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
The science that treats phenomena from the stand point of price
The practical science of production and distribution of wealth
Correct answer is C
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.