GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Samuelson
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Lionel Robbins
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Robertson
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Marshall
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Detailed explanation-1: -“the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses” (Robbins, 1935, p. 16).
Detailed explanation-2: -He defined economics as a science that studies human behaviour as a relationship between ends and scarce means that have alternative uses. Here, ends are the needs and scarce means are the limited resources that can be put to different uses.
Detailed explanation-3: -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-4: -Alternative Use means use of a material for a purpose other than for which it was conceived, which is beneficial because it promotes resource efficiency; Sample 1.