Definitions of Economics

Economics

is a social science which concerned with the how an individual, organizations and businesses makes an optimal decision under the condition of scarcity.

Different economics give different definitions with time. some Economist's definitions are below:

Definition of Economics

1)Wealth definition of economics: -

Or

Classical definition of economics

Adam smith (Father of economics)

According to him, economics deals with wealth alone.

Wealth means material goods (tangible in nature).

2)Neo-classical definition of economics
Or
Material welfare definition of economics: -

Marshall 

All those activities which are undertaken to acquire those material goods which promote welfare of mankind.

3)Scarcity definition of economics: -

Lord Robbins

According to him, economics deals with fuller utilization of scare resources having different uses.

4)Growth oriented definition of economics: -

Prof. Samelson

According to him, economics includes all those activities which are undertaken/done to maximize human satisfaction.