ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Economics comes in whenever more of one thing means less of another.

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: -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 science which studies human behavior as a relationship between ends and scarce means which have alternative uses (p. 16).

Detailed explanation-5: -Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It differs from neoclassical economics, which assumes that most people have well-defined preferences and make well-informed, self-interested decisions based on those preferences.