Economics 
                 Class :12 
       Definition of economics 
       # Definition of economics are  categoriesed in the following broad definition: 
       A) WEALTH DEFINITION : 
       This definition was given by Dr. Adam Smith and support by J. B Say and J. S Mill.  
                  First of all, in 1776, Dr. Adam Smith wrote a book named "AN ENQUIRY TO THE NATURE, AND 
       CAUSSES FOR WEALTH TO THE NATION". The name of the book was kept as AN ECONOMICS. Which 
       separate the book of economics from other science and say's that, "ECONOMICS IS THE SCIENCE OF 
       WEALTH " 
       # CRITICISM:- 
       Prof. A Marshall critise this this above definition on the following ground --  
       i)  In this definition, only wealth was given importance and neglect the moral values.  
       ii)  In this definition, only precious material was given importance.  
       iii)  By this definition "MEN IS FOR MONEY" 
       B) WELFARE DEFINITION: 
       This definition was given by Prof. Alfard Marshall and supported by Prof. Pingo and Prof. Cannon.  
       Prof. Alfred Marshall in his book "PRINCIPLE OF ECONOMICS" published in 1890 , has define 
       economics "AS A SCIENCE WHICH STUDY MEN'S BEHAVIOR IN ORDINARY BUSINESS OF LIFE, IT ALSO 
       ENQUIRERS THAT HOW HE EARN  HIS INCOME AS WELL AS HOW HE SPEND IT" 
             Prof. Marshall in this definition supported the Adam Smith's view but he also added the welfare 
       part in it. , i. e,  how he spend it. 
        # The main feature of this definition are:  
        i) Economics is a social sciences, it studies the economic activities of a social, normal and real men.  
        i) Wealth is means, while it's ends in human welfae 
         
        
        C) SCARCITY DEFINITION: 
        This definition was given by Prof. Lord Robbins and supported by Prof. Samuelson and Prof. Stigler.  
               Prof. Robbins in his book "AN EASSY ON NATURE AND SIGNIFICANCE OF ECONOMICS SCIENCE"  
        Published in 1932. 
        Define economics "AS A SCIENCE WHICH STUDIES MEN'S BEHAVIOR AS A RELATIONSHIP BETWEEN 
        ENDS AND SCARCE WHICH MEANS WHICH HAVE IT'S ALTERNATIVE USES" 
                  By this definition, we define economics as a science which studies how a men gets the 
        maximum satisfaction with his limited resources. Thus, economics, according to Robbins is a 
        science of limited means with a limited end's.  
        D) GROWTH DEFINITION: 
        This definition was given by Prof. Paul A Samuelson .  
          Prof. Samuelson define "ECONOMICS AS A SCIENCE WHICH STUDIES HOW PEOPLE AND 
        SOCIETY CHOOSING WITH OR WITHOUT THE USE MONEY TO EMPLOY SCARCE PRODUCTIVE 
        RESOURCES THAT COULD HAVE ALTERNATIVE USES , TO PRODUCE VARIOUS COMMODITIES 
        AND DISTRIBUTION THEM FOR CONSUMPTION. IT ALSO ANALYSIS THE COST AND BENEFIS 
        IF IMPROVING RESOURCE ALLOCATION'..