GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Adam Smith’s definition of economics is
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Growth oriented
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Scarcity oriented
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Wealth oriented
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Welfare oriented
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Explanation:
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: -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.
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