merits and demerits of robbins defination of economics.
Answers
"Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses" , this definition is given by British economist Lionel Robbins.
Demerits :
Scarcity definition is not dynamic in nature because it has only discussed about the problems of present generation, not anything about future generation. Hence the definition suffers with the problem of economic growth.
Economic problem may also persists even when there is abundant supply of resources. The Great Depression of 1930s in USA was due to abundance of goods, but not due to scarcity of resources.
It is not fit for socialist economy because the government takes initiates to supply the basic necessities of life to the people.
Merits :
Scarcity helps us in deciding how to use our resources efficiently. It helps with economizing of resources.
Because of scarcity of goods, only limited wants can be satisfied. Hence, it helps to know which human want is more important than other and needs to be satisfied immediately.
It helps in choosing which service we want and need in relation to the prices of the good or service.
Answer:
merits of causative definitions are unlimited wants human wants are unlimited wants are not only unlimited but the also tend to multiply over time as one want is satisfied another Bond crops up since wants are unlimited scotts means human want unlimited addresses unlimited all world cannot be satisfied ativan in time we have to decide which one time this fulfilled which possible left and full body for the time being alternative uses of neem it is it different way in vijay resources and the used issues of candy good too ultimate team uses enjoy some want unlimited stop with attitude is give vice city problem of choice the human wants are and less people have to make it choice
Explanation:
demerits it regard economic as a neutral between end this has made economic a positive science economic is not only positive size but also a normative science positive economic is concerned with what it is where as normative economic is concerned with what should be or what or to be it has restricted economic did theory of the product and factor pricing it is not focus on the important economic issue economic growth all the problem of economic do not arise from the car City it arise from the over production also and economic is not only concerned with the present economic problem but also with the future problem