Sunday 5 June 2016

scope of economics

                                                    MEANING OF ECONOMICS 
According to John Stuart Mill;Economics can be defined as "the  practical science of production and distribution of wealth." To this man,economics is concerned with how people produce and distribute various goods and services that are required for the maintainance
of human existence.
According to Alfred Marshal define economics as "A study of mankind in the ordinary business of life." This definition simply emphasizes that economics have something to do with the study of human beings in relations to their daily economic activities.
According to Adam Smith saw economics as an inquiry into the nature and causes of wealth of nations."to him economics is all about the making of wealth.Adam Smith was the first person to put ma work together on Economics by writing a treatise, "Wealth of Nation" He is popularly regarded as the Father of Economics.
According to H.J.Davenport looked at economics as the science that treat phenomena from the stand point of price.This definition stressed the importance of exchange and seek to explain that economics deals with things that have a price value, which implies that for any goods and services to be of any economic importance, it must have a price attached to it.
According to A.C. Pigou defined economics as the science of material welfare. To him, economics is all about acquiring material wealth which improves or eases the welfare of human beings.
According to Professor (Lord) Lionel C. Robbins. He be defined economics as "The Science which studies human behaviour as a relationship between ends and scarce means which have alternative uses". 
The end is the definition refers to human wants, desires or needs.
Human want are numerous or many relativeto available resourses required to satisfy them
The scarce means refers to the limited available  resources used in satisfying the numerus human wants.

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