BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Robbins
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Marshall
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Pigou
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Adam smith
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Detailed explanation-1: -This concept was coined into existence by the British economist Lionel Robbins. Hence, economics is neutral among ends. Also, as long as an outcome is reached, it doesn’t matter, how it was reached. Robbins expressed the view that ‘Economics should be neutral between ends’.
Detailed explanation-2: -Lionel Robbins was a British economist who proposed a very scientific definition on economics where he emphasized on setting up an effective relationship between the human wants and scarce means to maximize the satisfaction of most of the unlimited wants in the economy.
Detailed explanation-3: -Marshall expressed the view that economics is the study of mankind in the ordinary business of life in his definition of economics.
Detailed explanation-4: -The definition appears in the Essay by Robbins as: “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
Detailed explanation-5: -Adam Smith is the Father of Economics. Q.