alfred marshal economic defination 2 merit
Answers
“Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and use of material requisites of well being” is the definition given by British economist Alfred Marshall.
Merits :
Marshall emphasized that the price and output of a good are determined by both supply and demand: the two curves are like scissor blades that intersect at equilibrium
He believed that the value of money was a function of demand and supply. He made a distinction between real and money rate of interest.
It was designed to serve two main purposes: an integration of the theory of income distribution into a general theory of value and the closing of the gap between economic theory and business practice.