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.
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.
