4
Question
Who gave the "Scarcity Oriented" definition of Economics?
Who gave the "Scarcity Oriented" definition of Economics?
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Solution
The correct option is A Lionel Robbins
- Professor
Lionel Robbins in his book ‘Nature and Significance
of Economic Science’ (1932), gave a more exact and precise definition of economics.
- According
to Robbins, economics studies the problems which arise because of the scarcity
of resources. Nature has not provided mankind sufficient resources to satisfy
all its wants.
- Professor
Lionel Robbins in his book ‘Nature and Significance
of Economic Science’ (1932), gave a more exact and precise definition of economics.
- According to Robbins, economics studies the problems which arise because of the scarcity of resources. Nature has not provided mankind sufficient resources to satisfy all its wants.
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