Question

Discuss the main characteristics of scarcity definition given by robbins

Answer 1

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

Answer 2

✳️⬅️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✳️✳️