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    Important Points of The Chapter

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    Economics is defined as the study of managing scarce resources and involves household management. Adam Smith is considered the Father of Economics. The key branches of economics include microeconomics, macroeconomics, international economics, development economics, and more.

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    Important Points of The Chapter

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    emmimal
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    Economics is defined as the study of managing scarce resources and involves household management. Adam Smith is considered the Father of Economics. The key branches of economics include microeconomics, macroeconomics, international economics, development economics, and more.

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    Economics is defined as the study of managing scarce resources and involves household management. Adam Smith is considered the Father of Economics. The key branches of economics include microeconomics, macroeconomics, international economics, development economics, and more.

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    6 views1 page

    Important Points of The Chapter

    Uploaded by

    emmimal
    Economics is defined as the study of managing scarce resources and involves household management. Adam Smith is considered the Father of Economics. The key branches of economics include microeconomics, macroeconomics, international economics, development economics, and more.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    Subject - Economic and Social Development Chapter - Economics: An Introduction (Part -1)

    Important Points of the Chapter:


    Definition of Economics:
    Economics as a word comes from the Greek: oikos means family, household, or estate, and
    nomos stands for custom, law etc. Thus, household management or manage -ment of scarce resources is the essential meaning of economics.

    The Father of Economics:


    Adam Smith, generally regarded as the Father of Economics

    Different Branches of Economics

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