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3 Cards in this Set
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- Back
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nature of economics
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The term economics is derived from the word “oeconomicus” by Xenophon in 431 B.C. It is derived from two words economy and science. Economy means proper utilization of resources. It means economics is the science of economy or science of proper utilization of resources. It is comprised of theories, laws, principle related to utilization of resources so as to solve the economic problems, satisfy the human wants or need and so on. However, the economics is defined in different ways by different economists.
There are mainly three definitions of economics:- a. classical or wealth definition (Adam Smith)-1776 A.D b. neo-classical or welfare definition (Alfred Marshall )-1890 A.D c. modern or scarcity and choice definition (Lionel Robbins)-1932 A.D a. classical or wealth definition (Adam Smith)-1776 A.D |
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nature of economics
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The term economics is derived from the word “oeconomicus” by Xenophon in 431 B.C. It is derived from two words economy and science. Economy means proper utilization of resources. It means economics is the science of economy or science of proper utilization of resources. It is comprised of theories, laws, principle related to utilization of resources so as to solve the economic problems, satisfy the human wants or need and so on. However, the economics is defined in different ways by different economists.
There are mainly three definitions of economics:- a. classical or wealth definition (Adam Smith)-1776 A.D b. neo-classical or welfare definition (Alfred Marshall )-1890 A.D c. modern or scarcity and choice definition (Lionel Robbins)-1932 A.D a. classical or wealth definition (Adam Smith)-1776 A.D |
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nature of economics
|
The term economics is derived from the word “oeconomicus” by Xenophon in 431 B.C. It is derived from two words economy and science. Economy means proper utilization of resources. It means economics is the science of economy or science of proper utilization of resources. It is comprised of theories, laws, principle related to utilization of resources so as to solve the economic problems, satisfy the human wants or need and so on. However, the economics is defined in different ways by different economists.
There are mainly three definitions of economics:- a. classical or wealth definition (Adam Smith)-1776 A.D b. neo-classical or welfare definition (Alfred Marshall )-1890 A.D c. modern or scarcity and choice definition (Lionel Robbins)-1932 A.D a. classical or wealth definition (Adam Smith)-1776 A.D |
