Question

Write three main features of Robbins' definition.

Answer 1

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

Major points of Lionel Robbins definition of Economics:

1 - Ends (Unlimited Wants)

2 - Means (Scarce Resource)

3 - Alternative Uses