SlideShare a Scribd company logo
FUNDAMENTALS OF
BUSINESS ECONOMICS
{CC 103}
B.COMSEM-I
DEFINITION
• According to Prof.Robbins “ Economics is
concerned neither with ‘material means” nor with
“welfare”.
• In his well known book entitled “An essay on the
nature and significance of economic science”
published in 1932,he defined economics as “a
science which studies human behavior as a
relationship between ends and scare means
which have alternative uses”.
CHARACTERISTICS OF DEFINITION
• Unlimited ends
• Urgency of wants differ
• Limited resources
• Alternative uses of scare means
LIMITATIONS OF DEFINITION
• Welfare is also included
• Limited view
• Regarding economic development
• Social behavior more important than
individual behavior
• Regarding intelligent behavior
• Useless for developing countries
THANKYOU
Prepared by
Dr.Jagdish Maheshwari
Assistant Professor,
Tolani Institute of Commerce,Adipur

More Related Content

What's hot

20130126 international economics chap1 introduction
20130126 international economics chap1 introduction20130126 international economics chap1 introduction
20130126 international economics chap1 introductionFED事務局
 
Liquidity preference theory
Liquidity preference theory Liquidity preference theory
Liquidity preference theory
AinulHossainRakib
 
Adam Smith theory of international trade
Adam Smith theory of international tradeAdam Smith theory of international trade
Adam Smith theory of international tradezeddem
 
Economic theories
Economic theoriesEconomic theories
Economic theories
Julienne Regalado
 
Concept of economics
Concept of economicsConcept of economics
Concept of economics
ASAP
 
Macro vs Microeconomics
Macro vs MicroeconomicsMacro vs Microeconomics
Macro vs Microeconomics
eduCBA
 
Marginal Utility
Marginal UtilityMarginal Utility
Marginal Utility
jaffnauniversity
 
Theory of income and employment chap 1
Theory of income and employment chap 1Theory of income and employment chap 1
Theory of income and employment chap 1
Nayan Vaghela
 
Consumption
ConsumptionConsumption
Consumption
Madhav Chhabra
 
Monopolistic Competition Micro Economics ECO101
Monopolistic Competition Micro Economics ECO101Monopolistic Competition Micro Economics ECO101
Monopolistic Competition Micro Economics ECO101
Sabih Kamran
 
Law of diminishing marginal utility
Law of diminishing marginal utilityLaw of diminishing marginal utility
Law of diminishing marginal utility
amritpal kaur
 
Marshall's definition of economics
Marshall's definition of economicsMarshall's definition of economics
Marshall's definition of economics
DrJagdish Maheshwari
 
international trade and balance of payments for 2nd semester economics for BBA
international trade and balance of payments for 2nd semester economics for BBAinternational trade and balance of payments for 2nd semester economics for BBA
international trade and balance of payments for 2nd semester economics for BBAginish9841502661
 
Liquidity Preference Theory
Liquidity Preference TheoryLiquidity Preference Theory
Liquidity Preference Theory
efinancemanagement.com
 
David ricardo
David ricardoDavid ricardo
David ricardoU6410
 
6. joan robinson's model
6. joan robinson's model6. joan robinson's model
6. joan robinson's model
Prabha Panth
 
Invisible hand
Invisible handInvisible hand
Invisible hand
Yumonomics
 
Intro to Macroeconomics - Book Version
Intro to Macroeconomics - Book VersionIntro to Macroeconomics - Book Version
Intro to Macroeconomics - Book VersionMark Anthony
 

What's hot (20)

20130126 international economics chap1 introduction
20130126 international economics chap1 introduction20130126 international economics chap1 introduction
20130126 international economics chap1 introduction
 
Liquidity preference theory
Liquidity preference theory Liquidity preference theory
Liquidity preference theory
 
Adam Smith theory of international trade
Adam Smith theory of international tradeAdam Smith theory of international trade
Adam Smith theory of international trade
 
Economic theories
Economic theoriesEconomic theories
Economic theories
 
Concept of economics
Concept of economicsConcept of economics
Concept of economics
 
