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Definition of economy
Factors of production
Nature of economy
How economic problems arises?
Economic System
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Agenda

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Fundamentals of Economics What is an economy?

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-Adam smith

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- Robbins

December 10, 2014

What is an Economics?

he gets his income and how he uses it. Thus it is on one side a study of wealth and on
- Marshall

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Economy is the study of

how we choose to use
limited resources to obtain
the maximum satisfaction
of unlimited human wants

Economy

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Unlimited Wants

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Wants for clothing

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Wants for food

Unlimited wants

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Needs and Wants:

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How economic Problem arises?

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Planned economy
Free economy
Mixed economy

Economic system

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