Economics: Concept, Meaning, Definition, and Criticism

Abstract

Economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society.

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Introduction to Economics

The term Economics is derived from the Greek word ‘Oikonomia’, which means ‘household management' - termed by Aristotle, the Greek philosopher. Further in the progress of time, at the end of the 18th century, English economics Adam Smith defined economics as 'Science of Wealth'. According to him, 'Economics is a science that enquires into the nature and causes of the wealth of nations'. It means economics is the core concept of how wealth is produced and used further. Likely many authors have given many definitions of economics. Some popular definitions are given below.

Definitions of Economics

Economics is an inquiry into the nature and causes of the wealth of nations. - Adam Smith

Economy is the art of making most of life. - George Bernard Shaw

Economics is the study of mankind in the ordinary business of life. - Alfred Marshall

Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. - Lionel Robbins

The theory of economics is a method rather than a doctrine, an apparatus of mind, a technique of thinking, which helps its possessor to draw correct conclusions. - John Maynard Keynes

Economics is the study of the use of scarce resources to satisfy unlimited human wants. - Richard Lipsey

But in modern times, we can find more realistic definitions of economics, which gives a broader view of how economics deal with several aspects.

Meaning of Economics

Human wants are unlimited. But the means that satisfy human wants are less. Here comes Economics. Economics is related to the production, distribution, and consumption of goods and services in such a way, that it can fulfill the wants and demands of humans. Thus, economics as a social science, studies how individuals, businesses...

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सार

अर्थशास्त्र इस बात का अध्ययन है कि कैसे लोग और समाज पैसे के उपयोग के साथ या बिना, दुर्लभ उत्पादक संसाधनों को नियोजित करने के लिए चुनते हैं, जिनका वैकल्पिक उपयोग हो सकता है, समय के साथ विभिन्न वस्तुओं का उत्पादन करने और उन्हें विभिन्न व्यक्तियों के बीच अभी और भविष्य में उपभोग के लिए वितरित करने के लिए और समाज के समूह।

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अर्थशास्त्र का परिचय

अर्थशास्त्र शब्द ग्रीक शब्द 'ओइकोनोमिया' से लिया गया है, जिसका अर्थ है 'घरेलू प्रबंधन' - जिसे यूनानी दार्शनिक अरस्तू ने कहा है। आगे समय की प्रगति में, 18 वीं शताब्दी के अंत में, अंग्रेजी अर्थशास्त्र एडम स्मिथ ने अर्थशास्त्र को 'साइंस ऑफ वेल्थ' के रूप में परिभाषित किया। उनके अनुसार, 'अर्थशास्त्र एक विज्ञान है जो राष्ट्रों की संपत्ति की प्रकृति और कारणों की जांच करता है'। इसका मतलब है कि अर्थशास्त्र इस बात की मूल अवधारणा है कि धन का उत्पादन और आगे उपयोग कैसे किया जाता है। संभवतः अनेक लेखकों ने अर्थशास्त्र की अनेक परिभाषाएँ दी हैं। कुछ लोकप्रिय परिभाषाएँ नीचे दी गई हैं।

अर्थशास्त्र की परिभाषाएं

अर्थशास्त्र राष्ट्रों की संपत्ति की प्रकृति और कारणों की जांच है। - एडम स्मिथ

अर्थव्यवस्था जीवन का अधिकतम लाभ उठाने की कला है। - जॉर्ज बर्नार्ड शॉ

अर्थशास्त्र जीवन के सामान्य व्यवसाय में मानव जाति का अध्ययन है। — अल्फ्रेड मार्शल

अर्थशास्त्र वह विज्ञान है जो मानव व्यवहार का अध्ययन वैकल्पिक उपयोग वाले दुर्लभ साधनों और साध्यों के बीच संबंध के रूप में करता है। — लियोनेल रॉबिंस

अर्थशास्त्र का सिद्धांत एक सिद्धांत के बजाय एक विधि है, मन का एक उपकरण, सोचने की एक तकनीक है, जो इसके 

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Difference between Commerce and Business

Abstract

Commerce is a subset of Business. Commerce is a concept related to buying and selling and related activities to buying and selling such as communication, transportation, accounting, manufacturing, advertising, and many more. But Business is much broader than commerce. Primarily Business includes profit motive and still includes some other features like it should be legal, undertaken for survival, growth, and continuity.

