"Economics is the study of man in the ordinary business of life". who gave this statement?
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this ans is given by Joseph Nicolas
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:Wealth definition- Adam Smith (1776)
Adam Smith - Economics Class 12
Adam Smith
“Economics is the science of wealth”
This Definition was introduced by Adam Smith.
He is also known as Father of Economics.
According to this definition —
1. Economics is a science of study of wealth only
2. It deals with production, distribution and consumption
3. This wealth centered definition deals with the causes behind the creation of wealth, and
4. It only considers material wealth
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