GENERAL KNOWLEDGE

Detailed explanation-1: -Marshall defines economics as “the science which considers the production, distribution, and consumption of wealth.” Adam Smith, in contrast, defines economics as “the science of wealth and money."

Detailed explanation-2: -According to Alfred Marshall, economics is the study of man in the ordinary business of life. It examines how a person gets his income and how he invests it. Thus, on one side, it is a study of wealth. On the other most important side, it is a study of well-being (welfare).

Detailed explanation-3: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall.

Detailed explanation-4: -Adam Smith, who is known as father of economics, named his famous book on economics as An Enquiry into the Nature and Causes of the Wealth of Nations. He defines economics as science of natural wealth.