Meaning and Definition of Economics — Practice Quiz

Growth-oriented definition

Paul Samuelson's definition is known as the 'growth-oriented definition' of economics. Samuelson emphasized economic growth as an integral part of economics and took a long-term perspective of economic problems. His definition includes how people choose to employ scarce resources over time and distribute them for consumption now and in the future, making it comprehensive and future-oriented.

Unlimited resources

According to Robbins, the four fundamental characteristics of human life are: (1) Unlimited wants (ends), (2) Scarce means (limited resources), (3) Alternative uses of means (resources can be used for different purposes), and (4) Choice (need to choose due to scarcity). 'Unlimited resources' is not a characteristic mentioned by Robbins - in fact, he emphasized that resources are scarce, not unlimited.

An Enquiry into the Nature and Causes of Wealth of Nations

Adam Smith's book 'An Enquiry into the Nature and Causes of Wealth of Nations' is considered the first modern work of economics. This book established economics as a separate discipline and remains one of the most important books on economics. 'Principles of Economics' was written by Marshall, 'Economics: An Introductory Analysis' by Samuelson, and 'The Nature and Significance of Economic Science' by Robbins.

The queen of social sciences

Economics is often regarded as the 'queen of social sciences' because it explains crucial economic issues faced by individuals and society. It has gained importance in recent years as it helps understand economic problems and provides solutions to various economic challenges like unemployment, inflation, and economic growth. The term 'queen' emphasizes its importance and central role among social sciences.