Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. explain
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This definition also known as scarcity defination was provided by Lionel robbin! he says human wants are unlimited. Firstly, the fulfillment of one want gives rise to number of new wants.
Secondly, means are scarce:the means of a person by which his wants may be satisfied are limited. it leads to economic problems as all wants cannot be satisfies
Thirdly, resources are not only scarce but also have multiple uses. for examples electricity can be used in homes as well as in industries . if scarce factor is used for satisfaction of one want, less of it will be availabe for other wants. hence,man has to make a decision regarding alternative use of resources
Fourth, Man has to therefore choose between wants,and problem of choice arise!
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