BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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adam smith
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lionel robbins
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alfred marshall
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samuelson
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Detailed explanation-1: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall.
Detailed explanation-2: -Chapter I, Principles of Economics, by Alfred Marshall. Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
Detailed explanation-3: -A difference between the two economists may be that Smiths arguments mainly revolve around specialisation and division of labour whereas Marshall focuses on the decision of individuals and supply and demand.
Detailed explanation-4: -In general economics is a subject which deals with human behaviour . 1. “Economics is an enquiry into the nature and causes of wealth of nations."-Adam Smith. 2. Economics is the science which treats of wealth.