Question

compare and contrast various definition of economics(5 mark)​

Answer 1

Alfred Marshall’s Definition of Economics

British economist Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argued that the subject was both the study of wealth and the study of mankind. He believed it was not a natural science such as physics or chemistry, but rather a social science.

Lionel Robbin’s Definition of Economics

Lionel Robbin, another British economist, defined economics as the subject that studies the allocation of scarce resources with countless possible uses. In his 1932 text, “An Essay on the Nature and Significance of Economic Science,” Robbins said the following about the subject: “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”

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Answer 2

Explanation:

Economics is the study of mankind in the ordinary business of life. - Alfred Marshall. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

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