Visit Website: Commerceya

Subscribe on Youtube: Commerceya

Difference between Commerce and Business

Sometimes Commerce and Business, both terms are used interchangeably. It also confuses some as both the words Commerce and Business imply the same meaning. People somehow use both terms in the same way, because both are connected to Trade and Trade-related activities. Trade is related to buying and selling of both goods and services. Also, both Commerce and Business are based on these Buying and Selling Process. But there is a good difference between Commerce and Business.

Let first clear about Trade that Trade is just related to buying and selling of goods and services and nothing.

Then come to Commerce. Commerce is much closer to Trade and Trade-related activities i.e. Communication, Transportation, Insurance, Advertising, Marketing, Planning, Manufacturing, Accounting and so on…, say these trade-related activities otherwise called Commercial Activities.

But Business is something more than this Commerce. Business is a process undertaking any Economic activity with the sole motive of profit earning, still includes some other features like it should be a legal activity, undertaken for Survival, Growth, and Continuity. Business is more than just Buying and Selling, as it is connected with Management, Administrative, etc.

Commerce is an approach relatable to buying and selling and related activities, hence, one can’t say that he/she can own commerce.

Business is more physical in the sense that it can be owned by a person. In Simple words, a Business and its operations can be managed by a person, but Commerce can’t be.

• Thus, we say Commerce is a part of Business, carrying out the activities buying, selling, planning, advertising, marketing, etc. in the name of Business.

• We can say, one does Business with his/her clients but can’t say one does commerce with his/her clients.

• We can say Business runs with the name of a specified legal entity, like Reliance Jio Infocom Ltd., Birla Group of Industries, Bharat Petroleum Corporation Ltd., Taratarini Biriyanis, Value and Variety (V2), Infosys Ltd., ICICI Bank Ltd., etc. This means they are running their business, but we can’t say they are running the commerce, although their business includes several commercial activities.

If one tries to represent Trade, Commerce, and Business through Venn diagram, Trade and Commerce appear to be subsets of Business, the largest circle containing trade and Commerce.

सार

वाणिज्य व्यवसाय का एक उपसमूह है। वाणिज्य खरीद और बिक्री से संबंधित एक अवधारणा है और संचार, परिवहन, लेखा, निर्माण, विज्ञापन, और कई अन्य चीजों को खरीदने और बेचने से संबंधित है। लेकिन व्यापार वाणिज्य की तुलना में बहुत व्यापक है। मुख्य रूप से व्यवसाय में लाभ का उद्देश्य शामिल होता है और फिर भी इसमें कुछ अन्य विशेषताएं शामिल होती हैं जैसे कि यह कानूनी होना चाहिए, अस्तित्व, विकास और निरंतरता के लिए किया जाना चाहिए।

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वाणिज्य और व्यवसाय के बीच अंतर

कभी-कभी वाणिज्य और व्यवसाय, दोनों शब्दों का परस्पर उपयोग किया जाता है। यह कुछ लोगों को भ्रमित भी करता है क्योंकि वाणिज्य और व्यवसाय दोनों शब्दों का अर्थ एक ही है। लोग किसी तरह दोनों शब्दों का एक ही तरह से उपयोग करते हैं, क्योंकि दोनों व्यापार और व्यापार से संबंधित गतिविधियों से जुड़े हैं। व्यापार वस्तुओं और सेवाओं दोनों की खरीद और बिक्री से संबंधित है। साथ ही, वाणिज्य और व्यवसाय दोनों इन खरीदने और बेचने की प्रक्रिया पर आधारित हैं। लेकिन कॉमर्स और बिजनेस में अच्छा अंतर है।

पहले व्यापार के बारे में स्पष्ट कर दें कि व्यापार केवल वस्तुओं और सेवाओं की खरीद और बिक्री से संबंधित है और कुछ नहीं।

