Question

Explain classical or Wealth definition
of economics OR Economics is a
Science of Wealth Explain.
a
>​

Answer 1

Answer:

Pioneers of the science of economics defined it as a science of wealth. ... Thus, according to Adam Smith, economics enquires into the factors that determine wealth of the country and its growth. In this book Adam Smith analyses the factors that determine the growth of the volume of production.

Explanation:

According to the Library of Economics and Liberty, Adam Smith defined economics as a science of wealth in "The Wealth of Nations."A goods and services which command value-in- exchange. Economics is concerned with the generation of the wealth of nations. Economics is not to be concerned only with the production of wealth but also the distribution of wealth. quarterfreelp and 1 more users found this answer helpful.The Classical definition of economics: Economics is the study of the production, distribution, and growth of wealth in society.