Grade 10
Unit 1.1
The nature of the
economic problem
, Definition of « Economics » by Lionel Robbins
Lionel Robbins, a British economist, defined « Economics » as:
« A social science which studies the economic behaviour of man as a
relationship between unlimited wants(ends) and scarce(limited)
resources(means) which have alternative applications(uses) »
In simpler terms, economics studies how people allocate their
limited resources to satisfy their unlimited wants.
2
Mr G. DHONDOO
Unit 1.1
The nature of the
economic problem
, Definition of « Economics » by Lionel Robbins
Lionel Robbins, a British economist, defined « Economics » as:
« A social science which studies the economic behaviour of man as a
relationship between unlimited wants(ends) and scarce(limited)
resources(means) which have alternative applications(uses) »
In simpler terms, economics studies how people allocate their
limited resources to satisfy their unlimited wants.
2
Mr G. DHONDOO
