ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -At its core, economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth.

Detailed explanation-2: -Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth.

Detailed explanation-3: -JB Say defines economics as a science of production, distribution and consumption of wealth. Like Adam Smith, he also supported the wealth definition of economics. These economists aim to study economics in terms of wealth and focused on how to increase wealth.

Detailed explanation-4: -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.

Detailed explanation-5: -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.