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Write a description of Economics given by Lionel Robbins.

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  • According to Lionel Robbins, “Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”.
  • Since human wants are unlimited their priority is determined.
  • The satisfaction of the basic needs are given priority.
  • A scarce resource like land can be used either for agriculture or industries or development of infrastructure.
  • In this way, Economics studies human behaviour related to unlimited wants with limited resources that have alternative uses.

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