The most generally accepted definition of economics is
A.
an inquiry into the nature and causes of the wealth of nations
B.
the science of material welfare
C.
the science which studies human behavior as a relationship between ends and scarce means which have alternative use
D.
the science that treats phenomena from the stand point of price
E.
the practical science of production and distribution of wealth
Correct Answer: Option C
Explanation
Lionel Robbins (1932) developed implications of what has been termed "perhaps the most commonly accepted current definition of the subject": Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
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