in this ppt I just give a short introduction about the economic.Please give your view on this ppt so I upload another part of it

ECONOMY and ECONOMICS are two different things/terms that is :-

ECONOMICS is all about making choice out of given resources which are limited and have

different use in order to satisfy human wants.

ECONOMY is an entire network of producers , distributors , and consumers of goods and

services in a local , regional , or national community

CONCEPT OF ECONOMICS

DEFINITION OF ECONOMICS

Many economist define economics in different ways . The set of definitions given by different economists can broadly be classified into the

following four categories :-

1.WEALTH - ADAM SMITH2.MATERIAL WELFARE – ALFREED

MARSHALL3. SCARCITY – LIONEL ROBBINS4. GROWTH - PAUL. A. SAMUELSON

WEALTH DEFINITION - ADAM SMITH

Adam smith is also known as ‘father of modern economics’.

Adam smith born in 1723 and write a book on economics in 1774 and published in 1776.

The book written by him ‘AN INQUIRY INTO THE NATURE AND CAUSE OF WEALTH OF NATION’

He defines ‘Economics is an enquiry into the factor that determine the wealth of a

country and its growth’He emphasised the

production and expansion of wealth as the subject matter

of economics

This definition is not a precise. It gives importance to wealth

rather than production or human and social welfare.

CRITICISM/ DISAPPROVAL

Alfred Marshall defines ‘Economics’ in his book - ‘Principal of Economics’.

he define as ‘Economics is a mankind of ordinary business of life ,it enquiry how he gets his income and how he spend it’

MATERIAL WELFARE DEFINITION – ALFRED MARSHALL

The definitions is discarded by the Lionel Robbins by

giving these point :-

CRITICISM

IN ECONOMICS WE ALSO STUDY IMMATERIAL THINGS

WELFARE CANNOT BE MEASURED IN TERMS OF MONEY

WELFARE DEFINITION MAKES ECONOMIC A PURELY SOCIAL SCIENCE

THE CONCEPT OF WELFARE IS DIFFERENT IN DIFFERENT COUNTRIES AND AT DIFFERENT

TIMES

THE BASIC DIFFERENCE BETWEEN ADAM SMITH’S AND ALFRED MARSHALL'S DEFINITION IS THAT ADAM GIVES STRESS ON EARNING OF

MONEY WHEREAS MARSHALL GIVES IMPORTANCE TO HUMAN WELFARE AS

MOTIVE BEHIND THE ECONOMIC ACTIVITIES OF MAN.

LIONEL ROBBINS IN HIS BOOK ‘AN ESSAY ON NATURE AND SIGNIIFICANCE OF ECONOMICS SCIENCE’ PUBLISHED

IN 1932 ’ PUBLISHED IN 1932 .

3. SCARCITY - LIONEL ROBBINS

HE DEFINED - ‘ECONOMICS IS A SCIENCE THAT

STUDIES HUMAN BEHAVIOUR AS A RELATIONSHIP BETWEEN ENDS AND

SCARCE MEANS WHICH HAVE ALTERNATIVE USE’.

ANY THING WHICH BECOME SCARCE IN NATURE ,COMMANDS PRICE.

SCARCITY AND CHOICE ALWAYS GO TOGETHER

LIONEL ROBBINS DEFINE WITH THE HELP OF FOUR POINTS :-

1. HUMAN NEEDS ARE UNLIMITED .2. RESOURCE(INCOME) ARE LIMITED.3. ALTERNATIVE USE OF RESOURCE .4. PROBLEM OF CHOICE.

SAMUELSON DEFINES ECONOMIC IS THE STUDY OF HOW MAN

AND SOCIETY CHOOSE , WITH OR WITHOUT USE OF MONEY, TO EMPLOY

SCARCE RESOURCE WHICH HAVE ALTERNATIVE USES ,TO PRODUCE

VARIOUS COMMODITIES OVER TIME AND DISTRIBUTE THEM FOR CONSUMPTION NOW AND IN FUTURE AMONG VARIOUS

PEOPLE AND GROUP OF SOCIETY.

4. GROWTH - PAUL A. SAMUELSON