Prof. Lionel Robbins gave his definition of economics in his book” Nature and significance of Economic Science” in the year 1932 .He defined economics as,
“Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses.”
Robbins definition is based on:
1. Multiplicity of wants.
2. Scarcity of means
In other words, Robbins definition says that:
- The ends are unlimited,
- The means to achieve those ends are limited
- The means are capable of alternative uses.