इसके बाद कॉमर्स में आएं। वाणिज्य व्यापार और व्यापार से संबंधित गतिविधियों जैसे संचार, परिवहन, बीमा, विज्ञापन, विपणन, योजना, विनिर्माण, लेखा आदि के बहुत करीब है ..., व्यापार से संबंधित गतिविधियों को अन्यथा वाणिज्यिक गतिविधियां कहा जाता है।

लेकिन व्यापार इस वाणिज्य से कुछ अधिक है। व्यवसाय लाभ कमाने के एकमात्र उद्देश्य के साथ किसी भी आर्थिक गतिविधि को करने वाली एक प्रक्रिया है, इसमें अभी भी कुछ अन्य विशेषताएं शामिल हैं जैसे कि यह एक कानूनी गतिविधि होनी चाहिए, जो कि अस्तित्व, विकास और निरंतरता के लिए की जानी चाहिए। व्यवसाय केवल ख़रीदना और बेचना नहीं है, क्योंकि यह प्रबंधन, प्रशासनिक आदि से जुड़ा हुआ है।

वाणिज्य खरीद और बिक्री और संबंधित गतिविधियों से संबंधित एक दृष्टिकोण है, इसलिए, कोई यह नहीं कह सकता कि वह वाणिज्य का मालिक हो सकता है।

व्यवसाय इस अर्थ में अधिक भौतिक है कि उस पर एक व्यक्ति का स्वामित्व हो सकता है। सरल शब्दों में, एक व्यवसाय और उसके संचालन को एक व्यक्ति द्वारा प्रबंधित किया जा सकता है, लेकिन वाणिज्य नहीं किया जा सकता है।

• इस प्रकार, हम कहते हैं कि वाणिज्य व्यवसाय का एक हिस्सा है, जो व्यवसाय के नाम पर खरीद, बिक्री, योजना, विज्ञापन, विपणन आदि गतिविधियों को अंजाम देता है।

• हम कह सकते हैं, कोई अपने ग्राहकों के साथ व्यापार करता है लेकिन यह नहीं कह सकता कि कोई अपने ग्राहकों के साथ वाणिज्य करता है।

• हम कह सकते हैं कि व्यवसाय एक निर्दिष्ट कानूनी इकाई के नाम से चलता है, जैसे रिलायंस जियो इन्फोकॉम लिमिटेड, बिड़ला ग्रुप ऑफ इंडस्ट्रीज, भारत पेट्रोलियम कॉर्पोरेशन लिमिटेड, तरतारिणी बिरयानी, वैल्यू एंड वैरायटी (V2), इंफोसिस लिमिटेड, आईसीआईसीआई बैंक लिमिटेड आदि। इसका मतलब है कि वे अपना व्यवसाय चला रहे हैं, लेकिन हम यह नहीं कह सकते कि वे वाणिज्य चला रहे हैं, हालाँकि उनके व्यवसाय में कई व्यावसायिक गतिविधियाँ शामिल हैं।

यदि कोई वेन आरेख के माध्यम से व्यापार, वाणिज्य और व्यवसाय का प्रतिनिधित्व करने का प्रयास करता है, तो व्यापार और वाणिज्य व्यवसाय के सबसेट प्रतीत होते हैं, जो कि व्यापार और वाणिज्य दोनों से युक्त सबसे बड़ा सर्कल है।

Difference between Commerce and Business

Abstract

Commerce is a subset of Business. Commerce is a concept related to buying and selling and related activities to buying and selling such as communication, transportation, accounting, manufacturing, advertising, and many more. But Business is much broader than commerce. Primarily Business includes profit motive and still includes some other features like it should be legal, undertaken for survival, growth, and continuity.

Visit Website: Commerceya

Subscribe on Youtube: Commerceya

Difference between Commerce and Business

Sometimes Commerce and Business, both terms are used interchangeably. It also confuses some as both the words Commerce and Business imply the same meaning. People somehow use both terms in the same way, because both are connected to Trade and Trade-related activities. Trade is related to buying and selling of both goods and services. Also, both Commerce and Business are based on these Buying and Selling Process. But there is a good difference between Commerce and Business.

