A voyage to the track of economics for beginners

  A) WEALTH DEFINITION This definition was given by  Dr. Adam Smith  and support by J. B Say and J. S Mill.  First of all, in 1776, Dr. Adam Smith wrote a book named " AN ENQUIRY INTO THE NATURE, AND C AUSES OF THE WEALTH OF NATION ". He say's that, "ECONOMICS IS THE SCIENCE OF WEALTH " B) WELFARE DEFINITION: This definition was given by  Prof. Alfred Marshall  and supported by Prof. Pingo and Prof. Cannon. Prof. Alfred Marshall in his book " PRINCIPLE OF ECONOMICS"   published in 1890 , has define  economics "AS A SCIENCE WHICH STUDY MEN'S BEHAVIOR IN ORDINARY BUSINESS OF LIFE, IT ALSO ENQUIRERS THAT HOW HE EARN HIS INCOME AS WELL AS HOW HE SPEND IT" C) SCARCITY DEFINITION  This definition was given by  Prof. Lord Robbins  and supported by Prof. Samuelson and Prof. Stigler. Prof. Robbins in his book "AN EASSY ON NATURE AND SIGNIFICANCE OF ECONOMICS SCIENCE"  Published in 1932.Define economics "AS A SCIENCE WHICH STUDIES M...

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. Making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else. Economics is a social science  devoted to the study of how people and societies get what they need and want. Or, in more formal language, economics is the study of how societies divide and use their resources to produce goods and services and of how those goods and services are then distributed and consumed. Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world. Let's go together to accumulate the treasure behind economics as best as we can....