CHAPTER 2
Fundamentals of Mathematics and Engineering Economics
2.1 INTRODUCTION
The activities required to generate income are termed as economic activities, which are responsible for the origin and development of economics as a subject. Economics originated as a science of statecraft and the emergence of political economy. In 1776, Adam Smith (Father of Economics) states that Economics is the science of wealth, and economy is concerned with the production, consumption, distribution and investment of goods and services.
We might take our definition of Economics from the father of Economics, Adam Smith. He entitled his famous book in 1776 as An Inquiry into the Nature and Causes of the Wealth of Nations. That is not a bad description of the ...
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