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Define and Explain Economics B Com & BA Notes Principle of Economics

Define and Explain Economics B Com & BA Principle of Economics

This notes are for Karachi university, Punjab University, Virtual University and any other university.

Economics is growing very rapidly as the years pass. As new ideas are being discovered and the old theories are being revised. Therefore, it is not possible to give a definition of economies which has a general acceptance.

For the sake of convenience, the set of definitions given by various economists are generally classified under four heads:

  1. Economics as a science of wealth.
  2. Economics as a science of materiel welfare.

III.            Economics as a science of scarcity and choice.

  1. Economics as a science of growth and efficiency.

B Com Economics Notes/ BA Economics Notes

Economics as a science of wealth/ Classical View

There is no one definition of Economics which has a general acceptance. The formal roots of the scientific framework of economics can be traced back to classical economists. The pioneers of the science of economics defined economics as the science of wealth.

Adam Smith, the founder of economies, described it as body of knowledge which relates to wealth. According to him if nation has large amount of wealth, lt can help in achieving its betterment. He defined economics as:

“The study of nature and causes of generating of wealth of a nation”.

Adam Smith in his famous book. “An enquiry into the Nature and Causes of the Wealth of nation” emphasized the production and expansion of wealth as the subject matter of economics.