• BASIC CONCEPTS OF ECONOMICS
    ECONOMICS

    BASIC CONCEPTS OF ECONOMICS

    The subject Economics has no specific definition. It has been defined in many ways by various economists as a social science which studies human beings and their behaviour. Some of the definitions given by some of the experts in the subject are: Alfred Marshal defined economics as “A study of mankind in the ordinary business of life.” This definition simply emphasises that economics have something to do with the study of human beings in relations to their daily economic activities. Adam Smith saw it as “An inquiry into the nature and causes of wealth of nations.” To him economics is all about the making of wealth. Adam Smith was the…

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