Class notes

Basic Economic Problem

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Course
Economics

Institution
10th Grade

In this Unit, we define "Economics" and explain what exactly we study, with respect to, limited resources being used to satisfy unlimited wants. We also look at the different types of goods that are often talked about.

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Uploaded on April 11, 2024
Number of pages 8
Written in 2023/2024
Type Class notes
Professor(s) Self
Contains All classes

Institution Secondary school
Education 10th Grade
Course Economics
School year 1

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O Level Economics - CIE Grade 10

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Grade 10

Unit 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.

2
Mr G. DHONDOO

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