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Summary Nature of the economic problem
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An introductory about what is Economics!
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Grade 10Unit 1.1
The nature of the
economic problem
, Definition of « Economics » by Lionel Robbins
Lionel Robbins, a British economist, defined « Economics » as:
« A social science which studies the economic behaviour of man as a
relationship between unlimited wants(ends) and scarce(limited)
resources(means) which have alternative applications(uses) »
In simpler terms, economics studies how people allocate their
limited resources to satisfy their unlimited wants.
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Mr G. DHONDOO
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