explain marshall's definition of economic
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Answer:
Economics is the study of human activities in the ordinary course of business. It studies how man attains his income and how he utilizes it. In this way, it studies wealth, on one hand, and on the other hand, it is a part of the study of man, which is more important.
Answer:
Alfred Marshall definition of economics :
Economics is the study of mankind in the ordinary business of life. - Alfred Marshall. Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Alfred Marshall (1842-1924) wrote a book Principles of Economics in 1890. In it, he defined economics as 'a study of mankind in the ordinary business of life'. An alt_ered form of this definition is : 'Economics is a study of man's actions in the ordinary business of life'.
Alfred Marshall’s Definition of Economics
British economist Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argu_ed that the subject was both the study of wealth and the study of mankind. He believed it was not a natural science such as physics or chemistry, but rather a social science.
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