What is Economics?

What is Economics?   Explain the main features of Adam Smith’s definition of Economics.  Economics is the social science that studies the production, distribution and consumption of goods and services. The term economics comes from the Greek for “oikos” means house and “nomos” means custom or law, hence the term economics means “rules or laws o household”. A definition that captures much of modern economics is that of Lionel Robbins in 1932 essay which states as “the science which studies human behaviour as a relationship between...

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