The science of economics was born with the publication of Adam Smith's.An inquiry into the nature and the cause of wealth of the nation in the year 1776.Adam Smith is know as father of economics .At it's birth,the name of economics was political economy.
Towards the end of 19th century there was a definite change from use of the word political economy to Economics.
The word economics was derived from two Greek word oikou(a house) and nomos to manage.Thus,the word economics was used to me home management with limited funds available in the most economical manner possible.
PaulA.Samuelson defines economics as the study how men and society choose with or without the use of money,to employ scarce productive resources which could have alternative uses to produce various commodities and distribute them for consumption now and in future among various people and groups of society.
Towards the end of 19th century there was a definite change from use of the word political economy to Economics.
The word economics was derived from two Greek word oikou(a house) and nomos to manage.Thus,the word economics was used to me home management with limited funds available in the most economical manner possible.
PaulA.Samuelson defines economics as the study how men and society choose with or without the use of money,to employ scarce productive resources which could have alternative uses to produce various commodities and distribute them for consumption now and in future among various people and groups of society.
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