What are the main elements of the development-based definition of econ

1.	What are the main elements of the development-based definition of economics?
Answer» The key elements of development-based definition are the following: 1. More importance has been given to human habits of selection and limitation of resources (means). 2. Under the barter system, the problem of distribution of resources (means) has been considered important. 3. Both Marshall’s and Robbins’ definitions have been included in the developmental (evolutionary) definitions. 4. The developmental definition has a dynamic perspective.

What are the main elements of the development-based definition of economics?

Answer»

The key elements of development-based definition are the following:

1. More importance has been given to human habits of selection and limitation of resources (means).

2. Under the barter system, the problem of distribution of resources (means) has been considered important.

3. Both Marshall’s and Robbins’ definitions have been included in the developmental (evolutionary) definitions.

4. The developmental definition has a dynamic perspective.