BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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marshall
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samuelson
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adam smith
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lionel robbin
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Detailed explanation-1: -The wealth definition was given by Adam Smith. According to this definition, economics is termed as the “science of wealth”, that is, the economy of a nation depends on the wealth generated through the goods and services.
Detailed explanation-2: -Instead, Smith proposed that the wealth of a nation consisted of both farm output and manufactured goods along with the labor it took to produce them. To increase its wealth, Smith argued, a nation needed to expand its economic production.
Detailed explanation-3: -Wealth is an accumulation of valuable economic resources that can be measured in terms of either real goods or money value. Net worth is the most common measure of wealth, determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.