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Means: Household
All Natural Resource / Management
Free Gift of Nature

Oikonomia Father of Political Economics

All Physical & Mental Effort Land Subject: Arts + Science
Father of Economics
perfomed by the human beings
Comes from
'An Inquiry into the Nature and Causes
Produced means of Labour of the Wealth of Nations'
laws of production, exchange, distribution
Factors Of Production Economics Adam Smith and consumption of Wealth
mixed function
bears risk and
uncertainty The Wealth of Nations (1776)

Positive Alfred Marshall Father of Neo-Classical Economics

Causes and Consequence of The Fact
Types Economics is a Social Science
Value Judgement Normative
' A Study of Mankind in the ordinary business
Prof. Boulding of life, it examines the behaviour of
individual and social action '
Micro / Small J.M Keynes
Consumer Behaviour, production, caused,
theory of distribution, Father of Modern Economics
demand & supply, market structure etc.

'Price Theory'
Jacob Viner
'Economics is What Economist Do'
Macro / Big

Prof. Samuelson

National Income,poverty,
theory of investment,banking etc. Term Micro and Macro economics are coined by :
Prof. Ragner Frisch (1933)
'Theory Of Income and
Employment '