This document discusses different definitions of economics provided by prominent economists over time. It begins by distinguishing between economics and economy. It then outlines four main categories of definitions provided by Adam Smith, Alfred Marshall, Lionel Robbins, and Paul Samuelson. Adam Smith defined economics as the inquiry into the wealth of a nation. Alfred Marshall defined it as the study of ordinary business of life. Lionel Robbins defined it as the study of human behavior in relationship to scarce means and alternative uses. Samuelson defined it as the study of how society chooses to employ scarce resources to produce and distribute goods over time.

1. in this ppt I just give a short introduction about the economic.
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2. ECONOMY and ECONOMICS are two different
things/terms that is :-
ECONOMICS is all about making choice out of given
resources which are limited and have different use in
order to satisfy human wants.
ECONOMY is an entire network of producers , distributors ,
and consumers of goods and services in a local ,
regional , or national community

3. Many economist define economics in
different ways . The set of definitions given by
different economists can broadly be classified
into the following four categories :-
1.WEALTH - ADAM SMITH
2.MATERIAL WELFARE – ALFREED
MARSHALL
3. SCARCITY – LIONEL ROBBINS
4. GROWTH - PAUL. A. SAMUELSON

4. Adam smith is also known as ‘father of
modern economics’.
Adam smith born in 1723 and write a book
on economics in 1774 and published in 1776.
The book written by him ‘AN INQUIRY INTO THE
NATURE AND CAUSE OF WEALTH OF
NATION’

5. He defines ‘Economics is an
enquiry into the factor that
determine the wealth of a
country and its growth’
He emphasised the production
and expansion of wealth as the
subject matter of economics

6. This definition is not a precise. It
gives importance to wealth rather
than production or human and
social welfare.

7. Alfred Marshall defines ‘Economics’ in
his book - ‘Principal of Economics’.
he define as ‘Economics is a
mankind of ordinary business of life ,it
enquiry how he gets his income and
how he spend it’

8. The definitions is
discarded by the Lionel
Robbins by giving these
point :-
CRITICISM

9. IN ECONOMICS WE ALSO STUDY
IMMATERIAL THINGS

10. WELFARE CANNOT BE MEASURED IN
TERMS OF MONEY

11. WELFARE DEFINITION MAKES ECONOMIC A
PURELY SOCIAL SCIENCE

12. THE CONCEPT OF WELFARE IS DIFFERENT IN
DIFFERENT COUNTRIES AND AT DIFFERENT
TIMES

13. THE BASIC DIFFERENCE BETWEEN ADAM
SMITH’S AND ALFRED MARSHALL'S
DEFINITION IS THAT ADAM GIVES STRESS ON
EARNING OF MONEY WHEREAS MARSHALL
GIVES IMPORTANCE TO HUMAN WELFARE AS
MOTIVE BEHIND THE ECONOMIC ACTIVITIES
OF MAN.

14. LIONEL ROBBINS IN HIS BOOK ‘AN ESSAY ON
NATURE AND SIGNIIFICANCE OF ECONOMICS
SCIENCE’ PUBLISHED IN 1932 ’ PUBLISHED
IN 1932 .

15. HE DEFINED -
‘ECONOMICS IS A SCIENCE THAT STUDIES
HUMAN BEHAVIOUR AS A RELATIONSHIP
BETWEEN ENDS AND SCARCE MEANS WHICH
HAVE ALTERNATIVE USE’.
ANY THING WHICH BECOME SCARCE IN
NATURE ,COMMANDS PRICE.
SCARCITY AND CHOICE ALWAYS GO
TOGETHER

16. LIONEL ROBBINS DEFINE WITH THE HELP OF
FOUR POINTS :-
1. HUMAN NEEDS ARE UNLIMITED .
2. RESOURCE(INCOME) ARE LIMITED.
3. ALTERNATIVE USE OF RESOURCE .
4. PROBLEM OF CHOICE.

17. SAMUELSON DEFINES
ECONOMIC IS THE STUDY OF HOW MAN AND
SOCIETY CHOOSE , WITH OR WITHOUT USE
OF MONEY, TO EMPLOY SCARCE RESOURCE
WHICH HAVE ALTERNATIVE USES ,TO
PRODUCE VARIOUS COMMODITIES OVER
TIME AND DISTRIBUTE THEM FOR
CONSUMPTION NOW AND IN FUTURE AMONG
VARIOUS PEOPLE AND GROUP OF SOCIETY.