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Definition of Economics | Management Class 11

Definition of Economics Class: 11
Economics | Notes
Definition of Economics
Class: 11

For the study of the subject of economics, it is necessary to know what economics is. The beginner of a new subject always wants to have a precise definition of the subject but it is not easy to define economics. However, it is necessary to have a raw idea of the subject to start the study.

Nowadays people study economics for many reasons, some study it for making money, and other may study it for the fear that people might treat them as ignorant if they do not have the knowledge of the laws of supply and demand. The foremost reason why people study economics relates to use of scarce resources and time to derive maximum satisfaction. Economics teaches us how the scare resources and time to derive maximum several alternative uses. Thus, it is a science of choice. Beside, the study of economics helps the proper allocation of resources for the maximum benefit of the individual as well as society; it is also concerned with the study of economic growth of underdeveloped economics and the theory of income and employment.

Some of the great Definition of Economics by Great people are as follows [Please click on label to read more]

Comparison between Marshall’s and Robbins definition 
Marshall’s definition and Robbins’s definition of economic pro founded at different era of time. This two are different not complete and profit but complementary each other. There are some similarities and dissimilarities. 

Similarities: 
  1. These two definitions give the primary place for the man and study about human activity. 
  2. Both definition studies about wealth as material requirements and scar means. 
  3. Both definitions are related with goal of human being as welfare and satisfaction. 
  4. Assuming the rationality of Man. 
Dissimilarities: 
  1. Marshall’s definition consider economic as a social science but Robbins’s definition accepts it human science. 
  2. According to the Marshall’s economic is normative science but according to Robbins’s it is positive science. 
  3. Marshall’s definition is classified where as Robbins’s definition is Analytic. 
  4. Marshall’ definition denotes limited scope of economic. But Robbins’s definition makes wider scope of economic. 
Superiority of Robbins’s definition 
  1. Robbins’s definition is baseless and scientific because it analytic. 
  2. It studies all human activities without considering welfare. 
  3. If study about the limited resources weathers it is material or non material. 
  4. Robbins’s definition is cleared in study of cause and effective. It is not based on unreal observation. 

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