GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The study of mankind in the ordinary business of life
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The study of human behaviour as a relationship between ends and scarce resources
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An Enquiry into the Nature and Causes of wealth of Nations
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None of these
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Detailed explanation-1: -Chapter I, Principles of Economics, by Alfred Marshall. Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.
Detailed explanation-2: -“Economics is the study of man in the ordinary business of life” This definition was put forward by Alfred Marshall. According to Alfred Marshall, economics is the study of man in the ordinary business of life. It examines how a person gets his income and how he invests it. Thus, on one side, it is a study of wealth.
Detailed explanation-3: -Alfred Marshall propounded the welfare definition of economics. He defined economics as the study of humankind in the ordinary business of life. It focuses on that part of individual and social practices that are related to achieving the various things that are required for survival.
Detailed explanation-4: -Marshall’s Principles of Economics (1890) was his most important contribution to economic literature. It was distinguished by the introduction of a number of new concepts, such as elasticity of demand, consumer’s surplus, quasirent, and the representative firm-all of which played a major role in the subsequent…