Merits of definition by Alfred marshall?

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2026-01-14 23:00

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Features of Marshall's definition of economics are:

1. study of material requisites of well-being - it indicates that economics is only the study of material aspects of a well-being.

2. consentrates on the ordinary business of life - these definitions show that economics deals with the study of man in the ordinary business of life.it inquires how an individual gets his income and how he spends it.

3. a stress on the role of man - these definitions stress on the role of man in the creation of wealth or income.

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