Question

According to Marshall, what is economics mainly concerned with?

• A. Wealth accumulation
• B. Quality of life and well-being of individuals
• C. Increasing government revenue
• D. Exclusive study of market fluctuations

Answer 1

Answer:

B. Quality of life and well-being of individuals

Marshall’s definition highlights the importance of welfare and quality of life, showing that economics should address how resources are allocated to improve the well-being of individuals in society.