ECONOMICS NOTES B.COM PART 1(PUNJAB UNIVERSITY LAHORE)
ECONOMICS Q# 1: Critically examine the definition of economics given by Alfred Marshall? Or “Economics is the study of causes of material well being” Discuss and criticize the concept Introduction: The word economics has been derived from Latin word “OIKONOMOS” and there are three different concepts about the definition of economics. Ø Classical Ø Neo – classical Ø Modern According to Marshall . “Economics is the study of mankind in the ordinary business of life it examines that part of individuals and social actions which are most closely connected with the attainment and with the use of material requisites of well-being”. Main points of Marshall : Following are the main points of Marshall ’s definition. Ø Ordinary business of life: In economics ordinary business of life is studied. Ø Primary importance to well-bein
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