Definition of Economics
:
The term economics comes from the Ancient Greek word
oikonomia mean management of a household, administration. The term economic
process refers to those activities, through which goods and services aimed at
satisfying human needs, are producted, distributed and used.
Economics includes the study of labour, land and
investments of money, income and production and taxes and government
expenditures.
Adam Smith, regarded as the father of Economics, defines
Economics as, “ The science relating to the laws of production, distribution
and exchange.”
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