Economics,
Economics came from the Greek word "oikonomos" which means (Home Rule).
The procedure that families produce goods and services to earn income and consume it.
After this word used for 'State' means 'How state people live their lives.
Startled, 'State' called 'Polis', state economics said (Political Economics).
Progress made changes, now we called it 'ECONOMICS'.
DEFINITIONS:
divided into three periods of time.
1. Classical School of Thought.
2. New- Classical School of Thought.
3. Modern School of Thought.
1. Classical School of Thought.
Economics is the study of wealth.
2. New- Classical School of Thought.
Economics is the study of human welfare.
3. Modern School of Thought.
Study of human behavior.
1. Classical School of Thought.
ECONOMICS: is the branch of knowledge concerned with the production, consumption, and transfer of wealth.
Adam Smith, Scottish economist, philosopher, and author as well as a pioneer of political economics.
Also known as 'FATHER OF ECONOMICS' or 'FATHER OF CAPITALISM'.
Economics is the study of wealth.
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| Adam Smith. |
He wrote his book in 1776,( AN INQUIRY OF WEALTH NATURE AND CAUSES OF WEALTH. )and (THE WEALTH OF NATION. )He categorized WEALTH into four aspects.
1. Production of wealth.
2. Distribution of wealth.
3. Exchange of wealth.
4. Consumption of wealth.
Explanation,
According to Adam Smith economics is the study of wealth How to Production of wealth. How to Distribution of wealth.How to Exchange wealth.How to Consumption of wealth. Early economics called it the study/science of wealth. Economics is a social science concerned with the production, distribution, and consumption of goods and services
Adam Smith argued against mercantilism and was a proponent of laissez-faire economic policies. In his first book, "The Theory of Moral Sentiments," Adam Smith proposed the idea of an invisible hand, the tendency of free markets to regulate themselves by means of competition, supply and demand, and self-interest.
Four key economic concepts,
1.scarcity,
2.supply
3.demand
4.costs
J.B. says that Economics is the science that treats wealth.
Walker, Economics is the body of knowledge that relates to wealth.
CRITICISM,
At a time religious sentiments were too much strong and valued over mind exclusive emphasis on wealth could repulsion them in the enlightened mind this was especially due to The Pampered and then regeneration way of rich.
Economics was supposed to teach selfishness and come to be called a dismal science.
From the desk of M.A f Saleem.
