--%>

Illustrates fundamental characters of human existence

Illustrates the fundamental characters of human existence given by Lionel Robbins?

E

Expert

Verified

He gave significance to four basic characters of human existence as given below:

1. Unlimited needs- In his definition “ends” consider as to human wants that are boundless or unlimited.

2. Scarcity of means (Restricted Resources) – the resources as time and money are at the disposal of a person to satisfy his wants are restricted.

3. Alternate utilizations of Scares means- Economic resources not just scarce but have alternate uses as well. Therefore, one has to make choice of uses.

4. The Economic Problem –while wants are limitless, means are scarce and have alternate uses, the economic problem occurs. Therefore we need to arrange wants in the order of urgency.

   Related Questions in Managerial Economics

  • Q : Determined equilibrium wage from the

    Within a purely competitive labor market, there the firm: (w) sets the wage that the household should accept. (x) should accept the wage demanded by the household. (y) and household arrive at the wage by bargaining. (z) and household should take the e

  • Q : Linear supply curves and elasticity

    Along two supply curves which are straight lines by the origin, the price elasticity of supply as: (w) is below 1 for all prices and quantities upon both curves. (x) is less for a given quantity beside the steeper curve. (y) equals on

  • Q : Explain the meaning of price Explain

    Explain the meaning of price.

  • Q : Illustrates the Barometric technique of

    Illustrates the Barometric technique of Demand Forecasting?

  • Q : Equilibrium point on the resource

    An equilibrium point on the resource demand curve of a competitive firm operating within a competitive labor market would indicate equality among the resource price and: (w) demand elasticity. (x) quantity demanded. (y) VMP of the resource. (z) output

  • Q : Coupon Electrical utility is offering a

    Electrical utility is offering a security, known as zero coupon bond for sale. The terms of the security are investors pay 2337.57 today to purchase the security and the utility will pay the owner of the security 10000 in ten years time. The government is offering a similar security; except that thi

  • Q : Forecasting demand what are the

    what are the criteria for good forecasting

  • Q : Elasticity of Demand for Labor The

    The elasticity of demand for labor is directly associated to: (w) labor’s share of total costs. (x) the elasticity of demand for output. (y) the ease of substitution between labor and other resources. (z) All of the above.

    Q : Value of the marginal product The value

    The value of the marginal product is: (w) MPP × MR. (x) MPP × P. (y) MPP × MC. (z) MPP × MRC. Can anybody suggest me the proper explanation for given problem regarding Economics

  • Q : Attributable worth cultivating The

    The theory which the economic rent on agricultural land depends upon how much extra production is gained relative to the production which could be realized on land not rather worth cultivating is attributable to: (1) Johann H. von Thünen. (2) Ada