BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The study of mankind in the ordinary business of life
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The study of human behaviour as a relationship between ends and scarce resources
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An Enquiry into the Nature and Causes of wealth of Nations
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None of these
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Detailed explanation-1: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall . Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Detailed explanation-2: -Chapter I, Principles of Economics, by Alfred Marshall. Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
Detailed explanation-3: -Alfred Marshall was a British economist. Marshall specified the basic economic activities carried out by a person in order to exist. Thus, by ‘ordinary business of Life’, he referred to the study about economic activities of man.