Definition of Economics
Subject: Economics | Topics:

Definition of Economics

“Economics is a study of how men and society ‘choose’ with of without the use of money, to employ scarce productive uses resources which could have alternative uses, to produce various commodities over time and distribute them for consumption, now and in the future among the various people and groups of society. “

According to Adam Smith (Early Definition : As the Science of Wealth; 1776)

“Economics is concerned with the enquiry into the nature and Cause of wealth of nation.” According to Alfred Marshall ( Marshallian Definition : As the Science of Material Welfare; 1890):

“Economics is the science of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connect with the attainment and with the use of the material requisites of well being “

According to Lionel Robinson ( Robinson’s Definition : As the Science of Choice; 1931 ):

“Economics is the science which studies the human behavior as a relationship between ends and scarce means which have alternative uses.”

According Paul Samuelson ( Modern Definition : On the basis of the concept of growth criteria ):

Thus we can conclude the definition of Economics as;

Economics is a social science concerned with the way the society chooses to employ its limited resources, which have alternative uses to produce goods and services for present and future purposes or consumption.

Definition of Economics

Related Economics Paper:

Popular Economics Paper:

Report on Economic Development in Bangladesh

Introduction The major objectives of planned development have been increased national income, rural development, self-sufficiency in food, and increased industrial production. However, progress in achieving development goals has been slow. Political turmoil and untamed natural hazards of cyclone .....

Report on The Contribution of Garments Industries in Bangladesh Economy

INTRODUCTION The shift from a rural/agro based economy to an urban/industrial economy is an essential part of the process of economic development. Although policymakers in the least developed countries (LDCs) have, at various times, attempted to make agriculture the primary engine of economic gro.....


E-commerce Concept E-commerce is a narrower part of e-business dealing with the purchase and sale of goods and services over the internet, including support activities such as marketing and customer support. The ability to made transaction for personal or professional use over the internet is kno.....

Assignment on Rostows Development Model and Bangladesh

Rostows Development model Creator: Walt Whitman Rostow 1916-2003 was an American economist who proposed his five stage model of development in the 1950’s, the ideas of which stemmed from modern free trade and Adam Smith. Rostow’s model does not deny John Maynard Keynes in that it allows for a.....

Assignment on Bangladesh Economy: The Challenges and Prospects

Bangladesh is an agricultural country. With some three-fifths of the population engaged in farming. Jute and tea are principal sources of foreign exchange. Major impediments to growth include frequent cyclones and floods, inefficient state-owned enterprises, inadequate port facilities, a rapidly .....