What is economics?????
Answers
Answer:
Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work.
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• Economics :
Economics is a social science. The term economics owes its origin from the Greek word Oikonomia means household management. Economics emerged as a full fledged social science in 1776 with the publication of Adam Smith's famous book, "An enquiry into the Nature and causes of Wealth of Nations. Adam Smith is the father of Modern Economics.
Definitions Of Economics :
i ) Wealth Definition - Adam Smith
Economics deals with the study of nature and causes of Nations wealth. Thus according to him economics is a subject related with producing wealth and using it.
ii ) Welfare Definition - Alfred Marshall
"Economics is a study of mankind in the ordinary business of life. Thus on one side a study of wealth and on the other and more important side,a study of man"Principles of economics.(1890)
iii ) Scarcity Definition - Lionel Robins
"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses"-An essay on the nature and significance of economics (1932)