Scope of Economics: The scope of economics is the area or boundary of the economics study. In scope of economics we answer and analyze the following three main questions. (1) What is the subject matter of economics? (2) What is the nature of economics? (3) What are the limitations of economics? (1) Subject matter of Economics. There is a difference of opinion among economists regarding the subject-matter... 

The Problem of Economics: Milton Friedman, like Robbins, is of the strong view that economic problem arises when people try to satisfy their endless wants with limited resources which have alternative uses. These three basic facts of economic life which give rise to problem of economics are now discussed in brief. Human wants: Economic problem of mankind owes its origin to the fact that human wants... 

Algebra had its beginnings in the evolution of the meaning of number. Slowly there emerged symbols called “numerals,” such as 1, 2, and 3, which are used to stand for certain numbers. Then relationships of numbers to one another were observed, and it was discovered that, by giving enough information about the relation of some unknown number to certain known numbers, the unknown could be determined.... 

Alfred Marshall’s Definition of Economics (The Neo-classical view) The neo-classical school led by Dr. Alfred Marshall gave economics a respectable place among social sciences. Marshall was the first economist who lifted economics from the bad repute it had fallen. Dr. Alfred Marshall (1842 – 1924) in his book, “Principles of Economics” defined Economics as a study “study of mankind in... 

Adam Smith and his distinguished followers called classical economists defined economics as a science of wealth. Adam Smith (1723 – 1790) in his famous book “An Enquiry into the Nature and Causes of the Wealth of Nations” described economics as a body of knowledge which relates to wealth. According to him if a nation has large amount of wealth, it can help in achieving its betterment. Adam...