Question

What are the main features of Marshall’s definition of economics?

Answer 1

1. Study of Mankind: It focuses on human beings and their economic activities, emphasizing man rather than wealth.
2. Study of Ordinary Business of Life: Economics studies how individuals conduct their daily economic activities, such as earning and spending income.
3. Emphasis on Material Welfare: Economics is concerned with material welfare, considering wealth only as a means to achieve human well-being.
4. Use of Money: Material welfare is measured in money terms, making money a central tool in the study of economics.