Question 26 of 35
Q.Who has given scarcity definition of economics ?
(a) Robbins
(b) Adam Smith
(c) Robertson
(d) Marshall
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Start your 14-day free trial to unlock the full solution →The correct option is (a) Robbins: the scarcity definition is Robbins'.
Lionel Robbins defined economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This scarcity definition shifts the focus of economics to the problem of choice arising from limited resources and unlimited wants — the central economic problem.
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