Who defined Business economics in terms of use of economic analysis in formulation of business policies?
Options
AAdam Smith
BRobbins
CJoel Dean
DAlfred Marshall
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Introduction to Business EconomicsMTP May 23Question 733 of 209
All Questions Correct Answer
✅ Option c — Joel Dean
All Options:
- AAdam Smith
- BRobbins
- CJoel Dean
- DAlfred Marshall
Detailed Solution & Explanation
To determine who defined Business economics in terms of use of economic analysis in formulation of business policies, let's break it down:
• First, we need to understand that Business economics involves applying economic principles to business decision-making.
• Joel Dean is known for his work in the field of Business economics, specifically focusing on how economic analysis can be used to inform business policy decisions.
• This definition aligns with the concept of using economic tools and theories to guide business strategy and management.
The correct answer is based on Joel Dean's contribution to the field, as he emphasized the role of economic analysis in business policy formulation.
In contrast, Adam Smith is known as the father of Economics, but his work is more focused on the broader field of economics rather than specifically on business economics.
Alfred Marshall is also a key figure in economics, but his work is more focused on microeconomics and the concept of supply and demand, rather than business economics specifically.
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.
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