1. What is the role of Government in the economic development in a country 2. difference between Wealth definition, Scarcity definition and Growth definition

ICSE Class 9 Answered

1. What is the role of Government in the economic development in a country 2. difference between Wealth definition, Scarcity definition and Growth definition

Asked by sbroy1977 | 02 Jul, 2020, 10:16: PM

Expert Answer

Wealth definition:

The famous book An Inquiry into the Nature and Causes of Wealth of Nationswas written by Adam Smith. Adam Smith stated, “Economics is concerned with an enquiry into the nature and cause of wealth of nations, and it is related to the laws of production, exchange, distribution and consumption of wealth."

Scarcity definition

The scarcity definition was given by Professor Lionel Robbinsin his book 'An Essay on the Nature and Significance of Economic Science' published in 1932. He stated that "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. He meant that Economics studies activities performed by man to obtain scarce means with alternative uses in order to satisfy their unlimited wants."

Growth definition

The growth-oriented definition of Economics was given by Professor Samuelson. He stated, “Economics is a study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society."

Answered by Christina | 03 Jul, 2020, 09:05: AM