Discuss the main characteristics of scarcity definition given by robbins
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Following are the points:
Ends (Unlimited Wants)-> every person have unlimited wants.
Means (Scarce Resource)-> resources are limited here
Alternative Uses-> every resource have alternative use
Ends (Unlimited Wants)-> every person have unlimited wants.
Means (Scarce Resource)-> resources are limited here
Alternative Uses-> every resource have alternative use
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✳️⬅️Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.” – Prof. Lionel Robbins.⬅️✳️
✳️✳️(i) Unlimited Wants
(ii) Limited Means
(iii) Alternative Use of Resource
(iv) Economising Resources
v) Problem of Choice✳️✳️
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