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What is Engineering Economics?
Definitions of Economics
Many economists have defined economics in many ways. Following are some of the definitions by economics experts:
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| What is Engineering Economics? |
Definition Of Engineering Economics by James Stewart
Economy in general is the art of providing for all the wants of a family, so as the science of political economy seeks to secure a certain fund of subsistence for all the inhabitants, to obviate every circumstance which may render it precarious; to provide everything necessary for supplying the wants of the society, and to employ the inhabitants in such manner as naturally to create reciprocal relations and dependencies between them, so as to supply one another with reciprocal wants.
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Definition Of Engineering Economics by Alfred Marshall
Economics is the 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 the material requisites of wellbeing. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man.
Definition Of Engineering Economics by Lionel Robbins
Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Definition Of Engineering Economics by Adam Smith
Consumption is the sole end and purpose of all production; and the interest of the producer ought to be attended to, only so far as it may be necessary for promoting that of the consumer.
So, based on all these definitions, Economics can be defined as follows:
Economics is the social science that examines how people choose to use limited or scarce resources in attempting to satisfy their unlimited wants.
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