What is economics? What is its history and who invented it?
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What is economics? What is its history and who invented it?
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PART ONE:-
Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
SOURCE: https://arts-sciences.buffalo.edu
PART TWO:-
Economic history is the academic study of economies or economic events of the past. Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. The field can encompass a wide variety of topics, including equality, finance, technology, labour, and business. It emphasizes historicizing the economy itself, analyzing it as a dynamic force and attempting to provide insights into the way it is structured and conceived.
Inventor - Adam Smith
Answer:
Economics is the science and study of a society's ability to produce goods and services, buy and sell them, and consume them. Documentation, theories, and discussions go back thousands of years.
Explanation:
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