Introduction to the world of Economics

• Basically Economics is the study of economic activity.
• Economic activity:- those activities in which money is generated and earned.  

          Different view of economics by different economists:-

• Adam Smith view:-he is also known as father of Economics. In his famous book (an enquiry into the nature and causes of wealth of Nations) he stated that Economics is the subject of wealth.
• Marshall view:-in his well reputed book (principal of Economics) he related the economics with the study of human welfare.
• Robbins view:- in his famous book(an essay into the nature and significance of economic science) he related the subject matter of Economics with the scarcity and choice.
• Samuelson view:- his view was very clear regarding the subject matter of economics. He added one further more point that was growth of resources with scarcity and choice concept.

 That was the basic introduction of Economics, that what Economics is all about?