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Meaning and Definitions of Economics

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ECONOMICS Meaning: Economics is characteristically a social science as it deals with Man’s behavior as a member of society. A man’s behavior is to satisfy wants and the utilization of available resources, which is the ordinary business of man’s life. Adam Smith is regarded as the father of economic science as he made it a scholarly discipline with the publication of his celebrated book, The Wealth of Nations, in 1776. Economics, as a social or behavioral science is comparable with political science, sociology, psychology and ethics, each or which studies a different aspect of man’s social life and behavior. For instance, political science deals with man’s relation with state, sociology broadly examines man’s social relations, ethics concerned with morality while psychology studies man’s mind. Likewise, Economics studies man’s behavior in relation to wants and resources. Economics is a full-fledged social-science, for it is a body of knowledge in which the various facts relevant to man’s economic behavior and the economic life have been systematically collected, co-coordinated, processed, analyzed, and presented in an orderly way. Definitions: Early definitions of the science of Wealth: Adam Smith: According to Adam Smith Economics was concerned with “An Enquiry into the Nature and Causes of Wealth of Nations.” J.E. Cairnes: “Economics deals with the phenomenon of wealth. F. A . Walker: Economics is that body of knowledge which relates to wealth.

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Meaning of Economics as a Science and the various definitions of economics

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francis
By: francis
446 days 22 hours 17 minutes ago

pls learn economisc

vithal
By: vithal
209 days 7 hours 42 minutes ago

what a
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ashok kumar
By: ashok kumar
154 days 7 hours 57 minutes ago

ues of economics in managment

ashok kumar
By: ashok kumar
154 days 7 hours 54 minutes ago

define economies why it is considered are positive and are normative

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