Chapter                      ntrod       tion
                           Economics is the study of how goods and services are produced, distributed and
                      consumed. As resources are always in short supply, the British economist Lionel
                          Robbins in 1935 described the discipline as ‘the science of scarcity’.*
     In This Chapter...
     ‰ Economics: The Discipline                           ‰ The Idea of National Income
     ‰ Organising an Economy                               ‰ Revision in the Base Year and Method of National
     ‰ Role of The State in an Economy                         Income Accounting
     ‰ Washington Consensus                                ‰ Income Estimates for 2017–18
     ‰ Sectors of an Economy
     ‰ Types of Economies
      * David Orrel and Borin Van Loon, I                         Faber & Faber, London, 2011, p. 3