The great English economist Lionel Robbins defined economics as "Economics is the science which...

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The great English economist Lionel Robbins defined economics as "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses." This means that economists looks at our limited resources - like money, time, energy, intelligence etc. - and how we decide what the best choices are for how to use them, with the goal of maximizing the benefits. As you can see, this opens up almost all of human activity to study by economics.

For this first assignment you are to describe 3-4 areas of human action not typically associated with economics and how economics can be used to help understand the reasons for the choices made. Along with the text, you are welcome to use any resources you want. Your work should be 3-5 pages long, double spaced, and adhere to APA stands.

David · Accepted Answer

ECONOMICS 
` Economics essentially deals with the allocation of limited scarce resources taking into 
consideration the underlying needs of consumers and also allocative efficiency. The scope of 
this discipline has continuously expanded and is used to explain new phenomenon which 
previously had alternative explanation and were not associated with economics. Further, 
going forward it is expected that the scope of application of economics to various real life 
problems and decision making would potentially increase (Mankiw, 2014).
One of the fields that has traditionally not been related to economics but has captured 
global attention is the issue of climate change. It is thought off as an environmental problem 
which requires taking measures to limit the pollution in the environment. However, in this 
bid, economics has a key role to play which has paved way for a specialized branch of 
economics which deals exclusively with climate change. One of the priorities for dealing with 
the issue is to ensure that the choice made by consumers needs to be altered in the favor of 
lesser consumption of fossil fuels. To this problem, there are potentially a host of solutions 
like hiking the tax on fuel, increasing duties and tax on cars and increase the reliance on 
renewable energy sources by making these available at affordable prices. Economics helps 
the decision makers to make prudent choices by modeling each of the available alternatives 
so as to comment on their respective solution with respect to achievement of objectives with 
regards to changing resource consumption and hence allocation (Krugman & Wells, 2013). In 
this regard,

The great English economist Lionel Robbins defined economics as " Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."...

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