Mention any two similarities between the definitions of Marshall and R

1.	Mention any two similarities between the definitions of Marshall and Robbins.
Answer» 1. Marshall, in his definition, has assumed maximum welfare as central point of economics, while Robbins has mainly focused on economical utilisation of resources. But both these human tendencies lead towards a common ultimate objective of ‘Maximum satisfaction’. 2. The word ‘Wealth’ has been used in Marshall’s definition, while Robbins has used the expression ‘limited resources’. To a certain extent, both terms have been used in the same implication, since^’limitation’ is a major characteristic of’wealth’.

Mention any two similarities between the definitions of Marshall and Robbins.

Answer»

1. Marshall, in his definition, has assumed maximum welfare as central point of economics, while Robbins has mainly focused on economical utilisation of resources. But both these human tendencies lead towards a common ultimate objective of ‘Maximum satisfaction’.

2. The word ‘Wealth’ has been used in Marshall’s definition, while Robbins has used the expression ‘limited resources’. To a certain extent, both terms have been used in the same implication, since^’limitation’ is a major characteristic of’wealth’.

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