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Fundamentals of Economics, Microeconomics, Macroeconomics and Types of Economies
What is the central problem that gives rise to the entire study of Economics?
The central problem is scarcity — human wants are unlimited but the means to satisfy them are scarce and have alternative uses.
Which economist's definition of Economics is known as the 'wealth definition'?
Adam Smith
How did Lionel Robbins define Economics?
Robbins defined Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Which economist's definition of Economics is known as the 'welfare definition'?
Alfred Marshall
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