Compare and contest various definition of economic
Answers
Answer:
According to Marshall, Economics is defined as the study that is regarding ordinary ongoing business. As per Robbin, Economics is the science that is helpful in studying human behavior long with a relationship that exists between multiple ends and scarce means.
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Economics is a wide spectrum study and there are different definitions of it given by classical, neo-classical and modern economists; the most famous of those are the ones presented by Marshall and Robbins. Both the economists added different aspects to the term economics.
Economics is a wide spectrum study and there are different definitions of it given by classical, neo-classical and modern economists; the most famous of those are the ones presented by Marshall and Robbins. Both the economists added different aspects to the term economics. Marshall said that economics was the study of a person in the daily business of life. It was the study of the behaviour of the man in social and economic practices. However, it concentrated more on the process of earning of the person.
Economics is a wide spectrum study and there are different definitions of it given by classical, neo-classical and modern economists; the most famous of those are the ones presented by Marshall and Robbins. Both the economists added different aspects to the term economics. Marshall said that economics was the study of a person in the daily business of life. It was the study of the behaviour of the man in social and economic practices. However, it concentrated more on the process of earning of the person. While, Robins argued that economics was the study of the behaviour of a person in relationship of the needs and scarce resources.
Economics is a wide spectrum study and there are different definitions of it given by classical, neo-classical and modern economists; the most famous of those are the ones presented by Marshall and Robbins. Both the economists added different aspects to the term economics. Marshall said that economics was the study of a person in the daily business of life. It was the study of the behaviour of the man in social and economic practices. However, it concentrated more on the process of earning of the person. While, Robins argued that economics was the study of the behaviour of a person in relationship of the needs and scarce resources. The latest definition is that of Robins as his definition explains the main economic problem. However, the one by Marshall is the one that explains the relationship of the social and economic life.