Economics is a vast subject and it is not easy to give a precise definition of economics.
Define economics as science of welfare and science of wealth
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1) MEANING OF ECONOMICS
Economics is a vast subject. So it is not easy to give a precise definition or meaning of. economics as its scope and the area it covers are very large. Ever since, it emerged as. a separate branch of study in social science, various scholars and authors have tried.
2) According to Adam Smith “Economics is a science of Wealth”. Economics was regarded as the science which studied the production and consumption of wealth. He has written a book “an enquiry into the nature and causes of wealth of nations” popularly known as “Wealth of Nations” published in 1776.
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