Question

Which of the following embody a more widely accepted definition of Economics.

• A. "An inquiry into the nature and causes of the wealth of nations"
• B. "The part of social Welfare which can be brought directly of indirectly into relationship with the measuring rod of money"
• C. "A study of mankind in the ordinary business of life material requisites of well-bring"
• D. "A science which studies human behaviour as a relationship between end and scarce which have alternatives uses"

Answer 1

The correct option is D "A science which studies human behaviour as a relationship between end and scarce which have alternatives uses"

"A science which studies human behaviour as a relationship between end and scarce means which have alternative uses" is a more widely accepted definition of economics given by Robbins. Scarcity refers to the basic economic problem, the gap between limited – that is, scarce– resources and theoretically limitless wants. This situation requires people to make decisions about how to allocate resources efficiently, in order to satisfy basic needs and as many additional wants as possible.

Hence, D is the correct option.