Question

Critically explain the scarcity definition of economics

Answer 1

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Critically examine the Robbins definition. Prof. Robbins criticized the Marshall's definition and offered the most precise and scientific definition of economics. " The science which studies human behavior as a relationship between ends and scarce means which have alternative uses."

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Answer 2

The scarcity definition refers to the unlimited wants of the people and the limited resources within the economy. It is how the individuals  use the resources to take care of their needs

Explanation:

• The scarcity definition was given by Prof. Lionel Robbins. Scarcity refers to scare resources within the economy and the choice that people make to satisfy their desires in the best ways possible
• In terms of economics the scarcity definition relates to the gap in the economy with the limited resources and the unlimited wants. The decisions that the people make about taking care of their wants and requirements and more.
• The wants and desire of the people keep growing. Where one want gets satisfied there are additional wants and desires that come up. They have to make a decision on their important needs which could be materialistic or non materialistic with their limited means  

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