The word economy comes from the Greek phrase ―one who manages a household‖. The science of economics in its current form is about two hundred years old. Adam Smith – generally known as the father of economics – brought out his famous book, ―An Inquiry into the Nature and Causes of Wealth of Nations‖, in the year 1776. Though many other writers expressed important economic ideas before Adam Smith, economics as a distinct subject started with his book. There is no universally accepted definition of economics (its definition is controversial). This is because different economists defined economics from different perspectives: a. Wealth definition, b. Welfare definition, c. Scarcity definition, and d. Growth definition