(a)What is Economics?

Economics is a social science subject.

Economics uses scientific methods to explain and predict the behaviour of individuals and firms in using scarce resources to satisfy unlimited wants.

(b) Father of Economics

The father of Economics is Adam Smith. He is the author of the book “Wealth of Nations”. “Wealth of Nations” is considered to be the foundation of modern economic theory.

In this book, the concept of “invisible hand” was introduced. It states that since the market is self-regulating (invisible hand), the government (visible hand) should keep minimal intervention in the market.