1.2.1.1 Flashcards
A study of “choices” or “choice-making”
Economics
“oikos” meaning
Home
“nomos” meaning
Management
“Oikonomikos” meaning
Household Management
Economics is “a science which
inquires into the nature and
cause of the wealth of
nations”.
Wealth Definition by Adam Smith (1776)
1776
Wealth Definition
Adam Smith
“Economics is a study of
mankind 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 wellbeing”.
Welfare Definition by Alfred Marshall (1890)
“Economics is the science
which studies human
behavior as a relationship
between ends and scarce
means which have alternative
uses.”
Scarcity Definition by Lionel Robbins (1932)
“Economics is the study of how
men and society choose with or
without the use of money, to
employ the scarce productive
resources which have alternative
uses, to produce various
commodities over time and
distribute them for consumption
now and in future among various
people and groups of society. It
analyses the costs and benefits of
improving pattern of resource
allocation”.
Growth Definition by Prof. Paul A. Samuelson
(1948)
“Economics is the study of
choice making by individuals,
institutions, societies, nations
and globe under conditions of
scarcity and surplus towards
maximizing benefits and
satisfying their unlimited
needs at present and future”
Contemporary Definition of Economics by Prof. A.
C. Dhas (2011)
Focuses on individual units like consumers, households, firms,
and industries.
Microeconomics
Analyzes decisions regarding resource allocation, consumer
behavior, product pricing, and firm behavior
Microeconomics
Examines the economy as a whole.
Macroeconomics
Often referred to as the father of economics
Adam Smith (1776)
