Ever since the classical Economists gave their definitions, more modern attempts have been made to give a more satisfactory definition to the subject. The most popular present day definition is that given by Professor Robbins who defined Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. At this point.many of you will get to wonder how this definition is of importance to you.
but before you get all bored, I will advice that you take note of the central economic problem stated, i.e Scarcity and choice. the definition also points to the fact that the resources(means) at our disposal have more than one use. Land,for example can be used for cash crops or food crops, It can be used for playground or as a building space. Money can be used to buy clothes,food,cars or could be saved. Labour as a resource can be used for building as a mason,sew clothes as a seamstress,sell goods in the market e.t.c Now it is left for us humans to decide the use to put it to that will be most beneficial,profitable and satisfying to us.
Whatever it is that you do, you should attempt to maximize your satisfaction out of your limited resources, make choices that will obtain the greatest benefit from the resources available. Wrong choices summed up with limited resources obtains less satisfaction. On the other hand,resources managed economically gives more satisfaction.
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