ECONOMICS
Definition:
The study of how the
forces of supply and demand allocate scarce resources. Subdivided into
microeconomics, which examines the behavior of firms, consumers and the role of
government; and macroeconomics, which looks at inflation, unemployment,
industrial production, and the role of government.
According to Adam
Smith: Economics is a science of wealth.
According to Dr.
Alfred Marshall: Economics is a science which studies human
behavior in the ordinary business of life, it examines that part of individual
and social action which is most closely connected with the attainment and with
the use of material requisites of well-being.
According to Lionel Robbins: Economics
is a science which studies human behavior as a relationship between multiple
ends and scarce means which have alternative uses.
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