Robbins scarcity oriented definition

Helpful for Commerce Students

1. FUNDAMENTALS OF BUSINESS ECONOMICS { CC 103 } B.COM SEM -I

2. UNIT-I BASIC CONCEPTS AND DEFINITIONS

3. LIONEL ROBBINS British economist (1898-1984) ROBBINS SCARCITY ORIENTED DEFINITION

4. DEFINITION According to Prof.Robbins “ Economics is concerned neither with ‘material means” nor with “welfare”. In his well known book entitled “An essay on the nature and significance of economic science” published in 1932,he defined economics as “a science which studies human behavior as a relationship between ends and scare means which have alternative uses”.

5. CHARACTERISTICS OF DEFINITION Unlimited ends Urgency of wants differ Limited resources Alternative uses of scare means

6. LIMITATIONS OF DEFINITION Welfare is also included Limited view Regarding economic development Social behavior more important than individual behavior Regarding intelligent behavior Useless for developing countries

7. THANK YOU Prepared by Dr.Jagdish Maheshwari Assistant Professor, Tolani Institute of Commerce,Adipur