write adam smith is definition of economics and its four features?
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Adam Smith defined economics as a Science of Wealth.
Its features are as follows:
1. It is a study of wealth only. It studies man's activities related to production, consumption, exchange and distribution of wealth.
2. It takes into account only material commodities.
3. The main aim of political economy is to increase the riches. So it lays more stress on wealth.
4. It studies the causes of wealth accumulation which leads to economic development. Production of material goods has to be increased in order to increase wealth.
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Well the definition by adam smith is that " economics is the science of wealth"
He take the wealth word and defined it in four aspects
1) Production of wealth 2)Exchange of wealth
3) Distribution of wealth and 4) Consumption of wealth
wealth is the goods as well as the services which is transected through money, They production of wealth describe the production of services and goods.Similarly the other features also gives the detail about the wealth exchange , distribution as well as consumption.
He take the wealth word and defined it in four aspects
1) Production of wealth 2)Exchange of wealth
3) Distribution of wealth and 4) Consumption of wealth
wealth is the goods as well as the services which is transected through money, They production of wealth describe the production of services and goods.Similarly the other features also gives the detail about the wealth exchange , distribution as well as consumption.
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