Definition Of Economic By Different Economists:

In the words of Adam Smith:

"Economics is a science of wealth دولت"

Walter defined economics as:

"Economics is that body of knowledge which related to wealth."

In the words of Mills:

"Economics is the science of wealth in relation to mass".

In short. the classical school of thought emphasized purely wealth. So We can

say that. "Economics studies the production. consumption, exchange and

distribution of wealth."

Question: State the four main points of Marshall's definition of Economics.

This Marshallian definition has the following important features:

i. Economics is a social science سماجی علم since it studies the actions of human beings.

ii. Economics studies the ‘ordinary business of life’ since it takes into account the money-earning and money-spending activities of man.

iii. Economics studies only the ‘material’ part of human welfare which is measurable قابل پیمائش in terms of the measuring rod of money. It neglects نظرانداز کرنا other activities of human welfare not quantifiable in terms of money. 

iv. Economics is not concerned with “the nature and causes of the Wealth of Nations.” The welfare of mankind انسانیت کی فلاح و بہبود, rather than the acquisition حصول of wealth, is the object of primary importance.

Urud XI Year Notes Ashaar ki tashreeh - 01

Understanding of Economics with urdu

Economics Definition: 

Economics is the study of how individuals and societies allocate scarce (کمی) resources for production (پیداوار), distribution (تقسیم), and consumption (خرچ کرنا), both individually and collectively.

دنیا میں ہر چیز محدود ہے۔ کچھ بھی لامحدود نہیں ہے۔ لہٰذا معاشیات میں، ہم یہ سمجھنے کی کوشش کرتے ہیں کہ ہم محدود وسائل کو استعمال کرتے ہوئے زیادہ سے زیادہ کیسے فائدہ اٹھا سکتے ہیں۔

Understanding Economics

One of the earliest recorded economic thinkers was the 8th-century B.C. Greek farmer/poet Hesiod, who wrote that labor (محنت), materials (کچھ بنانے کے لیے مواد۔ مثال کے طور پر کپڑا بنانے کے لیے روئی), and time needed to be allocated (مقرر کرنا) efficiently(مؤثر طریقے) to overcome scarcity (کمی). But the founding of modern Western economics occurred much later, generally credited to the publication of Scottish philosopher Adam Smith's 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations.1

The principle (and problem) of economics is that human beings have unlimited wants (لامحدود خواہشات) and occupy a world of limited means(محدود ذرائع). For this reason, the concepts of efficiency (کارکردگی) and productivity (پیداوری) are held paramount by economists. Increased productivity and more efficient use of resources, they argue, could lead to a higher standard of living (اعلی معیار زندگی).

Despite this view, economics has been pejoratively(طنزیہ طور پر) known as the "dismal science, (مایوس کن سائنس)" a term coined by Scottish historian Thomas Carlyle in 1849.2 He used it to criticize the liberal views on race and social equality of contemporary economists like John Stuart Mill, though some commentators suggest Carlyle was actually describing the gloomy(اداس) predictions by Thomas Robert Malthus that population growth (آبادی میں اضافہ) would always outstrip the food supply(خوراک کی فراہمی کو آگے بڑھائیں۔).

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X is what % of Y

is what % of ?

Result : 100%