Meaning and Definition of Economics — Chapter Summary
ICSE · Class 9 · Economic Applications
Summary of Meaning and Definition of Economics for ICSE Class 9 Economic Applications. Part of the ICSE Class 9 Economic Applications syllabus.
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Overview
Economics is a social science concerned with economic issues faced by individuals, society, and the economy. It explains how people earn, spend, produce, distribute, and choose under conditions of limited resources. Because it studies important real-life problems such as income, prices, unemployment
Key Concepts
Economics studies economic issues connected
Economics studies economic issues connected with the behaviour of individuals, society, and the economy. It is often summed up by the idea that econom
Adam Smith defined economics as
Adam Smith defined economics as a science which enquires into the nature and causes of wealth. Ricardo and JB Say also supported this view. Classical
Wealth was treated in a narrow
Wealth was treated in a narrow way as only material or tangible goods. Non-material goods and services such as health and education were excluded. The
Alfred Marshall shifted the focus from
Alfred Marshall shifted the focus from wealth to economic welfare. Economics was described as a study of mankind in the ordinary business of life, esp
The welfare definition was criticised
The welfare definition was criticised for treating economics as only a social science, not a human science. It excluded the activities of an isolated
Learning Objectives
- Understand the meaning and subject matter of economics
- Recognise why economics is important in daily life and in the economy
- Learn the four main definitions of economics
- Identify the main ideas of the wealth, welfare, scarcity, and growth-oriented definitions
- Understand the major criticisms of the older definitions
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