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Economics and Its definition

Introduction Of Economics

The old name of economics is "political economy" is derived from three Greek words:

  1. Plis – An organized society or state.
  2. Oikas – house or home.
  3. Nomas – means law.

To translate and rearrange the meaning of these three worlds we say that economics is the study of the law of household management as applied ot the state.


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Robin's Definition Of Economics

Alfred Marshall's definition Of Economics

Because of the classical definition and criticism a lot of misconceptions were created. Which badly effect the development of economics? Nobody had the courage to define economics because of the fear of that kind of criticism to which Adam smith was faced.

A British economist Alfred Marshall wrote a book in 1798 "Principles of economics" at this stage. He tried to remove the misconception and put economics on the road of development.


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Scope Of Economics

Scope of economics is the further elaboration of the definition of economics, so the scope of economics is discussed under the following 4 headings

  1. Subject matter of economics

  2. Economics as a social science

  3. Economics as a science or an art

  4. Subject matter of economics


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What is Consumers Equilibrium

Consumer's Equilibrium | Production Function | Hickson Approach

A consumer is said to be in equilibrium when he attains maximum satisfaction from his given money income on the commodities which he purchases from the market, where the consumer has no tendency to re-arrange his purchases....


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What is production of equilibrium

Optimum Factor Combination | Production Equilibrium | Least Cost Combination

Firms Equilibrium or Optimum Factor Combination Can Be Explained In Two Cases:

  • When a firm minimizes its costs of production of a given output. And
  • When a firm maximizes its output while the costs are given.
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    Definition of robbins and marshall about economics

    Robbin's Definition Of Economics

    Robbin's is the representative economist of the modern school of thought. He pointed out the defects in Marshall's definition and in his book "NATURE AND SIGNIFICANCE OF ECONOMICS SCIENCE" in 1931; he presented his own definition of economics. Which is as follows

    "Economics is a science which studies human behavior as a relationship between ends and scares means which have alternative uses".

    Robbin's says my definition is superior to others because


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    according to robbins economics is a pure science as physics and chemistry

    Criticism Of Indifference Curve Approach

    The old wine in a new bottle:

    According to D.H Robertson the ordinal approach is just like an old wine in a new bottle. As 1C approach the same old concepts have been presented with new names. As against utility, the concept of 1C; rather 1,2,3,4..


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