Economics Definitions and Micro/Macro Economics

Economics is the study of how scarce resources are efficiently used to produce goods and services, and how these are distributed among people.
Resources are limited (scarce), while human desires are unlimited.
Economics involves making appropriate choices and properly allocating resources to help in making rational choices.
It's a science of choice dealing with scarcity and unlimited desires, which helps understand various economic issues arising from scarcity.
The term "economics" comes from the Greek words "okos" (household) and "nomos" (management).
Economics is a social science that examines the production, distribution, and consumption of goods and services.
It focuses on the behavior and interactions of economic agents and how economies function.
Economics employs scientific methods to develop theories explaining the behavior of individuals, groups, and organizations.
Aristotle defined economics as the science of managing family and state.
Keynes stated that political economy is strangled by definitions.

Adam Smith, known as the Father of Economics, published "An Inquiry into the Nature and Causes of the Wealth of Nations" in 1776.
Smith defined economics as a science that studies the nature and cause of a nation's wealth.
The definition emphasizes the production and growth of wealth as the primary subject of economics.

Economics is solely the study of wealth.
Wealth refers to scarce material goods only.
Economics seeks to understand the causes that lead to an increase in wealth.
Economics studies the "economic man," someone self-interested who maximizes their selfish ends.

Too much importance is given to wealth, while human beings are secondary. Modern economics prioritizes human beings over wealth.
The definition narrowly defines "wealth" as only material goods (e.g., vehicles, industries, raw materials), excluding immaterial goods like services from doctors or teachers. Modern definitions include both.
It assumes humans act only out of self-interest to accumulate wealth, ignoring social interest. Critics like Alfred Marshall argue economics studies common people, not just those driven by self-interest.
Unnecessary stress is placed on wealth while neglecting the importance of human welfare. Wealth should enhance human welfare.
The definition ignores scarcity and choice, essential concepts in economics. Scarcity of goods having multiple uses leads to choices.
The definition is narrow and controversial because the term “wealth” lacks a clear meaning. Alfred Marshall emphasized man and his welfare in his definition of economics.

Alfred Marshall (1842-1924) wrote "Principles of Economics" in 1890.
He saw economics as the study of mankind in the ordinary business of life, examining individual and social actions closely connected with attaining and using material well-being.

Economics studies the material aspects of well-being, emphasizing materialistic aspects of economic welfare.
It concentrates on the ordinary business of life, examining how individuals earn and spend their income.
It stresses the role of man in the creation of wealth or income.
Economics deals with ordinary individuals motivated by feelings and friendship, not just monetary benefits.
It studies only activities related to material welfare, not all human activities.
Economics studies individuals in society, influencing each other. It studies earning and spending income for human welfare.
Wealth is not regarded as the ultimate goal, primary importance is given to human welfare. Money and wealth are means for human welfare.
Material or economic welfare is considered a part of social welfare, measurable in monetary terms.

Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argued that the subject was both the study of wealth and the study of mankind. He considered that it was a social science rather than a natural science.
Marshall’s distinction between economic and non-economic activities was rejected by Robbins, who argued that all human activities have some economic significance and cannot be purely classified as non-economic.
Marshall restricted economics to material resources and their consumption, excluding immaterial resources like services of professionals. Robbins argued economists should avoid bias towards one aspect.
The welfare definitions limit its scope by focusing only on material, ordinary, and economic activities, excluding others.
Marshall’s phrase