Economics Unit-1 what is Economics: Summary and Meaning of Economics

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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

Meaning of Economics

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