Alfred Marshall Definition of Economics
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Question (English)
Who defined Economics as 'the study of man in the ordinary business of life'?
- Adam Smith
- Alfred Marshall ✓ Correct
- J.M. Keynes
- Lionel Robbins
Explanation:
Correct Answer Explanation
Alfred Marshall, one of the founders of modern economics, defined Economics as the study of man in the ordinary business of life.
Key Points:
- Ordinary business of life refers to economic activities undertaken for monetary gain.
- These include activities of consumers, sellers, producers, employees, and employers.
- Marshall is considered one of the founders of modern economics.
Why Other Options Are Wrong
- A (Adam Smith): Known as father of economics, defined economics differently.
- C (J.M. Keynes): Known for macroeconomic theory.
- D (Lionel Robbins): Defined economics in terms of scarcity and choice.
📚 About this Topic — CH-1: Introduction
This multiple choice question is from CH-1: Introduction, NCERT Books, Statistics for Economics. It has 4 options with a detailed explanation of the correct answer. Practice more MCQs from CH-1: Introduction to strengthen your preparation.
