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Features of Marshall's definition of economics are:
1. study of material requisites of well-being - it indicates that economics is only the study of material aspects of a well-being.
2. consentrates on the ordinary business of life - these definitions show that economics deals with the study of man in the ordinary business of life.it inquires how an individual gets his income and how he spends it.
3. a stress on the role of man - these definitions stress on the role of man in the creation of wealth or income.
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoIt is beter than the former definitions. It is comprehensive and clear. It is a social science.
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