Respuesta :
The Scarcity, and Growth descriptions more suits for economics.
Why is the idea of scarcity important to the definition of economics?
Scarcity is one of the most significant factors that influence collection and demand. The scarcity of interests plays a significant role in influencing competition in any price-based market. Because scarce goods are generally subject to greater demand, they often command higher prices as well.
What is the meaning of growth in economics?
Economic growth is an expansion in the production of goods and services in an economy. Enlargements in capital goods, labor force, technology, and human capital can all donate to economic growth.
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The defination of scarcity perspective suits for Definition of the economics.
What do you mean by economics?
Economics study of production distribution and consumption of goods and services in an economy.
There are definitions of economics that can be classified into 4 groups.
- Wealth
- Material welfare
- Scarcity
- Growth- Centrered
1. Wealth definition: according to Adam Smith, economics is the study of nature and causes of nation's wealth or simply St study of wealth.
2. Material welfare definition: According to Alfred Marshall, economics is a study of man in the ordinary business of life. It requires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of a study of man.
3. Scarcity definition: according to Leonel Robbins, economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
4. Growth-Centered definition: according to Samuelson, economics is the study of how people and society end up choosing with or without the use of money, employ scarce productive resources that could have alternative uses to produce various commodities over time and distributing them for conception, now or in the future, among various persons or groups in the society. It analyses the costs and benefits of improving patterns of resource allocation.
Thus, the definition of scarcity perspective suits best the definition of economics. Economics is a science that studies human behavior which aims at allocation of scarce sources to get satisfaction and to maximize social welfare.
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