Definition of Economics

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Definition of Economics

Economics according to Lord Robinson in 1932 is defined as the Social science which studies human behavior with relationship between ends and scare means which have alternative uses.

‘Ends’ here means Wants

Key words to note in this definition;

Note: that the Economist tries to put some certain terms in place which is most relevant in defining Economics these are:

·         Social science, that deals with human behavior.

·         It relationship with want, end and scares mean and;

·         It alternative uses.

Also note; that Human wants are numerous, which all can’t be satisfied.

Secondly; resource are Limited/ Scare which satisfying human want will be so impossible.

Thirdly; there is always an alternative uses, the use of a means for one end prevents its uses for the other in most cases. E.g. Money is capable of being used for buying cloth, houses etc. that is money serve different purpose, difference alternative based on ones preference.

Lastly; Based on the facts given above choice is necessarily, Individual will have to make choice based on their preference.

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