What is Economics — Chapter Summary

Classical thinkers of the late eighteenth

Classical thinkers of the late eighteenth and early nineteenth century described economics as the science of wealth. This view focused on the nature a

Later economists saw economics as

Later economists saw economics as the science of welfare because wealth alone did not explain human well-being. Welfare has quantitative aspects such

Economics is also viewed as

Economics is also viewed as the study of scarcity and choice. Ends mean wants, and scarce means mean limited resources. Because resources are limited,

In the twentieth century

In the twentieth century, economics began to focus on growth and development of the whole economy. Government role, production, consumption, efficient

In the late twentieth century

In the late twentieth century, economics also began to include the welfare of future generations and protection of the natural environment. Rising con