explain the features of Adam Smith's definition of economics
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In his book he discussed the word 'wealth' through its four aspects: production of wealth, exchange of wealth, distribution of wealth and consumption of wealth. Therefore it can be said according to Adam Smith: “Economics is a science of wealth”. Wealth means goods and services transacted with the help of money.
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Adam Smith's Definition of Economics
Smith defined economics as “an inquiry into the nature and causes of the wealth of nations.”
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