of Economics?
Adam Smith: The Father of Economics. Adam Smith was an 18th-century philosopher renowned as the father of modern economics and a major proponent of laissez-faire economic policies.
#2 The theory of distribution relates to which of the following?
Distribution theory, in economics, the systematic attempt to account for the sharing of the national income among the owners of the factors of production—land, labour, and capital.
#3 Micro-economics is also called-
Price theory, also known as microeconomics, is concerned with the economic behaviour or individual consumers, producers, and resource owners. It explains the production, allocation, consumption and pricing of goods and services.
#4 The concept of joint sector implies cooperation between
The joint sector would include units in which both public and private investments have taken place and where the state takes an active part in direction and control.
#5 A ‘Market Economy’ is one which-
A market economy, also widely known as a “free market economy,” is one in which goods are bought and sold and prices are determined by the free market, with a minimum of external government control. A market economy is the basis of the capitalist system.