Economics Unit-1 What is Economics: Summary and Meaning of Economics (For CBSE, ICSE, IAS, NET, NRA 2022)

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Summary

In simple words economics is a study, which is concerned with the production, consumption and transfer of goods and services. Let us study the changing meaning of economics with the development of time and civilization:

Meaning of Economics

  • Late 18th Century
    • Science of Wealth
      • Phenomenon of wealth includes nature, causes& creation of wealth by individuals & nations etc.
  • Early 19th Century
    • Science of Welfare
      • Both Qualitative & Quantitative but economics were concerned with quantitative welfare
  • Mid- 19th Century
    • Science of scarcity & choice
      • As resources are limited, using them alternatively in relation to human behaviour and their demand
  • Early 20th Century
    • Science of growth & development
      • Economy must allocate its resources among various activities to ensure its efficient use and help economy to grow and develop
  • Late 20th Century
    • Science of Sustainable development
      • To use the available scare resources judiciously efficiently and ensure welfare of our future generation
Meaning of Economics

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