Question

“Economics studies human behaviour as a relationship between ends and scarce means which have alternative uses” is the definition of economics of
a. Lionel Robbins
b. Adam Smith
c. Alfred Marshall
d. Paul A Samuelson

Answer 1

This definition of economics had been coined by Lionel Robbins and thus, the options ‘a’ is the correct answer.

He rectified the definition created by Dr. Alfred Marshall, which stated that economics shows the sources of wealth of a man and how well can he uses that money.

However, Robbins said that the welfare of a man does not entirely depend on his monetary strength and materialistic needs, but also the non-materialistic matters are concerned as well.