Meaning and Definition of Economics — Flashcards

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Economics is concerned with economic issues and economic behaviour of individuals, society, and the economy. It explains how people make choices, how resources are used, and how economic problems are …

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Economics is often called the queen of social sciences because it deals with important issues that affect individuals and society, such as income, prices, unemployment, poverty, and growth.

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It means economics is the study of the economic issues and questions that economists discuss, such as production, distribution, consumption, wages, unemployment, and growth.

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Personal economic issues include how consumers spend income, how producers decide what to produce and at what price to sell, what determines wages, and why workers ask for higher dearness allowance wh…

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Economy-wide issues include national income, unemployment, poverty, recession, population growth, economic growth, infrastructure problems, taxation, expenditure, and export policy.

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Economics describes economic events, explains why they happen, and suggests the right course of action to solve economic problems.

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Definitions of economics are grouped under four heads: wealth definition, welfare definition, scarcity definition, and growth-oriented definition.

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Adam Smith gave the wealth definition of economics. Ricardo and JB Say also belonged to the group of classical economists who defined economics as a science of wealth.