The most generally accepted definition of economics is

Economics NECO 2003

The most generally accepted definition of economics is

  • an inquiry into the nature and causes of the wealth of nations
  • the science of material welfare
  • the science which studies human behavior as a relationship between ends and scarce means which have alternative use checkmark
  • the science that treats phenomena from the stand point of price
  • the practical science of production and distribution of wealth

The correct answer is: 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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