Short note on the subject matter of economics.
Subject matter of economics.. Various economists defined economics in various ways. So it's very difficult to define the subject matter of economics. However, economics is always concerned with the economic activities of human beings. Therefore, subject matter of economics is economic circle which consists of three variables i.e wants, efforts and satisfaction, it's represented in the following figure: According to classical economists, the subject matter of economics is wealth. According to Marshall, the subject matter is study of social man in respect to material welfare. And according to Robbins, the subject matter of economics is the scarcity and choice. According to classical view, the process of wants, efforts and satisfaction is divided into five sections of study. 1. Consumption: Consumption means destruction of utility to satisfy human wants...