Let first clear about Trade that Trade is just related to buying and selling of goods and services and nothing.

Then come to Commerce. Commerce is much closer to Trade and Trade-related activities i.e. Communication, Transportation, Insurance, Advertising, Marketing, Planning, Manufacturing, Accounting and so on…, say these trade-related activities otherwise called Commercial Activities.

But Business is something more than this Commerce. Business is a process undertaking any Economic activity with the sole motive of profit earning, still includes some other features like it should be a legal activity, undertaken for Survival, Growth, and Continuity. Business is more than just Buying and Selling, as it is connected with Management, Administrative, etc.

Commerce is an approach relatable to buying and selling and related activities, hence, one can’t say that he/she can own commerce.

Business is more physical in the sense that it can be owned by a person. In Simple words, a Business and its operations can be managed by a person, but Commerce can’t be.

• Thus, we say Commerce is a part of Business, carrying out the activities buying, selling, planning, advertising, marketing, etc. in the name of Business.

• We can say, one does Business with his/her clients but can’t say one does commerce with his/her clients.

• We can say Business runs with the name of a specified legal entity, like Reliance Jio Infocom Ltd., Birla Group of Industries, Bharat Petroleum Corporation Ltd., Taratarini Biriyanis, Value and Variety (V2), Infosys Ltd., ICICI Bank Ltd., etc. This means they are running their business, but we can’t say they are running the commerce, although their business includes several commercial activities.

If one tries to represent Trade, Commerce, and Business through Venn diagram, Trade and Commerce appear to be subsets of Business, which is the largest circle containing both Trade and Commerce.

Difference between Commerce and Business

Abstract

Commerce is a subset of Business. Commerce is a concept related to buying and selling and related activities to buying and selling such as communication, transportation, accounting, manufacturing, advertising, and many more. But Business is much broader than commerce. Primarily Business includes profit motive and still includes some other features like it should be legal, undertaken for survival, growth, and continuity.

Visit Website: Commerceya

Subscribe on Youtube: Commerceya

Difference between Commerce and Business

Sometimes Commerce and Business, both terms are used interchangeably. It also confuses some as both the words Commerce and Business imply the same meaning. People somehow use both terms in the same way, because both are connected to Trade and Trade-related activities. Trade is related to buying and selling of both goods and services. Also, both Commerce and Business are based on these Buying and Selling Process. But there is a good difference between Commerce and Business.

Let first clear about Trade that Trade is just related to buying and selling of goods and services and nothing.

Then come to Commerce. Commerce is much closer to Trade and Trade-related activities i.e. Communication, Transportation, Insurance, Advertising, Marketing, Planning, Manufacturing, Accounting and so on…, say these trade-related activities otherwise called Commercial Activities.

But Business is something more than this Commerce. Business is a process undertaking any Economic activity with the sole motive of profit earning, still includes some other features like it should be a legal activity, undertaken for Survival, Growth, and Continuity. Business is more than just Buying and Selling, as it is connected with Management, Administrative, etc.

Commerce is an approach relatable to buying and selling and related activities, hence, one can’t say that he/she can own commerce.

Business is more physical in the sense that it can be owned by a person. In Simple words, a Business and its operations can be managed by a person, but Commerce can’t be.

• Thus, we say Commerce is a part of Business, carrying out the activities buying, selling, planning, advertising, marketing, etc. in the name of Business.

• We can say, one does Business with his/her clients but can’t say one does commerce with his/her clients.

• We can say Business runs with the name of a specified legal entity, like Reliance Jio Infocom Ltd., Birla Group of Industries, Bharat Petroleum Corporation Ltd., Taratarini Biriyanis, Value and Variety (V2), Infosys Ltd., ICICI Bank Ltd., etc. This means they are running their business, but we can’t say they are running the commerce, although their business includes several commercial activities.

If one tries to represent Trade, Commerce, and Business through Venn diagram, Trade and Commerce appear to be subsets of Business, which is the largest circle containing both Trade and Commerce.