Macro vs Microeconomics
Macro vs MicroeconomicsMacro vs Microeconomics
Macro vs Microeconomics
 
Marginal Utility
Marginal UtilityMarginal Utility
Marginal Utility
 
Theory of income and employment chap 1
Theory of income and employment chap 1Theory of income and employment chap 1
Theory of income and employment chap 1
 
Modern Theory of Rent
Modern Theory of RentModern Theory of Rent
Modern Theory of Rent
 
Consumption
ConsumptionConsumption
Consumption
 
Monopolistic Competition Micro Economics ECO101
Monopolistic Competition Micro Economics ECO101Monopolistic Competition Micro Economics ECO101
Monopolistic Competition Micro Economics ECO101
 
Law of diminishing marginal utility
Law of diminishing marginal utilityLaw of diminishing marginal utility
Law of diminishing marginal utility
 
Marshall's definition of economics
Marshall's definition of economicsMarshall's definition of economics
Marshall's definition of economics
 
international trade and balance of payments for 2nd semester economics for BBA
international trade and balance of payments for 2nd semester economics for BBAinternational trade and balance of payments for 2nd semester economics for BBA
international trade and balance of payments for 2nd semester economics for BBA
 
Liquidity Preference Theory
Liquidity Preference TheoryLiquidity Preference Theory
Liquidity Preference Theory
 
David ricardo
David ricardoDavid ricardo
David ricardo
 
fundamentals of economics
fundamentals of economicsfundamentals of economics
fundamentals of economics
 
6. joan robinson's model
6. joan robinson's model6. joan robinson's model
6. joan robinson's model
 
Invisible hand
Invisible handInvisible hand
Invisible hand
 
Intro to Macroeconomics - Book Version
Intro to Macroeconomics - Book VersionIntro to Macroeconomics - Book Version
Intro to Macroeconomics - Book Version
 

Similar to Robbins scarcity oriented definition

Nature and scope of economic.pdf
Nature and scope of economic.pdfNature and scope of economic.pdf
Nature and scope of economic.pdf
sdfghj21
 
MICRO ECONOMICS1 (1).pptx
MICRO ECONOMICS1 (1).pptxMICRO ECONOMICS1 (1).pptx
MICRO ECONOMICS1 (1).pptx
VishnuSuba1
 
Economics-I (BALLB 207)
Economics-I (BALLB 207)Economics-I (BALLB 207)
Economics-I (BALLB 207)
cpjcollege
 
Business economics
Business economicsBusiness economics
Business economics
richaiihs8
 
Microeconomics meaning, definition nature and scope
Microeconomics meaning, definition nature and scopeMicroeconomics meaning, definition nature and scope
Microeconomics meaning, definition nature and scope
Marwadi University Rajkot
 
definitions of economics.pptx
definitions of economics.pptxdefinitions of economics.pptx
definitions of economics.pptx
Chetan Acharya
 
Definitions of Economics
Definitions of EconomicsDefinitions of Economics
Definitions of Economics
The American College
 
presentation on Definitions of economics.pdf
presentation on Definitions of economics.pdfpresentation on Definitions of economics.pdf
presentation on Definitions of economics.pdf
Nagarjuna rao Boddapati
 
Managerial economics
Managerial economicsManagerial economics
Managerial economics
twilight89
 
Basic economics Concept
Basic economics ConceptBasic economics Concept
Basic economics Concept
sana ali
 
ME-103-Unit-1-part-1.pptx
ME-103-Unit-1-part-1.pptxME-103-Unit-1-part-1.pptx
ME-103-Unit-1-part-1.pptx
bibha737
 
Scope of Economics
Scope of EconomicsScope of Economics
Scope of Economics
ArjieChunaJeralbe2
 
Welfare definition (1).pptx
Welfare definition (1).pptxWelfare definition (1).pptx
Welfare definition (1).pptx
Korah Jacob
 
Economics for business
Economics  for businessEconomics  for business
Economics for business
manikandansMani2
 
