BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Growth oriented
|
|
|
Scarcity oriented
|
|
|
Wealth oriented
|
|
|
Welfare oriented
|
Detailed explanation-1: -“Economics is the science of wealth” This definition was given by Adam Smith. He is also known as the ‘father of economics. According to this definition, economics is a science of the study of wealth only.
Detailed explanation-2: -It is defined by Adam Smith as economics is a science which enquires into the nature and causes of wealth of a nation. It is the study of wealth only, the main objective of economics is to examine how people earn wealth and spend it. Was this answer helpful?
Detailed explanation-3: -Adam Smith, in his seminal work The Wealth of Nations, described wealth as “the annual produce of the land and labor of the society". This “produce” is, at its simplest, a good or service which satisfies human needs, and wants of utility.
Detailed explanation-4: -Marshall defines economics as “a study of man’s actions in the ordinary business of life, it inquires how he gets his income and how he uses it.” He argued that economics, on one side, is a study of wealth, and on the other, is a study of man.
Detailed explanation-5: -Adam Smith defined economics as ‘Science of Wealth’. The main features of Adam Smith’s wealth-oriented definition are as follow:-(i) Study of Wealth. (ii) Only Material Commodities. (iii) Stress on wealth.