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∙ 11y agoEconomics is the study of man in ordinary business of life. It enquires how he gets his income and here he uses it. It examines that part of individual and social action, which is most closely connected with the attainment and with the use of material requisites of well-being………………..It is the study of wealth on one side and on the other side, which is more important, it is a part of the study of man."
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∙ 12y agoeconomics is the study of mankind in the ordinary business of life.
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∙ 13y agoAlfred Marshall defines economics as, "The science which studies human behaviour as a relationship between ends and scarce means, which have an alternative use."
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Comparison between Alfred marshall and robin's definition of economics?
The comparism between the definition of economics given by Alfred Marshall & Robbins is that it both studies human behaviors.
What is difference between Adam smith and Alfred Marshall on economics definition?
Marshall and Robbins have defined Economics in different ways but there are some similarities and differences between there definition which are mention below Similarities 1 Study of human activities Both Marshall and Robbins have given the primary place to human beings,both have ignored important of wealth and stressed in the human activities. 2 Wealth and scarce means There is no fundamental difference between wealth and scarce means.Robbins used the words scarce means and Marshall used the word wealth which signify the same meaning because in economics wealth includes only those items that are limited all scarce to fulfill the unlimited desires. 3 Maximum welfare and Maximum Satisfaction Marshall's definition reverse to the utilization of wealth for the promotion of maximum welfare and Robbin's definition referred to the utilization of scarce means for the maximum satisfaction therefore both their definitions signify the same meaning. 4 Human Behaviors Marshall's definition has studies the human social behavior whereas Robbin's definition definition has studies all types of human behavior therefore both definitions has studied the human behavior.
What is Marshall's definition of labor?
Marshall defines labor as, "any exertion of mind or body undergone partly or wholly with a view to reach some goods other than the pleasure derived directly from the work."
What are the merits of definition of economics given by robbins?
merits and demerits by robbin defination
What are the merits and demerits of the definition of economics by Marshall?
Dr. Marshall is the founder of neoclassical school of thought.Hisfollowers are Cnon,Pgo,Pretoand Clark. Marshall cleaned all the black spots from this subject. He wrote a book " Principles of Economics " in 1878 and defined economic in following words:" Economics is a study of man's action in the ordinary business of life it inquires how he gets his income and how he uses it. It examines that part of an individual and social actions which is mostly closely connected with the attainment and with the use of material requisites of well being. Thus economics is on one side a study of wealth and on the other and important side a part of the study of man ".MAIN POINTS OF THIS DEFINITION1.Economics is interested in human welfare an not in wealth.2.It is a social science. A person who is cut away from the society is not the subject of study of economics.3.Economics does not study of all the activities of man. It only study ordinary business of life.4.Economics is a concerned with the ways in which a man works on natural resources for the satisfaction of material wants.MERITS OF MARSHALL'S DEFINITION1. COMPREHENSIVE :-Prof Marshall's definition is more better and comprehensive as compared to the Adam Smith definition.2. STUDY OF HUMAN LIFE :-According to this definition of economics studies the human life. So there is a particular objective of this subject which is human life.3. IMPORTANCE OF SOCIETY :-According to this definition society has been given much importance and all those people who earn and consume wealth have been discussed.4. AN-ORDINARYMAN DISCUSSED :-Economics is a social science which studies man's social life. Those people who do not perform social activities like saints and mad will not be studied in economics.5. IMPORTANCE OF WELFARE :-Marshall stresses on individual and collective welfare. This definition clusters round the welfare.6. UNEQUAL DISTRIBUTION OF WEALTH PROBLEM :-Prof. Marshall has also discussed to solve the problem of unequal distribution of wealth.7. IMPORTANCE TO MAN :-In this definition man has given primary importance and wealth has been given secondary importance which is used for the prosperity of man.8. WELFARE THE AIM :-According to this definition the aim and objective of this subject is the