Professional Documents
Culture Documents
Economics
Economics
Features:
Economics deals with consumption, production, exchange
and distribution of wealth.
Only material commodities constitute wealth
Deals with economic development
Criticism
Features
A study of mankind
Ordinary business of life
Study of individual and social action
Study of material welfare
Merits
Criticism
Features:
Unlimited wants or ends
Limited or scarce means
Means have alternative uses
Wants are of different intensity
Neutral between ends
Problem of choice
Merits:
It is scientific
Clearer on the scope of economics
Status of positive science
Pure science
IV. What is capitalism?
Capitalism is a system of economic organization by private
ownership
Instruments and materials of production privately owned
Work done mainly by hired labour
Use for the private profit of manmade and natural made
capital
Features:
Silent features
Demerits
Demerits