What is the focus of economic as per the wealth definition
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Study of Wealth
According to the definition of Adam Smith, economics is only concerned with wealth earning activities. Every human living in the society needs wealth to fulfill their basic requirements. All the human beings living in the society are concerned to earn more and more wealth.
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To him, wealth may be defined as those goods and services which command value-in- exchange. Economics is concerned with the generation of the wealth of nations. Economics is not to be concerned only with the production of wealth but also the distribution of wealth.
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