welfare of human being.Marshall says that economics explains those principles which enable a person to meet his desires by using the wealth. It is very useful for the prosperity of human being.CRITICISM :-For a long time this definition was accepted but in 1930 Robbins criticized this definition on the following grounds.DEMERITS OF MARSHALL'S DEFINITION1. NARROW SCOPE :-According to this definition economics is concerned only with those activities which promote only material welfare and it has unnecessarily narrowed the scope of economics.2. NON MATERIAL SERVICES IGNORED :-It ignores the non material services like the services of teacher which has an important contribution of economic welfare.3. NOT CLEAR :-The distinction made in this definition between ordinary business of life is not clear.4. SOCIETY IS DISCUSSED ONLY :-According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.5. CONCEPT OF WELFARE DIFFERS :-There is no unanimity about the concept of welfare. Ideas about welfare very from time to time place to place and person to person.6. UN MEASURABLE CONCEPT :-The measurement of welfare is not possible. One person can not explain that how much quantity of welfare he has received after spending 5$ on cinema ticket.7. WEALTH CONCEPT IS NOT CLEAR :-Prof. Marshall has not explained the meaning of wealth clearly.8. LIMITED CONCEPT OF WEALTH CONSUMPTION :-Man spends his income on two kinds of necessities. Some are materialistic while the other are non materialistic. But according to this definition non materialistic necessities are out of subject.9. QUESTION OF LIKES AND DISLIKES :-Prof. Robbins says that this definition creates the question of likes and dislikes and we are bound to do only those actions which are helpful in the material welfare.10. INVOLVES VALUE JUDGEMENT :-In this definition the word "Welfare" involves value judgement but according to Robbins economists are forbidden to pass any verdict
Comparison between Alfred marshall and robin's definition of economics?
The comparism between the definition of economics given by Alfred Marshall & Robbins is that it both studies human behaviors.
The definition of citizenship by TH marshall?
Citizenship as defined by TH Marshall is full membership of a community. Marshall's theory was developed in 1950 after his essay, Citizenship and Social Class.
What is difference between Adam smith and Alfred Marshall on economics definition?
Marshall and Robbins have defined Economics in different ways but there are some similarities and differences between there definition which are mention below Similarities 1 Study of human activities Both Marshall and Robbins have given the primary place to human beings,both have ignored important of wealth and stressed in the human activities. 2 Wealth and scarce means There is no fundamental difference between wealth and scarce means.Robbins used the words scarce means and Marshall used the word wealth which signify the same meaning because in economics wealth includes only those items that are limited all scarce to fulfill the unlimited desires. 3 Maximum welfare and Maximum Satisfaction Marshall's definition reverse to the utilization of wealth for the promotion of maximum welfare and Robbin's definition referred to the utilization of scarce means for the maximum satisfaction therefore both their definitions signify the same meaning. 4 Human Behaviors Marshall's definition has studies the human social behavior whereas Robbin's definition definition has studies all types of human behavior therefore both definitions has studied the human behavior.
What is eminems given name?
Marshall Mathers. Hence, M n M.
Where does the name marshall come from?
The definition of Marshal originaly came from the Greek language, meaning 'Huge weener'
What is the definition of favorites?
People who are given advantages.
What is the definition of national theory?
The national theory refers to the definition of a given nation based on its values.
What is Marshall's definition of labor?
Marshall defines labor as, "any exertion of mind or body undergone partly or wholly with a view to reach some goods other than the pleasure derived directly from the work."
What is a Reich Marshall?
The Reich Marshall was the title given to Field Marshall Herman Goring by Hitler to basically give him a higher military rank to the other field marshals at that time which was 1940. This title made him the senior field marshal outranking them all.
What is the definition of counterpoint?
Melody added as an accompaniment to a given melody.
What is the definition of 'lecherous'?
Definition: lustful, lewd; given to excessive indulgence in sexual activity. Taken from Answers.com Viper1
What The forest has the highest biodiversity compared to other terrestrial ecosystem what is the definition could be given?
when the highest biodiversity compared to other terrestrial ecosystem.when i defined biodiversity to the group. what is the definition could i given?
