BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A is true, but B is false
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A is false, but B is true
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Both A and B are true
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Both A and B are false
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Detailed explanation-1: -Similarities Between The Definition Of Marshall And Robbins Marshall used the word ‘wealth’, in his definition, whereas; Prof. Robbins has related Economics with ‘limited means’ (or scarcity). Therefore, there is similarity in the views of both because wealth is that object or service, whose supply is limited.
Detailed explanation-2: -Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses (p. 16).
Detailed explanation-3: -In his landmark essay on the nature of economics, Lionel Robbins defined economics as. “the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” (Robbins, 1935, p. 16).