MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Inequality and Externality

The important...

Question

The important feature(s) of Marshall's definition:

A

Economics is a study of mankind in the ordinary business of life

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

Economics is a marketable science of individual welfare

No worries! We‘ve got your back. Try BYJU‘S free classes today!

C

Economics studies pre-requisites for wealth generation

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

All of the above

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is D Economics is a study of mankind in the ordinary business of life
Alfred Marshall was a British economist who proposed the definition of welfare according to which economics is a science of creation of welfare for both human as well as society. Therefore, economics studies the ordinary business activities done by a man in daily life to generate wealth which is used to create welfare for both human and society.

Suggest Corrections

thumbs-up

0

Similar questions

Q. Who expressed the view that economics is the study of mankind in the ordinary business of life?

Q. The statement that 'economics is the study of mankind in the ordinary business of life' was given by _____________.

Q. ___________ defines economics as a study of man in the ordinary business of life. It enquired how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.

Q. As per____________ "Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man".

Q. As per ______, Economic is a study of man in the ordinary business of life. It enquires how he gets in income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Inequality and Externality

ECONOMICS

Watch in App

explore_more_icon

Explore more

Inequality and Externality

Standard XII Economics

Join BYJU'S Learning Program

CrossIcon