Question

Arrange the following in proper from: Stages as Economics developed as a subject:-
I.Material Welfare Definition
II.Wealth Definition
III.Development and Growth Definition
IV.Scarcity and Choice Definition
Select the correct answer from the options given below -

• A. II, I, IV, III
• B. I, II, III, IV
• C. IV, III, II, I
• D. II, III, I, IV

Answer 1

Answer: (A)

II, I, IV, III

• Adam Smith was a Scottish economist who described economics as a science which deals with the creation of wealth where wealth generation focused on the personal gains of the individual which was more of capitalist economy.
  
• Alfred Marshall was a British economist who proposed the definition of welfare according to which material welfare focused on the materialistic gains in the economy.
  
• Paul A Samuelson was an American economists who proposed many theories on income and its even distribution and how these two factors leads to growth and development of the nation. Development and growth is the modern macroeconomics which focuses on personal gain with social welfare.
  
• Lionel Robbins was a British economist who proposed a very scientific definition on economics where he described the importance of effective relationship between scarcity and choice is the modern microeconomics which focuses on unlimited wants and scarcity of resources.