Question

state Marshall's definition of economics?
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Answer 1

Answer:

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Explanation:

Marshall defined it in these words. Economics is the study of humans, in relation to the ordinary business of life. It studies that portion of the personal and social activities, which are closely related to the attainment of material resources, related to welfare and its utilization.

Answer 2

Explanation:

British economist Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argued 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.

, it is on one side the study of wealth and on the other and more important side a part of the study of man.” Important points of Marshall's Definition: Man is at the center: Marshall gave primary importance to man and wealth was given secondary importance.

The following are the characteristics of economic activities:

Wealth Producing Activities:

Satisfying Human Wants:

Money Income:

Developmental Activities:

Proper Allocation of Resources:

Optimum Use of Resources: