1. Wealth Definition:
2. Welfare definition:
Alfred Marshall tried to rectify the defects of wealth definition. The real subject matter of economics is man and his wants. The wealth definition concentrated on subjects of satisfaction of wants. Marshall laid greater emphasis on welfare. He said that “political economy or economics is a study of mankind in the ordinary business of life:It examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well being”. To Marshall, wealth is the means and welfare is the end.
3. Scarcity definition:
According to Robbins –” It is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.
4. Growth definition:
According-P.Samuelson “Economics is the study of how people and society end up with or without money to employ scarce productive resources that could have alternative uses to produce commodities and distribute them for consumption, now or in the future among persons and groups in society. It analysis the cost and benefits of improving the pattern of resource use.”