Understanding Economics . However, many years ago different mathematicians and economists defined economics in different ways, and below are just a few examples.In the very early 19th century a man called Thomas Carlyle, who was a mathematician and a teacher, defined economics as the 'dismal science'. Answer (1 of 1): Today we refer to economics as a social science. There are many different definitions of home economics by different authors. Mankiw’s status within the economics profession makes him uniquely well placed to help us understand the basic principles of economics. Various Definitions of Economics These inevitable variations in the definition of Economics arise because of the fact that the […] The earlier term for 'economics' was political economy. Greek farmer/poet Hesiod, who wrote that labor, materials, and … Economic development has several definitions from local to global perspectives. (Lionel Robbins 1935)• "The mechanics of utility and self interest." by Peter Chen. There are a variety of modern definitions of economics. May 16, 2012. Answer (1 of 1): Many authors, maths and business experts have defined what economics means to them. Economics like other social science subjects has no specific definition. 10 Different Definitions of Entrepreneurial Success. Different Definitions of Economic Development: According to Prof. Winston: "Economic Development shows the excess of consumption and production of a country as compared with increase in population. Find out what true entrepreneurial success looks like from ten rock star entrepreneurs. Some say it is the study of diet and budgeting and others say it is child care and textiles. These definitions depend greatly on the perception of the definer of the Subject. A selection of their definitions are as follows:• "Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses." ADVERTISEMENTS: Let us make an in-depth study of Market for a Commodity:- 1. In economics, distribution ALWAYS refers to distributing the benefits of production. 15 comments. Distribution is one of tose terms. Definition of Market 3. Thus, a … The earlier term for 'economics' was political 'economy'. There are a few terms in economics which economists use in very specific ways that are different than the common definitions, and even different from the way the term is used in Business, FInance, or Accounting classes. Meaning of Market 2. As there are many Economists, so there are many definitions of the subject-Economics. Definitions of economics. Some of the differences may reflect evolving views of the subject itself or different views among economists. 10 definition of Economics by defferent authors. This increase in population is due to better combination … Features. It is adapted from the French Mercantilist usage of économie politique, which extended economy from the ancient Greek term for household management to the national realm as public administration of the affairs of state. Business Definitions – By Different Authors Like Keith & Gul Bellin, Boono & Krutz, Lewis H.Haney, James Stephenson, Buskirik Green & Robgers and Others Business is a wide term and signifies all economic activities carried on with the objective of earning money or profit or gain. Professor Greg Mankiw teaches economics at Harvard University and is the author of a popular economics text book called Principles of Economics which is used at many Ivy League schools. Various definitions of 'economics' have been proposed, including the definition of 'economics' as "what economists do".. One of the earliest recorded economic thinkers was the 8th-century B.C. Meaning of Market: In common parlance, by market is meant a place where commodities are bought and sold at retail or wholesale prices. What does true entrepreneurial success look like?