Question 1
Basic Concepts"Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." 'Ends' here refers to
- A.resources
- B.wants
- C.choice
- D.output
- E.factors.
Show the answer and explanation
Answer: B (wants)
Explanation
In Robbins' definition the 'ends' are the wants people want to satisfy, while the 'scarce means' are the resources used to satisfy them.