Question

Write a description of Economics given by Lionel Robbins.

Answer 1

• According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”. 
• Since human wants are unlimited their priority is determined. 
• The satisfaction of the basic needs are given priority. 
• A scarce resource like land can be used either for agriculture or industries or development of infrastructure. 
• In this way, Economics studies human behaviour related to unlimited wants with limited resources that have alternative uses