History Of Economics Quiz: Trivia!

Adam Smith is considered the Father of Modern Economics because of his groundbreaking work in the field. His book, "The Wealth of Nations," published in 1776, laid the foundation for modern economic theory. Smith introduced the concept of the invisible hand, which suggests that individuals pursuing their own self-interest can benefit society as a whole. He also emphasized the importance of free markets, division of labor, and specialization in driving economic growth and prosperity. Smith's ideas had a profound impact on the development of economics and continue to be influential to this day.

The correct answer is "Oikonomos." The word "economics" is derived from the Greek word "oikonomos," which means "household management" or "management of resources." This term was used by the ancient Greeks to refer to the management of household finances and resources. Over time, the meaning of economics expanded to include the study of the production, distribution, and consumption of goods and services at a larger scale.

Plato discussed the concept of division of labor in economics. He explored how different individuals could specialize in specific tasks to increase productivity and efficiency within a society. This division would allow people to focus on their strengths and skills, leading to overall economic growth and development. By emphasizing the importance of specialization, Plato recognized the benefits of a structured and organized economic system that maximizes the potential of each individual.

The correct answer is Mercantilists. The Physiocrats emerged as a response to the mercantilist economic policies that were prevalent during the 18th century. The mercantilists believed in the accumulation of wealth through trade and the importance of a strong state to regulate and control economic activities. The Physiocrats, on the other hand, rejected mercantilist ideas and advocated for free trade, emphasizing the role of agriculture as the primary source of wealth in a nation. They believed in the natural order of economic activities and the importance of allowing markets to operate freely without government interference.

Plato wrote the book "Republic".

Aristotle wrote the book "Topics and Rhetorics."

Xenophon's instructional treatise on economics was called "Oeconomicus." This term refers to the study of household management and the management of resources. Xenophon's treatise focused on topics such as agriculture, property management, and the role of women in the household. The term "Oeconomicus" is derived from the Greek word "oikonomikos," which means "pertaining to household management." This treatise by Xenophon is one of the earliest known works on economics and provides valuable insights into the economic practices of ancient Greece.

Xenophon's instructional treatise described the concept of a premarket, where the products were neither uniform nor traded on an organized exchange or analyzed for its own sake.