BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This definition of economics is given by which economist?"Economics is a study of administration of a scarce means and the determinants of employment and income.”
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J.M. Keynes
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Alfred Marshal
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Paul Samuelson
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Adam Smith
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Explanation:
Detailed explanation-1: -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.
Detailed explanation-2: -Elaborating this point, Keynes wrote: “Economics is a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world.
Detailed explanation-3: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
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