GENERAL KNOWLEDGE

Detailed explanation-1: -Jacob Viner (an eminent international trade theorist, 1892-1970) gave a slightly disturbing answer: “Economics is what economists do”. This sounds less scientific than you might have wished.

Detailed explanation-2: -The definition of economics has evolved significantly over time, influenced by and influencing the focus of economic study. The definition often attributed to Jacob Viner, ‘economics is what economists do’, reflects the difficulty of providing an unambiguous definition.

Detailed explanation-3: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.

Detailed explanation-4: -Adam Smith is considered the father of economics.

Detailed explanation-5: -Lionel Robbins was a British economist who proposed a very scientific definition of economics where he emphasized on making choices from various alternative uses of the scarce resources in order to maximize the satisfaction achieved by the people on fulfillment of their wants.