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Comparison between the Marshall and Robbins definition of economics...

 Marshall defined economics as a science of material welfare. It emphasized on human welfare through the attainment and use of the material requisites of well-being. On the other hand, Robbins's definition of economics as a science of scarcity and choice emphasized on maximum satisfaction while satisfying unlimited wants through limited means which have alternative uses. From intensive analysis of these two definitions, we find the following similarities and dis-similarities:- Similarities.....  1. Study of human efforts : Both Marshall and Robbins considered economics as the study of human behavior or efforts for the material welfare of human beings or maximum satisfaction of human beings.  2 . Study of rational man: Both definitions are based on the assumption of rational man. The function of attaining and using material things for welfare of human beings in Marshall's definition and maximizing satisfaction through the scarce resources in Robbins's definition can be ach...
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Derivation of Individual and Market demand curve.

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Derivation of Individual Demand Curve...  Individual demand curve can be derived with the help of individual demand schedule. In case of individual consumer also, demand increases when price decreases and vice versa other factors remaining the same. It may be defined as tabular presentation of various units of price and quantity demanded for a commodity by a consumer during a certain period of time, other factors remaining the same. It is presented in the following schedule: Schedule of Individual demand..  In the above schedule, it is seen that a consumer demanded 1 kg of a commodity when price of the commodity is Rs. 10 per kg. When price decreases from Rs. 10 per kg to Rs. 8,Rs.6, Rs. 4 and Rs. 2 per kg, the quantity demanded for the commodity increases from 1 kg to 2 kg, 3 kg, 4 kg and 5 kg respectively. The table clearly shows the inverse relation between price and quantity demanded for a commodity. If we present the schedule in the form of diagram, we will get individual...
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Why PPC is also called transformation curve?

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 PPC- Transformation Curve...  PPC is also called transformation curve because it shows the nature of transformation of one commodity into other with the shift of resources from one use to others. Production with given resources and technology are being fully utilized and employed. The combination of two commodities produced can lie anywhere on the PPC but inside and outside it as shown in the following figure:     In the above figure, point ‘H' lies below the PPC is inefficient because the available resources and technology aren’t fully utilized. Similarly point ‘G' lie above the PPC is unattainable due to limited stocks of resources and technology.
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Adam Smith Definition of Economics

 Adam Smith's definition of Economics...  Adam Smith, founder of modern economics and the leader of classical economists developed economics as a separate social science. So he is regarded as a father of Modern Economics. He wrote a book on the subject named " An Enquiry into the Nature and Causes of the Wealth of the Nations " which was published in 1776AD. This book is regarded as the holy book of economics and popularly know as'The Wealth of Nations'. The name of the book is itself sufficient to understand what economics is and the subject matter does it cover.                    According to him, economics is the study of the nature and causes of the wealth of the nation and it is concerned with production and increase of nation's wealth. The term wealth means sufficient money resources. This definition was supported by various classical economists like J. B. Say, J. S. Mill, F. A Walker, David Ricardo, Thomas Robert Mathus...
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