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Economics is a science and is concerned with the problem of allocation of scare resources among competing ends. These problems of allocation are regularly confronted by individuals, households, firms as well as economies. Economics is able to provide a number of sophisticated concepts and analytical tools to understand and analyze such problems.
Adam Smith is considered to be the father of Economics. According to him Economics is a science that deals with wealth. He goes on to say that Wealth is a means as well as an end. Adam Smith coined the Wealth definition of Economics.
The second definition of economics was given by Alfred Marshall as a criticism to the wealth definition given by Adam Smith. According to Alfred Marshall, Economics on one hand is the study of wealth and on the other and the most important side is the study of welfare. The definition of scarcity given by Lionel Robbins, goes on to say that economics is a science that studies the scarcity of resources and the choice of various alternatives available.
Some of the Economics topics where we provide help with are as follows:
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