Intro Flashcards
1
Q
What is the traditional term for ‘economics’?
A
Political Economy
2
Q
Who provided a widely accepted definition of economics in 1890?
A
Alfred Marshall
3
Q
How did Alfred Marshall define economics?
A
“Economics is a study of man in the ordinary business of life.”
4
Q
Who defined economics as the science of scarcity and choice?
A
Lionel Robbins
5
Q
In Robbins’ view, what is economics concerned with?
A
The relationship between ends and scarce means with alternative uses
6
Q
Why was Robbins’ definition of economics criticized?
A
It was seen as overly broad, lacking a specific focus on markets.
7
Q
A
