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Question
Point out Prof. Samuelson's definition of Economics.
OR
Point out Growth-oriented definition of Economics.
OR
Point out Growth-oriented definition of Economics.
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Solution
Economics is the study of how men and society choose, with or
without the use of money, to employ scarce productive resources which could
have alternative uses, to produce various commodities over time and distribute
them for consumption now and in the future amongst various people and groups of
society.
Economics is the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future amongst various people and groups of society.
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