Basic Concepts in Economics



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Contents

Adam Smith's & Alfred Marshall's Definition


Description: Adam Smith's economics focuses on wealth creation. Alfred Marshall's definition emphasizes welfare. Robbins' definition highlights scarcity, choice, and allocation of resources for optimal utility.


Classification of Wants & Factors of production


Description: Classification of Wants: Sorting human desires by necessity and luxury.Factors of Production: Resources—land, labor, capital, and entrepreneurship—essential for economic activities to produce goods and services.


Macro- Economic


Description: Macroeconomics studies the overall economy, focusing on issues like inflation, unemployment, GDP, and government policies affecting growth and stability.


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