Explain the wealth defination of economics
Answers
Answer:
wealth is an accumulation of valuable economic resources that can be measured in terms of either real goods or money value. ... Unlike income, which is a flow variable, wealth measures the amount of valuable economic goods that have been accumulated at a given point in time.
Answer:
Wealth definitions: Almost classical economists followed wealth definition. It is mostly associated with
J.B. Say and Adam smith. Adam smith was called “Father of economics”. The name of book written by
Adam smith is “An enquiry into the nature and causes of Wealth of nations (1776) Adam Smith delinked
the economics from political economy and he explained It in a scientific manner.
Explanation:
Definitions:
According to J. B. Say, “economics is the study of science of wealth.
According to Adam Smith, “economics is the science which deals with the wealth”.
According to the above definitions:-
• Economics explains how the wealth is produced, consumed, exchanged and distributed.
• According to Adam smith man is an economic man.
• Economics is a science of study of wealth only.
• This definition deals with the causes behind the creation of wealth.
• It only considers material wealth