Economics.pptx
Economics.pptxEconomics.pptx
Economics.pptx
Guhan38
 
MEFA Introduction.pptx
MEFA Introduction.pptxMEFA Introduction.pptx
MEFA Introduction.pptx
s170252PASHOKsklm
 
Micro Economics chp 01
Micro Economics chp 01Micro Economics chp 01
Micro Economics chp 01
ahsanullah mohsen
 
Chapter I Basics of Economics(university common course).pptx
Chapter I Basics of Economics(university common course).pptxChapter I Basics of Economics(university common course).pptx
Chapter I Basics of Economics(university common course).pptx
NikodimosBacos
 
Hrd unit 2
Hrd unit   2Hrd unit   2
Hrd unit 2
ssuserd8873c
 
Hrd unit 2
Hrd unit   2Hrd unit   2
Hrd unit 2
ssuserd8873c
 

Similar to Robbins scarcity oriented definition (20)

Nature and scope of economic.pdf
Nature and scope of economic.pdfNature and scope of economic.pdf
Nature and scope of economic.pdf
 
MICRO ECONOMICS1 (1).pptx
MICRO ECONOMICS1 (1).pptxMICRO ECONOMICS1 (1).pptx
MICRO ECONOMICS1 (1).pptx
 
Economics-I (BALLB 207)
Economics-I (BALLB 207)Economics-I (BALLB 207)
Economics-I (BALLB 207)
 
Business economics
Business economicsBusiness economics
Business economics
 
Microeconomics meaning, definition nature and scope
Microeconomics meaning, definition nature and scopeMicroeconomics meaning, definition nature and scope
Microeconomics meaning, definition nature and scope
 
definitions of economics.pptx
definitions of economics.pptxdefinitions of economics.pptx
definitions of economics.pptx
 
Definitions of Economics
Definitions of EconomicsDefinitions of Economics
Definitions of Economics
 
presentation on Definitions of economics.pdf
presentation on Definitions of economics.pdfpresentation on Definitions of economics.pdf
presentation on Definitions of economics.pdf
 
Managerial economics
Managerial economicsManagerial economics
Managerial economics
 
Basic economics Concept
Basic economics ConceptBasic economics Concept
Basic economics Concept
 
ME-103-Unit-1-part-1.pptx
ME-103-Unit-1-part-1.pptxME-103-Unit-1-part-1.pptx
ME-103-Unit-1-part-1.pptx
 
Scope of Economics
Scope of EconomicsScope of Economics
Scope of Economics
 
Welfare definition (1).pptx
Welfare definition (1).pptxWelfare definition (1).pptx
Welfare definition (1).pptx
 
Economics for business
Economics  for businessEconomics  for business
Economics for business
 
Economics.pptx
Economics.pptxEconomics.pptx
Economics.pptx
 
MEFA Introduction.pptx
MEFA Introduction.pptxMEFA Introduction.pptx
MEFA Introduction.pptx
 
Micro Economics chp 01
Micro Economics chp 01Micro Economics chp 01
Micro Economics chp 01
 
Chapter I Basics of Economics(university common course).pptx
Chapter I Basics of Economics(university common course).pptxChapter I Basics of Economics(university common course).pptx
Chapter I Basics of Economics(university common course).pptx
 
Hrd unit 2
Hrd unit   2Hrd unit   2
Hrd unit 2
 
Hrd unit 2
Hrd unit   2Hrd unit   2
Hrd unit 2
 

More from DrJagdish Maheshwari

Disequilibrium in the Balance of payments
Disequilibrium in the Balance of paymentsDisequilibrium in the Balance of payments
Disequilibrium in the Balance of payments
DrJagdish Maheshwari
 
Balance of trade & Balance of Payments
Balance of trade & Balance of PaymentsBalance of trade & Balance of Payments
Balance of trade & Balance of Payments
DrJagdish Maheshwari
 
Automatic adjustment in Balance of Payments
Automatic adjustment in Balance of PaymentsAutomatic adjustment in Balance of Payments
Automatic adjustment in Balance of Payments
DrJagdish Maheshwari
 
