Q1- “Economics is a social science which deals with human wants and their satisfaction” discuss? State and examine the criticism against Adam Smith’s wealth definition? ..
Answers
Answered by
0
Yes, it's correct Economics is the social science that deals with human want and satisfaction. People have unlimited needs but have limited resources to fulfill them. They are constantly looking and working to secure their needs and satisfaction.
According to Adam Smith's wealth definition: economics is the science of wealth that deals with the production, consumption, and accumulation of wealth.
The criticism of smith's wealth definition is that only material goods are considered wealth. The service of a doctor and teacher is non-materialistic and that is not wealth. However, the criticism is unfair because it is based on a misunderstanding about the state and nature of economics.
#SPJ2
Similar questions