BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -“the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” (Robbins, 1935, p. 16).

Detailed explanation-2: -According to him, economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses. We study those wants of people which are concerned with goods and services. And there is no limit to these wants and all of them cannot be satisfied due to scarce resources.

Detailed explanation-3: -Major points of Lionel Robbins definition of Economics: 1-Ends (Unlimited Wants) 2-Means (Scarce Resource) 3-Alternative Uses.

Detailed explanation-4: -Understanding Scarcity In his 1932 Essay on the Nature and Significance of Economic Science, British economist Lionel Robbins defined the discipline in terms of scarcity: Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. 4.

Detailed explanation-5: -In the 20th century, English economist Lionel Robbins defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses.” In other words, Robbins said that economics is the science of economizing.