Who gave the welfare-oriented definition of Economics?
Show Hint
- Adam Smith
- Marshall
- Robbins
- Mehta
The Correct Option is B
Solution and Explanation
Step 1: Understanding the Concept:
The question asks to identify the economist associated with the "welfare-oriented" definition of economics, which shifted the focus from mere wealth to human welfare.
Step 2: Detailed Explanation:
Different economists have defined economics from different perspectives:
\begin{itemize}
\item Adam Smith gave a wealth-oriented definition, defining economics as "an inquiry into the nature and causes of the wealth of nations."
\item Alfred Marshall provided the welfare-oriented definition. In his book "Principles of Economics" (1890), he defined economics as "a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being."
\item Lionel Robbins gave a scarcity-oriented definition, defining economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
\end{itemize}
Marshall's definition is distinctly focused on human welfare as the central subject of economics.
Step 3: Final Answer:
The welfare-oriented definition of Economics was given by Alfred Marshall. Therefore, option (B) is the correct answer.
Top Questions on Economics
- In human, the deficiency of vitamin E causes
- Name the type of market competition in which there are a large number of sellers in the market for a commodity, but the product of each seller differs in some respect from the product of the other sellers; and product differentiation is the cornerstone.
- Whether to use more resources in education and health or to use more resources in building military services. Which of the central problems of an economy is accurate for this?
Match List-I with List-II
List-I (Term/Name) List-II (Characteristics) (A) Privatisation (I) Work which focuses on providing services like trade, transport, financial services etc. (B) Disinvestment (II) Spread of investment into different types of economic activities in order to reduce risks. (C) Tertiary sector (III) Private companies can invest in sectors earlier reserved for the government. (D) Diversification (IV) The government sells its share in public sector companies.
Choose the correct answer from the options given below:- Budget Set is ...................
Questions Asked in UP Board XII exam
- Find the unit vector perpendicular to each of the vectors (\( \vec{a} + \vec{b} \)) and (\( \vec{a} - \vec{b} \)) where \[\vec{a} = \hat{i} + \hat{j} + \hat{k}, \, \vec{b} = \hat{i} + 2\hat{j} + 3\hat{k}.\]
- Show that the function \( f(x) = 7x^2 - 3 \) is an increasing function when \( x>0 \).
- UP Board XII - 2026
- Application of derivatives
- The radius of an air bubble is increasing at the rate of \(\frac{1}{2} \, \text{cm/s}\). At what rate is the volume of the bubble increasing while the radius is 1 cm?
- UP Board XII - 2026
- Application of derivatives
- If three vectors \(\vec{a}\), \(\vec{b}\) and \(\vec{c}\) satisfying the condition \(\vec{a} + \vec{b} + \vec{c} = 0\). If \(|\vec{a}| = 3\), \[|\vec{b}| = 4 \text{ and } |\vec{c}| = 2, \text{ then find the value of } \vec{a} \cdot \vec{b} + \vec{b} \cdot \vec{c} + \vec{c} \cdot \vec{a}.\] 5
- Prove that (4, 4, 2), (3, 5, 2) and (-1, -1, 2) are vertices of a right angle triangle.