BHSIEUP Class 12th Economics

Different economic definitions have been suggested, including the definition of' economics' as' what economists do.' Political economy was the earlier term for' economics.' It is adapted from the French Mercanti list use of economic policy, which extended the economy from the ancient Greek term for household management to the national realm as state affairs public administration. Sir James Steuart (1767) wrote the title of the first novel in English with' political economy' as follows: Economy in general (is) the art of providing for all the needs of a family, [ so the science of political economy ] seeks to secure for all the inhabitants a certain subsistence fund, to avoid any circumstances that might make it precarious ; to provide everything necessary to meet the needs of society and to employ the inhabitants.

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