Multilateral trade & trade with market imperfection1
Multilateral trade & trade with market imperfection1Multilateral trade & trade with market imperfection1
Multilateral trade & trade with market imperfection1
DrJagdish Maheshwari
 
International trade
International tradeInternational trade
International trade
DrJagdish Maheshwari
 
Factors affecting international trade
Factors affecting international tradeFactors affecting international trade
Factors affecting international trade
DrJagdish Maheshwari
 
Difference between international trade and internal trade
Difference between international trade and internal tradeDifference between international trade and internal trade
Difference between international trade and internal trade
DrJagdish Maheshwari
 
Comparative cost advanatge theory
Comparative cost advanatge theoryComparative cost advanatge theory
Comparative cost advanatge theory
DrJagdish Maheshwari
 
Absolute advantage theory
Absolute advantage theoryAbsolute advantage theory
Absolute advantage theory
DrJagdish Maheshwari
 
2x2x2 model
2x2x2 model2x2x2 model
Wealth
WealthWealth
Utility
UtilityUtility
Micro & macro economics
Micro & macro economicsMicro & macro economics
Micro & macro economics
DrJagdish Maheshwari
 
Goods & Services
Goods & ServicesGoods & Services
Goods & Services
DrJagdish Maheshwari
 

More from DrJagdish Maheshwari (14)

Disequilibrium in the Balance of payments
Disequilibrium in the Balance of paymentsDisequilibrium in the Balance of payments
Disequilibrium in the Balance of payments
 
Balance of trade & Balance of Payments
Balance of trade & Balance of PaymentsBalance of trade & Balance of Payments
Balance of trade & Balance of Payments
 
Automatic adjustment in Balance of Payments
Automatic adjustment in Balance of PaymentsAutomatic adjustment in Balance of Payments
Automatic adjustment in Balance of Payments
 
Multilateral trade & trade with market imperfection1
Multilateral trade & trade with market imperfection1Multilateral trade & trade with market imperfection1
Multilateral trade & trade with market imperfection1
 
International trade
International tradeInternational trade
International trade
 
Factors affecting international trade
Factors affecting international tradeFactors affecting international trade
Factors affecting international trade
 
Difference between international trade and internal trade
Difference between international trade and internal tradeDifference between international trade and internal trade
Difference between international trade and internal trade
 
Comparative cost advanatge theory
Comparative cost advanatge theoryComparative cost advanatge theory
Comparative cost advanatge theory
 
Absolute advantage theory
Absolute advantage theoryAbsolute advantage theory
Absolute advantage theory
 
2x2x2 model
2x2x2 model2x2x2 model
2x2x2 model
 
Wealth
WealthWealth
Wealth
 
Utility
UtilityUtility
Utility
 
Micro & macro economics
Micro & macro economicsMicro & macro economics
Micro & macro economics
 
Goods & Services
Goods & ServicesGoods & Services
Goods & Services
 

Recently uploaded

managementaccountingunitiv-230422140105-dd17d80b.ppt
managementaccountingunitiv-230422140105-dd17d80b.pptmanagementaccountingunitiv-230422140105-dd17d80b.ppt
managementaccountingunitiv-230422140105-dd17d80b.ppt
SuseelaPalanimuthu
 
Financial Assets: Debit vs Equity Securities.pptx
Financial Assets: Debit vs Equity Securities.pptxFinancial Assets: Debit vs Equity Securities.pptx
Financial Assets: Debit vs Equity Securities.pptx
Writo-Finance
 
234Presentation on Indian Debt Market.ppt
234Presentation on Indian Debt Market.ppt234Presentation on Indian Debt Market.ppt
234Presentation on Indian Debt Market.ppt
PravinPatil144525
 
一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理
一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理
一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理
ydubwyt
 
Chương 6. Ancol - phenol - ether (1).pdf
Chương 6. Ancol - phenol - ether (1).pdfChương 6. Ancol - phenol - ether (1).pdf
Chương 6. Ancol - phenol - ether (1).pdf
va2132004
 
