Question

Three definitions of economics ?​

Answer 1

Answer:

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.

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Answer 2

Answer:

General Definition:-

✒The English word economics is derived from the ancient Greek word oikonomia—meaning the management of a family or a house.

Adam Smith’s Wealth Definition:

✒He defined Economics as a science of wealth which studies the process of production, consumption and accumulation of wealth.

Marshall’s Welfare Definition:

✒ Marshall defines economics as “a study of men as they live and move and think in the ordinary business of life.” He argued that economics, on one side, is a study of wealth and, on the other, is a study of man.

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