The most generally accepted definition of Economics was given by

Analyze the question: It asks which economist gave the most generally accepted definition of Economics.

Explain the concept: Economists have defined the subject in different ways over time:

• Adam Smith: Economics is the study of the nature and causes of the wealth of nations (the "wealth definition").
• Alfred Marshall: Economics is the study of mankind in the ordinary business of life (the "welfare definition").
• Lionel Robbins (1932): Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses (the "scarcity definition").

Robbins' definition is the most widely accepted today because it applies to all societies and focuses on the central problem of scarcity and choice.

Solution:

1. The question asks for the most generally accepted definition, which is the scarcity definition.
2. The scarcity definition was given by Lionel Robbins.
3. Among the options, "Lord Robinson" in option C is the closest match. It is a misspelling of "Lord Robbins" (Lionel Robbins was made a life peer, Baron Robbins).
4. The other options do not fit: • Adam Smith gave the wealth definition. • David Ricardo is known for the theory of rent and comparative advantage. • Thomas Malthus is known for the population theory. • Sam Aluko is a Nigerian economist and not the author of the standard definition.

The name is misspelled in the question, but the intended person is clearly Robbins.

Answer: C

Exam tip: Remember the trio of definitions: Smith = Wealth, Marshall = Welfare, Robbins = Scarcity. If you see "most generally accepted definition," think Robbins and scarcity and choice.