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1.1.4 Scarcity definition
Professor Lionel Robbins provided this definition. According to him : (i) man has unlimited wants or ends, (ii) the means or resources to satisfy them are limited, (iii) the resources are not specific and have alternative uses and (iv) hence there is an urgent need to choose between wants Thus, Lionel Robbins defined economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. |
Last modified: Monday, 19 December 2011, 5:34 AM