Intro_Economics_ GPresentation Week 4.pptx
Intro_Economics_ GPresentation Week 4.pptxIntro_Economics_ GPresentation Week 4.pptx
Intro_Economics_ GPresentation Week 4.pptx
shetivia
 
how to sell pi coins at high rate quickly.
how to sell pi coins at high rate quickly.how to sell pi coins at high rate quickly.
how to sell pi coins at high rate quickly.
DOT TECH
 
how to sell pi coins on Bitmart crypto exchange
how to sell pi coins on Bitmart crypto exchangehow to sell pi coins on Bitmart crypto exchange
how to sell pi coins on Bitmart crypto exchange
DOT TECH
 
Introduction to Value Added Tax System.ppt
Introduction to Value Added Tax System.pptIntroduction to Value Added Tax System.ppt
Introduction to Value Added Tax System.ppt
VishnuVenugopal84
 
Commercial Bank Economic Capsule - May 2024
Commercial Bank Economic Capsule - May 2024Commercial Bank Economic Capsule - May 2024
Commercial Bank Economic Capsule - May 2024
Commercial Bank of Ceylon PLC
 
how to sell pi coins on Binance exchange
how to sell pi coins on Binance exchangehow to sell pi coins on Binance exchange
how to sell pi coins on Binance exchange
DOT TECH
 
BYD SWOT Analysis and In-Depth Insights 2024.pptx
BYD SWOT Analysis and In-Depth Insights 2024.pptxBYD SWOT Analysis and In-Depth Insights 2024.pptx
BYD SWOT Analysis and In-Depth Insights 2024.pptx
mikemetalprod
 
where can I find a legit pi merchant online
where can I find a legit pi merchant onlinewhere can I find a legit pi merchant online
where can I find a legit pi merchant online
DOT TECH
 
how can i use my minded pi coins I need some funds.
how can i use my minded pi coins I need some funds.how can i use my minded pi coins I need some funds.
how can i use my minded pi coins I need some funds.
DOT TECH
 
how can I sell pi coins after successfully completing KYC
how can I sell pi coins after successfully completing KYChow can I sell pi coins after successfully completing KYC
how can I sell pi coins after successfully completing KYC
DOT TECH
 
How to get verified on Coinbase Account?_.docx
How to get verified on Coinbase Account?_.docxHow to get verified on Coinbase Account?_.docx
How to get verified on Coinbase Account?_.docx
Buy bitget
 
what is the best method to sell pi coins in 2024
what is the best method to sell pi coins in 2024what is the best method to sell pi coins in 2024
what is the best method to sell pi coins in 2024
DOT TECH
 
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
Turin Startup Ecosystem 2024  - Ricerca sulle Startup e il Sistema dell'Innov...Turin Startup Ecosystem 2024  - Ricerca sulle Startup e il Sistema dell'Innov...
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
Quotidiano Piemontese
 
Webinar Exploring DORA for Fintechs - Simont Braun
Webinar Exploring DORA for Fintechs - Simont BraunWebinar Exploring DORA for Fintechs - Simont Braun
Webinar Exploring DORA for Fintechs - Simont Braun
FinTech Belgium
 
when will pi network coin be available on crypto exchange.
when will pi network coin be available on crypto exchange.when will pi network coin be available on crypto exchange.
when will pi network coin be available on crypto exchange.
DOT TECH
 

Recently uploaded (20)

managementaccountingunitiv-230422140105-dd17d80b.ppt
managementaccountingunitiv-230422140105-dd17d80b.pptmanagementaccountingunitiv-230422140105-dd17d80b.ppt
managementaccountingunitiv-230422140105-dd17d80b.ppt
 
Financial Assets: Debit vs Equity Securities.pptx
Financial Assets: Debit vs Equity Securities.pptxFinancial Assets: Debit vs Equity Securities.pptx
Financial Assets: Debit vs Equity Securities.pptx
 
234Presentation on Indian Debt Market.ppt
234Presentation on Indian Debt Market.ppt234Presentation on Indian Debt Market.ppt
234Presentation on Indian Debt Market.ppt
 
一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理
一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理
一比一原版BCU毕业证伯明翰城市大学毕业证成绩单如何办理
 
