Which of the following statements is not correct about Adam Smith's definition of economics?

Economics deals with consumption, production, exchange and distribution of wealth only.

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Material goods constitute wealth.

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Economics studies economic development.

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Economics also studies about man's welfare.

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Solution

The correct option is D Economics also studies about man's welfare.
Adam Smith was a Scottish economist, philosopher ,and author who laid the foundations of classical free market economic theory and economic discipline where he emphasized on Wealth of Nations by economic deals only and no individual or social welfare.

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