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It starts with understanding the basics of Adam Smith is considered the father of modern Economics. What“economics” means has evolved as Economics has developed as a subject. Several of these definitions are described as:

Wealth Concept

According to Adam Smith‘s book “An Enquiry Into Nature and Course of the Wealth of Nations,” Economics is related and concerned with creating wealth through the means of production.

Welfare Concept

This concept denies the wealth concept of Economics and states that Economics is concerned with human welfare. This concept says that wealth is merely a means of satisfying human wants, not an end of human activities.

Scarcity Concept

According to Lionel Robbins, “Economics is the science which studies human behaviors as a relationship between ends and scarce means which have alternative uses.” In this concept, Economics is the study of how humans make decisions about the use of resources.

Development Concept

The Development Concept believes that economists play a role in shaping the economy. Modern economists believe that economists should, in addition to explaining how economies work, suggest the best use of the scarce means so that they can be used to satisfy more needs.

Tutor Pace can help you unravel the difficulties of understanding how Economics works. Our experienced online tutors can help you learn everything you need to know in order to excel in your study of Economics.

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