Chương 6. Ancol - phenol - ether (1).pdf
Chương 6. Ancol - phenol - ether (1).pdfChương 6. Ancol - phenol - ether (1).pdf
Chương 6. Ancol - phenol - ether (1).pdf
 
Intro_Economics_ GPresentation Week 4.pptx
Intro_Economics_ GPresentation Week 4.pptxIntro_Economics_ GPresentation Week 4.pptx
Intro_Economics_ GPresentation Week 4.pptx
 
how to sell pi coins at high rate quickly.
how to sell pi coins at high rate quickly.how to sell pi coins at high rate quickly.
how to sell pi coins at high rate quickly.
 
how to sell pi coins on Bitmart crypto exchange
how to sell pi coins on Bitmart crypto exchangehow to sell pi coins on Bitmart crypto exchange
how to sell pi coins on Bitmart crypto exchange
 
Introduction to Value Added Tax System.ppt
Introduction to Value Added Tax System.pptIntroduction to Value Added Tax System.ppt
Introduction to Value Added Tax System.ppt
 
Commercial Bank Economic Capsule - May 2024
Commercial Bank Economic Capsule - May 2024Commercial Bank Economic Capsule - May 2024
Commercial Bank Economic Capsule - May 2024
 
how to sell pi coins on Binance exchange
how to sell pi coins on Binance exchangehow to sell pi coins on Binance exchange
how to sell pi coins on Binance exchange
 
BYD SWOT Analysis and In-Depth Insights 2024.pptx
BYD SWOT Analysis and In-Depth Insights 2024.pptxBYD SWOT Analysis and In-Depth Insights 2024.pptx
BYD SWOT Analysis and In-Depth Insights 2024.pptx
 
where can I find a legit pi merchant online
where can I find a legit pi merchant onlinewhere can I find a legit pi merchant online
where can I find a legit pi merchant online
 
how can i use my minded pi coins I need some funds.
how can i use my minded pi coins I need some funds.how can i use my minded pi coins I need some funds.
how can i use my minded pi coins I need some funds.
 
how can I sell pi coins after successfully completing KYC
how can I sell pi coins after successfully completing KYChow can I sell pi coins after successfully completing KYC
how can I sell pi coins after successfully completing KYC
 
How to get verified on Coinbase Account?_.docx
How to get verified on Coinbase Account?_.docxHow to get verified on Coinbase Account?_.docx
How to get verified on Coinbase Account?_.docx
 
what is the best method to sell pi coins in 2024
what is the best method to sell pi coins in 2024what is the best method to sell pi coins in 2024
what is the best method to sell pi coins in 2024
 
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
Turin Startup Ecosystem 2024  - Ricerca sulle Startup e il Sistema dell'Innov...Turin Startup Ecosystem 2024  - Ricerca sulle Startup e il Sistema dell'Innov...
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...
 
Webinar Exploring DORA for Fintechs - Simont Braun
Webinar Exploring DORA for Fintechs - Simont BraunWebinar Exploring DORA for Fintechs - Simont Braun
Webinar Exploring DORA for Fintechs - Simont Braun
 
when will pi network coin be available on crypto exchange.
when will pi network coin be available on crypto exchange.when will pi network coin be available on crypto exchange.
when will pi network coin be available on crypto exchange.
 

Robbins scarcity oriented definition

  • 2.
  • 3.
  • 4. DEFINITION • According to Prof.Robbins “ Economics is concerned neither with ‘material means” nor with “welfare”. • In his well known book entitled “An essay on the nature and significance of economic science” published in 1932,he defined economics as “a science which studies human behavior as a relationship between ends and scare means which have alternative uses”.
  • 5. CHARACTERISTICS OF DEFINITION • Unlimited ends • Urgency of wants differ • Limited resources • Alternative uses of scare means
  • 6. LIMITATIONS OF DEFINITION • Welfare is also included • Limited view • Regarding economic development • Social behavior more important than individual behavior • Regarding intelligent behavior • Useless for developing countries
  • 7. THANKYOU Prepared by Dr.Jagdish Maheshwari Assistant Professor, Tolani Institute of Commerce,Adipur