'Economics is a Science which deals with wealth' was referred by
Options
AAlfred Marshal
BJ.B. Say
CAdam Smith
DA.C. Pigou.
For any discrepancies in this question, email contact@cadada.in
Introduction to Business EconomicsMTP Mar 18Question 642 of 209
All Questions Correct Answer
✅ Option b — J.B. Say
All Options:
- AAlfred Marshal
- BJ.B. Say
- CAdam Smith
- DA.C. Pigou.
Detailed Solution & Explanation
• The statement "Economics is a Science which deals with wealth" is a classic definition of economics, particularly associated with the early classical school of thought.
• This definition emphasizes the production, distribution, and consumption of wealth as the primary subject matter of economics.
• J.B. Say, a prominent French classical economist, is widely credited with this specific phrasing and perspective on economics. He viewed economics as the science of wealth.
• Therefore, option (B) J.B. Say is the correct answer.
• Option (C) Adam Smith, while also a classical economist and often called the "Father of Economics," focused heavily on wealth in his seminal work "The Wealth of Nations." However, the precise phrasing "Economics is a Science which deals with wealth" is more directly attributed to J.B. Say in economic literature. Smith's definition was broader, encompassing the nature and causes of the wealth of nations.
• Option (A) Alfred Marshall is incorrect because he belonged to the Neo-classical school and defined economics as "a study of mankind in the ordinary business of life," focusing on human welfare rather than just wealth.
• Option (D) A.C. Pigou was also a Neo-classical economist who built upon Marshall's work, focusing on welfare economics, which is distinct from the wealth-centric definition.
About This Chapter: Introduction to Business Economics
Paper
Paper 4: Business Economics
Weightage
5%
Key Topics
Meaning, Scope, Price Mechanism
This chapter lays the groundwork for understanding Business Economics as a discipline. It covers the meaning, scope, and nature of economics — including key distinctions like Microeconomics vs Macroeconomics, Positive vs Normative economics, and the fundamental economic problem of scarcity. Students learn how businesses use economic principles for decision-making in a competitive marketplace.
View Official ICAI SyllabusExam Strategy Tip
Focus on definitions and distinctions between concepts. Questions often test whether you understand the difference between Micro and Macro, or Positive and Normative statements.
Related Comparison Tables
More Questions from Introduction to Business Economics
A study of how increases in the corporate income tax rate will affect the nation unemployment rate is an example of
In a ______ the producer is free to set up any type of firms produce goods and services of his choice.
In the beginning the word economics was
In Economics, we use the term scarcity to mean;
In a free market economy, allocation of resources is determined by
If there is no central planning authority to make the fundamental economic decisions and thus to allocate productive resources, how can then free enterprise or capitalist economy solve its central problems?
Ready to Master Introduction to Business Economics?
Practice all 209 questions with instant feedback, earn XP, track your streaks, and ace your CA Foundation exam.
Start Practicing — It's Free