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Define Economics and Explain Its Nature and Scope? Answer

Economics can be defined in several ways, including as the study of wealth, wealth and welfare, scarcity, and stability and growth. Early definitions viewed economics as the science of wealth, focusing on how wealth is produced, distributed, and exchanged. More modern definitions emphasize economics as studying how societies allocate scarce resources for the production of goods and services due to unlimited human wants.

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22 views1 page

Define Economics and Explain Its Nature and Scope? Answer

Economics can be defined in several ways, including as the study of wealth, wealth and welfare, scarcity, and stability and growth. Early definitions viewed economics as the science of wealth, focusing on how wealth is produced, distributed, and exchanged. More modern definitions emphasize economics as studying how societies allocate scarce resources for the production of goods and services due to unlimited human wants.

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Rambabu Ch
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Define economics and explain its nature and scope?

Answer: Definitions regarding the science of economics have been changing from time to time. There definitions can be broadly grouped into (1) Wealth definition (2) Wealth and Welfare definition (3) Scarcity definition (4) Stability and growth oriented definitions. 1. Wealth definition - economics a study of Wealth : " Adam Smith, the father of economics defined economics, as the science of wealth .Hetitled hia books as "An Enquiry into the Nature and Causes of the Wealth of Nations".Most of the economics in the 19th century held this view. Econoimics, according to them studies the nature of wealth and the laws which govern its production distribution and exchange.In short, it studes how wealth is produced and spent. Criticism :

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