Try again
Correct
Try again
Correct
The correct answer is (B) By restricting the definition of wealth to material wealth & the neglect of immaterial services, they narrowed down the scope of economics.
Classical economists defined wealth as material goods and services that have economic value.
This narrow definition limits the scope of economics to the study of material wealth, while neglecting the importance of immaterial services such as education, healthcare, and social services, which are essential components of economic activity.
This can lead to an incomplete understanding of economic issues and can limit the ability of economists to develop effective policies to address them.
ans: (b)