Various Economic definition and nature of economics

Here we learn about the economic definition. Economy is a collection of three activities that is production, consumption, investment or capital formation. Economy is a system which provides living to the people.

Economics are related to the study of wealth for human behavior or for scarce resources. Economics is a body of generalizations, principles, theories or laws which trace out a casual relationship between cause and effect.

Definition of economics given by different economists

Economic definition are given by many economists.  Economic definition are divided into many parts such as wealth oriented definition,  welfare oriented definition and scarcity oriented definition. Now we see the economic definition given by the famous economist.

Definition of economics by Adam Smith
Economic definition

According to Adam Smith Economics is a subject concerned with "An  inquiry into the nature and causes of wealth of nation."

Definition of economics by Robbins

"Economic is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

Definition of economics by Marshall

"Political economy or Economics is a study of mankind in the ordinary business of life: it examines  that part of individual and social action which is most closely connected with the attainment and with the use of material requisite  of well being."

Definition of economics by Canon

The aim of political economy is the explanation of general causes on which material Welfare of human being depends.

Definition of economics by JB say

"Economics is the science which treats of wealth."

Definition of economics by FA wolker

"Economics is that body of knowledge which related to wealth."

Nature of Economics

The scope and nature of Economics are related to the study of wealth or human behavior or scares resources. The scope is very wide and includes the subject matter of Economics whether Economics is a science or an art or whether it is a positive or normative science.

Consumption is the use of good and services by households. All economic activities start with conjunction and ends with consumption.

Economic production is an activity carries out under the control and responsibility of an individual unit that use input of labor, capital, goods and services to produce output of goods or services.
There there are five factor of production land, labor, capital, entrepreneurship and organization

An exchange is a market place in which securities, commodities, derivatives and other financial instruments are traded.

Distribution refers to the way total output, income or wealth is distributed among individuals or among the factors of production.

Public Finance 
It is the study of the role of the government in the economy. It is the balance of economics which assess the government revenue and government expenditure of the public authorities and the adjustment of one or other to achieve desirable effect and avoid undesirable ones.

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