Last updated on June 13th, 2020 at 08:31 pm
Economics : The word ‘Economics’ has been originated from the Greek word ‘Oikonomia’ which means ‘Management of household wealth’. As being social, humans face various wants and needs. Economics is all about those activities which occur to fulfill these wants and needs. In fact, Economics describes the economical activities of humans in daily life. Founder of Economics is Adam Smith. …
¤ Definition by Adam Smith : Economics is a science that enquiries into the nature and causes of wealth of nations.
¤ Definition by Alfred Marshall : Economics is the study of mankind in the ordinary business of life.
¤ Definition by L. Robbins : Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
Thus from above we can say that or Economics can be defined as, Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.