Human wants

As Explained in the previous chapter,the economics problem arises because
the wants for goods and services are unlimited and the resources to satisfy
them are limited.this gives rise to the problem of choice which wants to
be satisfied and which ones to be left unsatisfied or less than fully
satisfied.what are they unlimited?

                                   In the primitive times,mans'wants were
very few,The primitive man wanted some fruits and animal flesh to satisfy
his hunger and leaves and bark of trees to cover his body,some cave to get
shelter.however,with the growth of society and the civiliazation,man's
wants have greatly increased not only in quantity but also in variety.
There are now over hundred types of food to be taken,numerous varietyof clothes
to be worn,different types of houses with various designs are available
to satisfy the wants of the people for the food,clothing and shelter respectively
But modern man's wants are not limited only food,clothing and shelter.in other words
present-days man wants much more than"ROTI,KAPRA,MAKAN,AUR SEX".He wants
a good sofa set,dining table and drinks and so on to satisfy his multiple
wants.As there is economic progress and the standards of living in the society rise

Economics is a science of material welfare

Marshall is one of the economists who contributed a good deal to economic theory.Even his definition of economics occupied important place in the literate of economics from the disrepute it had fallen because of it association with the study of wealth.Marshall pointed out that,for economics,wealth is not an end in itself but it is only a means to an end;the end being the promotion of human welfare.Thus,according to Marshall,wealth is only a secondary things;it is man and his ordinary business of life.which is the primary object of economics study.in fact,Marshall tried to make the study of economics an engine of social betterment.

                                                                           Marshall's definition,the primary object and end of economics is not concerned with the totally of human welfare but only a part of it .economists are connected with the achievement and the use of  the material means of welfare.Thus,Marshall mentioned in his definition that economics "examine that part of individual and social action which is most closely connected with attainment and with the use of the material requisites of well-beings that stands for material welfare.it is thus clear that Marshall laid emphasis on material." 

Economics is science of wealth

In the seventeen and eighteen centuries when religion ethics had a strong hold on minds of men anything which was connected with wealth and riches was looked upon as sordid and mean.since economics was defined have ignored the higher values of life and are hankering after formulation of laws which seek "to enrich both the people and the sovereign." Economics,it was said has elev ed wealth into an 'object' of scientific study however,this is improper,unwarranted and rep rents a based attitude towards economics.classical economists like Adam smith,Ricardo and Malthus did not teach people to worship mammon or wealth, understood in the sense of goods or commodities,which is needed to provide physical subsistence to men and to raise their standards of living.How a nation wrests wealth from the niggardly nature,how this wealth is distributed and exchanged With in nation.studying the laws of production,exchange and contribution to the promotion of social welfare.Therefore,it is unjust to dub economics as dismal and mean science.
                                                                                        However,wealth definition of economics is not classical economics was concerned with material wealth because it was easier to measure it accurately.Adam smith drew distinction between productive labor  and un-productive labor.The labor was called "productive"and that which produced immaterial services such as the services of teachers,actors dancers,musicians,etc.were regarded by him as 'unproductive'.
                                                                                     
                                                                                             It is this view point,that is,the neglect of immaterial services as the subject of study in economics that has been rightly criticized by l.Robbins and others.Further keeping such immaterial things as health,education,good administration outside the definition of wealth and therefore beyond the bounds of economics science shows that the classical economists did not realize and recognize the importance of these things for economic growth of a nation,or to put in their own words,for the expansion of material wealth,several modern economists have emphasized the role of education,health and good administration and have shown that key greatly raise the productivity of man and promote economic growth of a nation.in view of their vital importance in raising production and productive,good wealth,eduction and skills have in  fact been called human capital promoting education,health,etc.has been called by modern economists as investment in human capital or investment in man.

Conclusion

By considering the problem of production,distribution and exchange of wealth,classical economists focused attention on the important issues with which economic is concerned.However,by restricting the definition of wealth and the neglect of immaterial services in their economics studies they narrowed down the scope of economics.Further,they also showed a biased attitude by regarding rights to private property or wealth as natural and moral and rights.

Meaning of Economics

Knowledge has many branches and economics is an important and useful branch of knowledge.In recent,the science of economics has assumed greater significance in view of the fact that knowledge  of economics is being used for initiating and accelerating growth in developing economics of the world and thus for eradicating want, poverty and employment from the human race.Besides the nature of so many other problems such as inflation,food ,stagnation and recession,population explosion,adverse balance of payments and so on that confront the economics of today can not be understand and solution for them con not be provided without the adequate knowledge of the science of economic

                                                                                  But the before we start the study of the principles of economics, it will be but proper to explain to the students what economics is about or, in other words,what is nature of economics.perhaps there is no other science or  a body of knowledge in regard to which there has been such a great controversy about its proper definition as about economics has been variously defined by different economists from time to time,This is partly because "Economics is an unsatisfied".with the passage of time there have been significant developments in economic theory and new subjects have been included in it.it is still in the process of growth and development.