Download App

Economics : An Introduction — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomics : An Introduction2 Marks
Question
Give the definition of Robbins
✓

Answer

  • Robbins has given the definition of economics in his book, “ Nature and significance of economics” in the year $1931$ as follows:
  • “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
  • Characteristics:
  • Economics is a science of scarcity and choice.
  • He considers economics as more realistic science.
  • According to him economics deals with what is? And not with what ought to be? It do not talk about moral things like this.
  • He includes physical $($material$)$ and non-material transactions in economics.
  • There are three pillars of Robbins definition :
  • Unlimited wants.
  • Limited means to satisfied wants,
  • Alternative use of resources,
  • With limited means, how human satisfies his wants, it deals with this so.
  • It is human science also.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "2 Marks Each" from Economics : An Introduction→Economics : An Introduction — all question types→Economics STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

What are the assumptions for the explanation of circular flow of national income ?
→
" The development of transport increases supply." - Explain.
→
Give the physical meaning and example of physical and intangible goods.
→
What is demand function?
→
The king should take care of which factors during the establishment of statehood?
→
What is the main difference between the division of expenditure by state and central budget?
→
Explain, in a monopoly market firm and industry are the same.
→
Explain the meaning and concept of liberalization.
→
What is market demand?
→
What are the main characteristics of Indian economic growth before $1990-91$ and after $1990-91?$
→