Q.State Robbins' definition of economics.

Robbins wanted a definition that applied to every kind of economic activity, without reference to wealth or welfare at all. …

In his 1932 essay, Lionel Robbins rejected both the wealth and welfare definitions and instead defined economics purely in terms of scarcity and choice: 'Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.' The four elements packed into this definition are: (i) unlimited human ends/wants, (ii) scarce means to satisfy them, (iii) those means having alternative uses, and (iv) the need to choose among competing ends. This makes the definition genuinely universal — it applies to a rich person and a poor person, a household and a nation, a capitalist economy and a socialist one — because scarcity relative to wants is a condition every economic agent faces. Its main limitation, pointed out by later ec …