Can Anyone Give Definition Of Economics By Dr. Alfred Marshal?


3 Answers

Tahir Mahmood Profile
Tahir Mahmood answered
Definition of Economics by Dr. Alfred Marshall:
Economics is a study of mankind in the ordinary business of life.

Ordinary business of life: According to marshal we study only the life of ordinary persons, who take part in the economic activities in a normal ways.

According to Marshall we study only those things which give us physical satisfaction. Such as food, cloth etc. Marshal does not include those activities which relate to our mental or spiritual satisfaction. He does not include the services of doctors, teachers and lawyers.
According to Marshall, Economics is a study of welfare of the society. He considered only those activities which relate to welfare of the society. All those activities which are harmful for the human being are excluded from the study of economics.
thanked the writer.
Anonymous commented
Economics is the study of mankind in the ordinary course of business of examins that parts of social and individual actions which are closly connected with attainments and use of material requsition of well being
Anonymous Profile
Anonymous answered
Economics is the study of man's actions in ordinary business of life. It examines how a person gets his income and how he uses it.Thus , it is on one side , a study of wealth and on other and more important side a part of the study of man.
Attiprincess .. Profile
Attiprincess .. answered
Micro-economics may be defined as that branch of economic analysis which studies the economic behaviour of an individual unit,may be a person,a particular household or a particular firm.

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