BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Prof. Lionel Robbins
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Paul Samuelson
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Adam Smith
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J.M. Keynes
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Detailed explanation-1: -Almost 80 years ago, Lionel Robbins proposed a highly influential definition of the subject matter of economics: the allocation of scarce means that have alternative ends.
Detailed explanation-2: -Lionel Robbins (1932) developed implications of what has been termed “[p]erhaps the most commonly accepted current definition of the subject": Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Detailed explanation-3: -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.
Detailed explanation-4: -Economics is the study of mankind in the ordinary business of life.-Alfred Marshall.
Detailed explanation-5: -British economist Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argued that the subject was both the study of wealth and the study of mankind. He believed it was not a natural science such as physics or chemistry, but rather a social science.