It is common to distinguish necessaries, comforts, and luxuries; the first class including all things required to meet wants which must be satisfied, while the latter consist of things that meet wants of a less urgent character.

In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.

Political Economy or Economics is a study of mankind in the ordinary business of life.

Material goods consist of useful material things, and of all rights to hold, or use, or derive benefits from material things, or to receive them at a future time.

The most valuable of all capital is that invested in human beings

Though a simple book can be written on selected topics, the central doctrines of economics are not simple and cannot be made so.

It is common to distinguish necessaries, comforts, and luxuries; the first class including all things required to meet wants which must be satisfied, while the latter consist of things that meet wants of a less urgent character.