Question

The classical economists defined economics as _______________.

• A. the science of welfare
• B. the science of scarcity
• C. the science of wealth
• D. the science of wealth and welfare

Answer 1

The correct option is C the science of wealth

J B Say was a French economist whereas Adam Smith was a Scottish economist who are regarded as the most influential economist of classical era as they described economics as a science which deals with the creation of wealth and how to distribute them by setting up an effective relationship between various attributes of the economy like income, scarce resources etc.