Question

PIU.Which definition of economics is the most acceptable and why? Explain.the​

Answer 1

Answer:

Explanation:

According Lionel Robbins which gave most acceptable definition as Economics can be regarded as science that studies human behaviour which gives relationship that exist between ends and scarce that means which have alternative uses.

Some of the key words that made it acceptable are ;

✓ Unlimited wants: the wants of human are unlimited, cannot be satisfied completely

✓Alternative use of resource:

✓ Limited means: there are limited human wants , though resources needed to get them satisfied are limited

✓Economising resources: