This document discusses the definitions and history of economics and agricultural economics. It provides 4 definitions of economics: (1) Wealth definition by Adam Smith who saw it as the science of wealth, (2) Welfare definition by Alfred Marshall who defined it as studying well-being, (3) Scarcity definition by Lionel Robbins who emphasized scarce resources, and (4) Growth definition by Paul Samuelson who focused on allocating scarce resources over time. It then defines agricultural economics as applying economic theory to optimize food and fiber production and distribution, beginning as a field focused on maximizing crop yields while maintaining soil health.

1. P.MOHAMED SIDDIK
2021031052
ECONOMICS
AND
AGRICULTURAL ECONOMICS

2. INTRODUCTION
 Economics were derived from two greek
words,viz.,oikos (a house) and namein(to
manage) which would mean managing an
household.
 Economics is the social science that
studies the production,distribution and
consumption of goods and services.

3. A. Wealth definition
B. Welfare definition
C. Scarcity definition
D. Growth definition
DEFINITIONS OF ECONOMICS

4. 1.WEALTH DEFINITION
Wealth definition was given by adam smith.He
defined economics as science of wealth.
He considered that the individual in the society
wants to promote only his own gain and in this ,he is
led an “invisible hand”.

5. 2.WELFARE DEFINITION
Welfare definition was given by alfred marshall.
He defined economics is a study of mankind in the
ordinary business of life;it examines that part of
individual and social action which is closely
connected with the attainment and with the use of
the material requisites of well being.

6. 3.SCARCITY DEFINITION
It was given by lionel robbins.
According to him,economics is a science which
studies human behaviour as a relationship between
ends and scarce means which have alternate uses.

7. 4.GROWTH DEFINITIONS
Growth definition was given by prof.paul
samuelson.
He defined economics as “the study of how men and
society choose,with or without the use of money,to
employ scarce productive resources which could
have alternate uses,to produces various commodities
over time,and distribute them for consumption,now
and in future among various people and groups of
society.”

8. AGRICULTURAL ECONOMICS

9. AGRICULTURAL ECONOMICS
Agricultural economics is an applied field of
economics concerned with the application of
economic theory in optimizing the production and
distribution of food and fiber products. Agricultural
economics began as a branch of economics that
specifically dealt with land usage. It focused on
maximizing the crop yield while maintaining a
good soil ecosystem.