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Consider the following statements

1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.

2. British economist J.M.Keynes called economics a science of scarcity.

Which of the above given statements is/are incorrect? 

  • a)
    1 Only

  • b)
    Both 

  • c)
    2 Only

  • d)
    Neither 

Correct answer is option 'C'. Can you explain this answer?
Verified Answer
Consider the following statements1. The word economics is derived from...
Incorrect statement is 2 only.

Lionel Robbins called economics a science of scarcity not J.M.Keynes. In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” 
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Most Upvoted Answer
Consider the following statements1. The word economics is derived from...
"oikos" meaning "household" and "nomos" meaning "management or law".
2. Economics is the study of how society uses its limited resources to produce and distribute goods and services.
3. The two main branches of economics are microeconomics, which studies individual economic behavior, and macroeconomics, which studies the behavior of the economy as a whole.
4. The principles of supply and demand are fundamental to economics, with prices being determined by the interaction of these two forces.
5. Economic systems can be classified into three main types: market economies, command economies, and mixed economies.

All of these statements are true.
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Community Answer
Consider the following statements1. The word economics is derived from...
Economics is drived from greek word oiko nomia which means household management
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Consider the following statements1. The word economics is derived from Latin words ‘Oikos” and ‘Nomos”.2. British economist J.M.Keynes called economics a science of scarcity.Which of the above given statements is/are incorrect?a)1 Onlyb)Bothc)2 Onlyd)NeitherCorrect answer is option 'C'. Can you explain this answer?
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