Economy, asked by samikshyaarya486, 16 days ago

why smiths definition called wealth

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Answered by 2009sahibakhan

1

Answer:

Adam Smith (1723 -90) defined economics as follows : 'Economics is the science of wealth'. ... In the ordinary language, by 'wealth', we mean money, but in economics, wealth refers to those goods which satisfy human wants. But we should remember all goods which satisfy human wants are not wealth.

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