Understand the Problem
The image provides definitions and key points related to various economists and their contributions to the field of economics. It discusses the views of Adam Smith, Alfred Marshall, and Lionel Robbins, along with notable contributions to environmental economics and the branches of economics such as micro and macro economics.
Answer
Prof. Alfred Marshall's welfare-oriented definition of Economics focuses on the study of mankind in the ordinary business of life and the use of material requisites of well-being.
Prof. Alfred Marshall's welfare-oriented definition of Economics focuses on the study of mankind in the ordinary business of life and the use of material requisites of well-being.
Answer for screen readers
Prof. Alfred Marshall's welfare-oriented definition of Economics focuses on the study of mankind in the ordinary business of life and the use of material requisites of well-being.
More Information
Alfred Marshall's definition of economics emphasizes the tangible and practical aspects of economic activities concerning individual and social well-being.
Tips
A common mistake is to overlook the focus on both individual and social actions in Marshall's definition. Ensure to mention this dual focus.
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