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Sandeep Garg Economics Class 12 Ebook Download is a guide written by Sandeep Garg from the best resource of world wide. You can download this ebook from here. You can also buy physical copies of this ebook from Amazon and Flipkart at affordable price. This e-book provides information about all important aspects of economics which helps you to understand the practicing and field of economics fully. Introduction: What is Economics? The study or analysis of methods for using scarce resources, such as time, money, material goods, energy, etc., in the most effective way possible given a particular set of constraints or preferences for a specific objective or goal. Introduction: Importance of Economics Economics is important to all of us. Almost everything we do and think about can be linked to economics in some way. Economics is a distinct branch of social science which deals with the issues related to production, distribution, consumption and the availability of resources. It provides insights about our actions and shows ways by which they can be improved for overall development of a country. Economics provides a scientific approach to understanding economic phenomena as they relate to human behaviour, giving insight even into human activity that is not related directly to economic activity, such as leisure activities. Newton held an apple in his hand and he noticed that it always attracted toward the ground, so he formulated a law of nature, which is now famously known as Newton's Law of Gravity. Similarly, economics helps us to understand the working of economic laws and formulate a set of rules with which we can lead a better life. In every walk of life, if we have to take any good decision then we need to keep in mind that what are the effects of our decisions on the entire economic system as a whole. We have to understand how this system works and analyze different factors that may affect it before taking any significant decision for our growth and development. Every person is an economic agent who has full freedom to take his / her own decisions for betterment of self. Since every person is the best judge of his / her future, therefore, it's necessary that we take our own decisions and entire blame or success lies on us only. Introduction: Economics as a Subject Economics has its origin in Ancient Greece where philosophers wrote about how prosperity could be achieved through the use of limited resources. The first economic thought was given by Aristotle (384-322 B.C.), who studied the economy under the perspective of ethics. He explained that economics was not merely confined to materialism, but it encompassed living standards and idea about life too. Economic Thought: Classical Economics During the period of Classical Economics, people believed that economics was a field which deals with materialistic basis and human desires. Adam Smith (1723-1790) defined economics as an enquiry concerning the production, distribution and consumption of wealth. Therefore, he emphasized that it deals with morality and social conduct. Smith considered man as a rational animal who is driven by passions and selfish interests. He considered man as the measure of all things and economic development as a continuous progress. Economic Thought: Classical Economics: Adam Smith's Wealth of Nations: During the period of Classical Economics, people believed that economics was a field which deals with materialistic basis and human desires. cfa1e77820