The subject matter of economics deals with the matters that one can study in economics or the issues which are a major concern and focuses on economics as a social science. Its subject matter is changing with the phase of time and preference of people living in society.
Once China was an economically strong nation with its glorious history. With phases of time, China has faced internal fragmentation, historical humiliation, colonial evasion, and economic crunch. In modern times China has become one of the powerful economies of the globe with communist supremacy.
Economics is a dynamic social science and its definition has been changing with reference to time and era of thoughts of economists. Adam Smith defined it as the study of wealth, Marshal as the study of welfare and Robbins as the study of scarcity and choice.
Almost all the ancient thinkers like Chinese, Greek, Arab Islamic, and Scholastic did not track economics as a separate subject rather they all were much engaged on more ideological and philosophical issues.