Economics Is the Social Science That Studies the Production Definition of Economics: Adam Smith wrote a book in 1776 whose title was“Wealth of Nations”. In his book he discussed the word ‘wealth’ thro

Economics Is the Social Science That Studies the Production Definition of Economics: Adam Smith wrote a book in 1776 whose title was“Wealth of Nations”. In his book he discussed the word ‘wealth’ thro

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Adam Smith’s
Definition of Economics: Adam Smith wrote a book in 1776 whose title was
“Wealth of Nations”. In his book he discussed the word ‘wealth’ through its
four aspects:

Economics Is the Social Science That Studies the
Production, distribution and consumption of goods and services. The term
economics comes from the Greek for “oikos” means house and “nomos” means custom
or law, hence the term economics means “rules or laws of household”.