explain various definitions of economics
Answers
Explanation:
Economics is the study of mankind in the ordinary business of life. - Alfred Marshall. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. - Lionel Robbins. Economics comes in whenever more of one thing means less of another.
Various definitions of 'economics' have been proposed, including the definition of 'economics' as "what economists do".[1]
The earlier term for 'economics' was political 'economy'. It is adapted from the French Mercantilist usage of économie politique, which extended economy from the ancient Greek term for household management to the national realm as public administration of the affairs of state.[2] Mister James Steuart (1767) wrote the first book in English with 'political economy' in the title