Micro Economics

May 20th, 2015
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Aberystwyth University
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According to Marshall, Law of Demand states that amount demanded increases with a fall in price and diminishes when price increases, others things being equal.

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1.NATURE OF ECONOMICSDEFINITION OF ECONOMICS The term economics is derived from the word oeconomicus by Xenophon in 431 B.C. It is derived from two words economy and science. Economy means proper utilization of resources. It means economics is the science of economy or science of proper utilization of resources. It is comprised of theories, laws, principle related to utilization of resources so as to solve the economic problems, satisfy the human wants or need and so on. However, the economics is defined in different ways by different economists.There are mainly three definitions of economics:-a. classical or wealth definition (Adam Smith)-1776 A.Db. neo-classical or welfare definition (Alfred Marshall )-1890 A.Dc. modern or scarcity and choice definition (Lionel Robbins)-1932 A.Da. classical or wealth definition (Adam Smith)-1776 A.D The famous classical economist Adam smith for the first time defined economics as science of wealth. The definition was given in the book an enquiry to the nature and the causes of wealth of nations published in 1776 A.D. the book is popularly known as wealth of nations. According to smith, labor is the main source of income or wealth. More wealth is accumulated only if more labor is used. Economics explains the human behavior and activities they do f

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