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
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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