Definition of Economics by L. Robins

Definition of Economics by Professor L. Robins: Professor L. Robins has defined Economics in a way that has been much more acceptable. In his opinion, "Economics is a science that analyses human behavior related to the combination of unlimited wants and alternatively usable scarce resources."

The characteristics of this definition are as follows: 

1. Human wants are unlimited and the nature and volume of the wants are different. 

2. The resource and time to fulfill the wants are very limited. 

3. One very important part of discussion of economics is how to adjust unlimited wants by the means of limited resources. 

4. As the supply of the resources is limited, we have to try to satisfy our varied wants with the same resources. 

5. Wants are fulfilled as per their priority. For these reasons, this definition is considered to be a more suitable one.