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Lionel Robbins defined economics as the study of the relationship between unlimited wants and scarce resources.
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As per Wikipedia ” Economics studies how to use the limited resources to satisfy the unlimited wants of men. In the words of Lionel Robbins, the modern economist, ‘Economics is a science which studies human behavior as relationship between ends and scarce means which have alternatives uses’.”
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Video OnĀ Lionel Robbins
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