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Lionel Robbins' Definition of Economics

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Questions and Answers

According to Lionel Robbins, economics is a science that studies the relationship between __________.

Technology and production processes

Ends and scarce means (correct)

Society and abundant resources

Human behavior and unlimited means

What does Lionel Robbins define as 'ends' in economics?

Human wants (correct)

Demand for goods

Technological advancements

Scarcely available resources

Which of the following statements is true about the production of rice and alcoholic drinks based on Robbins' definition?

Robbins did not differentiate between rice and alcoholic drinks

Production of rice is not related to human welfare

Both rice and alcoholic drinks are conducive to human welfare

Production of rice is welfare-promoting while alcoholic drinks are not (correct)

Why does Robbins emphasize that resources or means are scarce?

To highlight the need for choices in resource allocation Signup and view all the answers

What aspect of resources makes economics a science of choice according to Robbins?

Their capability of having alternative uses Signup and view all the answers

'Scarcity' in economics is defined as __________.

The limited availability of resources compared to demand Signup and view all the answers

'Welfare' in economics refers to __________.

The promotion of individual and societal well-being Signup and view all the answers

'Economics is neutral between ends' means that __________.

'Economics does not take sides on what should be produced' Signup and view all the answers

'Microeconomic aspects' in economics deal with __________.

'Small scale' resource allocation and price determination Signup and view all the answers

'Macroeconomic aspects' of economics include studying __________.

'Big picture' issues like national income generation Signup and view all the answers

Study Notes

Lionel Robbins' Definition of Economics

Lionel Robbins published "An Essay on the Nature and Significance of Economic Science" in 1932
According to Robbins, economics is a science that studies human behavior as a relationship between ends and scarce means which have alternative uses

Key Features of Robbins' Definition

Ends refer to human wants, which are unlimited in number
Resources or means are limited or scarce in supply
Scarcity of a commodity exists when its demand is greater than its supply
Scarce means are capable of having alternative uses
Economics, according to Robbins, is a science of choice

Criticism of Robbins' Definition

Criticized for not distinguishing between goods that promote human welfare and those that do not
Example: production of rice (promotes human welfare) vs. production of alcoholic drinks (does not promote human welfare)
Economics is neutral between ends, according to Robbins

Limitations of Robbins' Definition

Focus on microeconomic aspects (resource allocation and price determination) is limited, as economics also studies macroeconomic aspects (national income generation)

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Description

Learn about Lionel Robbins' definition of economics as the study of human behavior in relation to scarce resources and unlimited wants, as outlined in his book 'An Essay on the Nature and Significance of Economic Science' published in 1932.