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Wealth of an Economy

The statement...

Question

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

A

Adam Smith

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B

Robbins

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C

Alfred Marshall

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D

Samuelson

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Solution

The correct option is B Alfred Marshall
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.

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