Question

"Economics is a science." The basis of this statement is _____.

• A. Relation between cause and effect
• B. Use of deductive method and inductive method for the formations of laws
• C. Experiments
• D. All of the above

Answer 1

Answer: (D)

All of the above

Lionel Robbins has given scarcity definition of economics in these words, "Economics is a science that studies human behaviour as a relationship between limited resources and unlimited wants which have alternative uses".

Lionel Robbins definition was analytical rather than classificatory. Instead of discussing a certain type of human behaviour, it focused its attention on a particular aspect of human behaviour that is behaviour concerned with the scarcity of resources and unlimited wants.