5262735
Description
Mind Map by Abhyudaya Bagari, updated more than 1 year ago
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Created by Abhyudaya Bagari
about 8 years ago
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Economics
- Adam Smith
- Father of Economics
- Father of Economics
- Born with Adam Smith's publication "an inquiry into the nature and causes of wealth of nations"
- In 1776
- In 1776
- At its birth it was known as "political economy"
- The word has been derived from Oikos(house) and nemein(manage)
- Scarce resources
- Human wants
- Produce exchange and consume goods and services
Annotations:
- These are the basic economic activities
- Produce exchange and consume goods and services
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