Who is called Father of Economics ?
Correct answer: A. Adam smith
- A. Adam smith
- B. David Ricardo
- C. David smith
- D. Adam Ricardo
Explanation
Adam Smith is widely called the father of economics because his 1776 work, The Wealth of Nations, provided a foundational systematic analysis of markets and division of labour. David Ricardo was a later classical economist.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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