Competitive Exams: Definition of Ecnomics
Define economics as stated by various scholars, narrate production possibility curve with the help of diagram.
economics is a very simple language. It is the study of economy. Some scholars narrated economics as below
According to Adam Smith (father of economics), economics as the science of wealth. According to him the acquisition of wealth is the main objective of human activity. Therefore it is necessary to study how wealth is produced. This is the subject matter of the economics.
According to Alfered Marshall, political economy or economics is the study of means and action in the ordinary business of life.
According to Liouel Robbins, economics is the science of studies of human behavior as the relationship between ends and scare means which have the alternative uses.