5 Questions
According to Adam Smith, what did he define as the subject matter of economics?
Production and expansion of wealth
What does economics seek to analyze, according to the given text?
Optimal resource allocation
What did the Classical economists view as the science of wealth?
Production and expansion of wealth
What is the main focus of economics, based on the text?
Production and expansion of wealth
What does the term 'economics' mean, as per the text?
Science of wealth
Study Notes
Economics Overview
- Adam Smith defined the subject matter of economics as the "study of wealth".
- Economics seeks to analyze the "production, distribution, and consumption of goods and services".
- To the Classical economists, economics was viewed as the "science of wealth".
- The main focus of economics is the "study of mankind in the ordinary business of life".
- The term 'economics' originates from the Greek words "oikos" meaning "house" and "nomos" meaning "law" or "management", implying management of household resources.
Learn about the fundamentals of economics, including the analysis of human decision making and resource allocation in society. Explore the concept of economics as the science of proper resource utilization.
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