1
1.1
Chapter ntrod tion
IntroductIon
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