PRC-3 · Chapter 9 · Question 10 of 45
Which of the following statements best defines Lionel Robbins' renowned scarcity definition of economics?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Economics is the study of human behavior as a relationship between ends and scarce means which have alternative uses
Explanation
Robbins (1932) defined economics around the concept of scarcity: human wants (ends) are unlimited, but the resources (means) to satisfy them are scarce and have alternative uses.
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