Question

How does Robbins define Economics?

• A. Science of market
• B. Science of business
• C. Science of life
• D. Science of scarcity

Hint:

Robbins (1932) defined economics around scarce means with alternative uses, not welfare.

Answer 1

The Correct Option is D

Step 1: Understanding the Question:
Lionel Robbins gave a scarcity-based definition of Economics in 1932, shifting away from Marshall's welfare-based definition.

Step 2: Why option D is correct:
Robbins defined Economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This is universally summarised as the "Science of scarcity" (or the science of choice).

Step 3: Why option A is wrong:
"Science of market" describes only the exchange side of economic activity, not Robbins's behavioural/choice-based definition.

Step 4: Why option B is wrong:
"Science of business" narrows economics to commerce alone, which is not what Robbins meant by ends and scarce means.

Step 5: Why option C is wrong:
"Science of life" was, roughly, Marshall's welfare-based framing (economics as an ordinary business of life), not Robbins's.

Final Answer:
Robbins's definition is the Science of scarcity.