Economics – Meaning and Definition

Economics is a social science. The goal of social science is to study the multiplicity of human activities in society. The daily activities of human life are very wide and varied. It is not possible to study all activities within the confines of one subject. So there is a single branch of social science, and each branch studies a particular aspect of human activity. It can be political, economic, or religious. Therefore, the scope and content of each branch of social science need to be clarified.

Read: Is Economics A Science or An Art?

The scope of an activity is defined as the scope of its activity and the scope of its activities to the human being involved. It sets its limits and helps to distinguish it from other branches. It is important to know the meaning and definition of economics in order to know where economics studies human activities.

Meaning of Economics

Meaning of Economics: The word “economics” is derived from the Greek word “Oikos”, meaning “house” and “nemien”. This means the art or technique of managing a home with the resources provided.

In other words, economics is the art of managing a family’s financial problems and limited resources to solve them. So it is very important to define the economy to know what is and what is not. But there has been no consensus among economists on the definition of economy.

The fact that there are so many definitions proves it. That’s why Ms. Barbara Utt said at the time that six economists come together, and seven opinions are expressed. According to Professor Jacob Vainer, “Economics is what economists do.” Nevertheless, we have analyzed a number of well-known and representative definitions here.

Definition of Economics

From the earliest days of creation, man has always strived for the emergence and solution of economic problems. But it was born in 1776 as a different subject to the study of economics.

Adam Smith, a British economist, published his famous book, A Study of the Nature and Causes of the Wealth of Nations, and published it that year. There was a lot of economic discussion before Adam Smith. But after Smith’s arrival, we took the stage to discuss the economy.

Adam Smith is called the founder economist, His definition is therefore known as the founding definition of economics. The definition of economics in his book “The Wealth of Nations” is also called “definition”.

According to Adam Smith, “Economics is a resource science. Earnings and spending are the mainstays of economics. It is easy to guess what economics learns from the naming of Smith’s book. That is, economics studies the nature of wealth and the causes of wealth.

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