Question

4.i) “Economics is the study of Scarcity and Choice". Critically examine this definition of Economics of Robbins.​

Answer 1

Answer:

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Explanation:

In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends AND SCARE means which have alternative uses

Answer 2

Economics is the study of Scarcity and Choice. It is correct as economics is the study of resources.

Explanation:

• Economics can be defined as a subject that majorly deals with resources, the availability of those resources, and the use of the resources.
• It is also very well-known that resources are limited in number while their uses are unlimited.
• The uses of resources are explained in such a manner that they are monitory in nature and can be measured in numericals.
• Therefore economics can be defined as the study of resources and their scarcity. It is also the study of the choice made by people on how they want to use the resources and meet their needs.