Let's Learn Fact's 😁(ECONOMICS)

It is abit difficult to give a precise definition of economics because all the economist tend give a difference information about the word economics.

Now let's look at the people who define economics in their own way:

According to "Adam Smith", he defined economics as a greater inquiry in to the nature and causes of the wealth of nations. He is regarded as the father of economics because he laid a greater information in the word economics. His main interest was to investigate between the country and wealth.

According to "J.S.Miu" , he defined economics as a practical science subject of production and distribution of goods, services and wealth. He was actually interested in what determine the amount of wealth possessed or aquire by a particular individual.

According to "Dauen Port", he defined economics as the science that treat phenomenal from the stand point of price, and he was really interested in exchange. To him anything that has money value should come within frame work of economics.

According to "A.C. Pigou", he defined economics as the science of material welfare. He is actually interested in consumption, which is the aspect of welfare economics. To him, economics should concern himself with how to increase the material well being to man by bringing together and solving of Total production.

According to "Alfred Marshall", he looked at economics as the study of mankind in the ordinary business of life.

According to "Professor Lionel Robbins" he defined economics as science which studies human behavior as a relationship between ends and scarce which have alternative uses. It is definition is concerned with scarcity and choice which are fundamental problems of man.

In conclusion economics is a social science that studies human behavior or man's economy activities in relation to production, exchange, distribution, and consumption of good's and service.

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