Definition of Economics
ICSE · Class 11 · Economics
Summary of Definition of Economics for ICSE Class 11 Economics. Key concepts, important points, and chapter overview.
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Overview
Economics studies human activities connected with the use of scarce resources. The chapter begins with the distinction between economic and non-economic activities and then explains four main ways of defining economics: wealth, welfare, scarcity, and growth. Each definition highlights a different as
Key Concepts
Economic activities are carried out
Economic activities are carried out in exchange for money and are meant to satisfy human wants. The main types are production, consumption, distributi
Non
Non-economic activities are performed without the aim of monetary gain. Examples include social, political, religious, charitable, parental, and recre
Adam Smith and his followers defined
Adam Smith and his followers defined economics as the science of wealth. Wealth meant only material goods such as table, chair, book, and pen. Service
Alfred Marshall defined economics as
Alfred Marshall defined economics as a study of mankind in the ordinary business of life, connected with material requisites of well-being. He shifted
Lionel Robbins defined economics as
Lionel Robbins defined economics as the science that studies human behaviour as a relationship between ends and scarce means with alternative uses. Wa
Learning Objectives
- Understand the meaning of economic and non-economic activities
- Learn the origin of the term Economics
- Explain the four main definitions of economics
- Identify the features and criticisms of the wealth definition
- Identify the features and criticisms of the welfare definition
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