Q.1) What is Economics? Q.2) What is an Economy ? Q.3) Define Economics according to Lionel Robbins .
Answers
An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents
1. Economics is the social science that studies the production, distribution, and consumption of goods and services.
2. An economy is an area of the production, distribution and trade, as well as consumption of goods and services by different agents. Understood in its broadest sense, 'The economy is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources'.
3. Lionel Robbins was a British economist who proposed a very scientifically positive definition on economics where he emphasized on making choices by the study of human behaviour from various alternative uses of the scarce resources in order to maximize the satisfaction of most of the unlimited wants in the economy by setting up a positive relationship between these wants and scarce means.