Definition of Economics

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  • Q1

    Who has given growth oriented definition of economics? Give the name of his book.

    Marks:1
    Answer:

    Growth oriented definition was given by Professor Samuelson. He wrote the book “Foundations of Economic Analysis (1947)”.

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  • Q2

    What is the purpose of economic activities?

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    Answer:

    Economic activities refer to those activities which are concerned with utilisation, production, exchange and wealth. Thus, all economic activities aim at satisfying human wants.

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  • Q3

    Define Economics.

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    Answer:

    Economics is a social science which studies economic activities of human beings concerned with allocation of resources with optimum efficiency.

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  • Q4

    Give Prof. Robbins definition of economics.

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    Answer:

    According to Prof. Robbins, “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” He propounded the "Scarcity Definition" of economics.

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  • Q5

    State the ‘wealth’ definition of economics.

    Marks:1
    Answer:

    Adam Smith, generally, regarded as the father of economics defined economics as, “A science which enquires into the nature and causes of wealth of nations.”

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