GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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This definition of economics is given by which economist?"Economics is a study of administration of a scarce means and the determinants of employment and income.”
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J.M. Keynes
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Alfred Marshal
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Paul Samuelson
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Adam Smith
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Explanation:
Detailed explanation-1: -Economics is the aspect of scarcity in all economic behaviour. This definition was put forward by Lionel Robbins. According to him, economics is a science that studies human behaviour as a relationship between end and scarce means that have alternative uses.
Detailed explanation-2: -Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society.
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