Fundamental Concepts and Terminologies — Economics STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsFundamental Concepts and Terminologies2 Marks
Question
Give the meaning of wealth given by Prof. Marshall.
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Answer
Alfred Marshall, in his book ‘Principles of Economics published in $1890$, placed emphasis on human activities or human welfare rather than on wealth. Marshall defines economics as “a study of man's actions in the ordinary business of life, it inquires how he gets his income and how he uses it.” He argued that economics, on one side, is a study of wealth, and on the other, is a study of man.
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