The definition of economics related to 'scarcity of resources' is given by:

Question

Accepted Answer

The correct option is 4:

The definition of economics focusing on 'scarcity' was formally presented by the British economist Lionel Robbins in his 1932 essay, "An Essay on the Nature and Significance of Economic Science." Robbins defined economics as "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This definition shifted the focus of economics away from the material welfare aspects emphasized by earlier schools of thought and established scarcity, choice, and alternative uses of resources as the fundamental problems of economics. This definition is considered analytical, universal, and scientific, as it applies to all economic systems and situations where resources are limited relative to unlimited wants.

The incorrect option is 1: Marshall.
Alfred Marshall is famous for his "Welfare Definition" of economics, which focused on the study of mankind in the ordinary business of life, specifically linking economics to material welfare and actions connected with obtaining and using the material requisites of well-being. This definition primarily focused on wealth creation and human activities that promote welfare, rather than the core problem of scarcity and choice.

The incorrect option is 2: Adam Smith.
Adam Smith, often regarded as the 'Father of Economics,' gave the "Wealth Definition" of economics in his 1776 book, *An Inquiry into the Nature and Causes of the Wealth of Nations*. His definition emphasized the generation and accumulation of wealth as the central subject matter of economics, largely ignoring the concept of scarcity and the necessity of choice as the primary problem.

The incorrect option is 3: J. K. Mehta.
J. K. Mehta, an Indian economist, proposed the "Wantlessness Definition" of economics, suggesting that the goal of economic activity is to reach a state of wantlessness (a state of permanent happiness or satisfaction). This is a normative definition rooted in ethical considerations and is fundamentally different from Robbins's positive and analytical scarcity-based definition.