My blog, Fundamentals of Economics, aims to help students understand the complex and abstract concepts, theories and models in Economics. As the subject is very comprehensive, therefore the scope of elaboration increases.The blog will be using real life examples to help you understand the key concepts of Economics.
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DEFINITION OF ECONOMICS
Economics as a science was born in 1776, with Adam Smith's magnum opus- An Inquiry into the nature and causes of Wealth of Nations. Economics was derived from the Greek words 'Oikos' (a house) and 'nemein' ( to manage) which meant, managing a household with the limited available resources in the best possible manner.
There are are there are are plenty of definitions of Economics but broadly they can be classified into four groups;
1) Wealth,
2) Welfare,
3) Scarcity and
4) Growth.
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