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l Introduction Source: Dune Poster Origin and meaning of economics: The science of economics was born with the publication of Adam Smith. “An Inquiry into the Nature and Cause of Wealth of Nations” in the year 1776. Adam Smith is known as the Father of Economics. At its birth, the name of economics was “political economy.” Toward the end of the 19th century, there was a definite change from the use of the word “political economy” to “Economics”. The use of the word “Economics” is derived from two Greek words: oikus (a house) and nomos (to manage). The word economics literally means home management with limited funds available in the most economic manner possible. Lionel Robbins defines economics as a science of scarcity . Economics is the science of scarcity which studies human behavior as a relationship between ends and scarce means which have alternative uses. Paul A. Samuelson defines economics s the study of how men and society choose with or without the use of mone...