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Define relationship between ends and scarce means

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Reference no: EM131442654

Question: The great English economist Lionel Robbins defined economics as "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This means that economists looks at our limited resources - like money, time, energy, intelligence etc. - and how we decide what the best choices are for how to use them, with the goal of maximizing the benefits. As you can see, this opens up almost all of human activity to study by economics. For this first assignment you are to describe 3-4 areas of human action not typically associated with economics and how economics can be used to help understand the reasons for the choices made. Along with the text, you are welcome to use any resources you want. Your work should be 3-5 pages long, double spaced, and adhere to APA stands.

Reference no: EM131442654

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