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Question
_________ defined economics as a science which studies human behaviour between ends and scarce means which have alternative uses.
_________ defined economics as a science which studies human behaviour between ends and scarce means which have alternative uses.
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Solution
The correct option is C Lionel Robbins
Lionel Robbins gave the scarcity definition of economics. According to him, economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses. We study those wants of people which are concerned with goods and services. And there is no limit to these wants and all of them cannot be satisfied due to scarce resources.
Lionel Robbins gave the scarcity definition of economics. According to him, economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses. We study those wants of people which are concerned with goods and services. And there is no limit to these wants and all of them cannot be satisfied due to scarce resources.
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