Scarcity definition of Economics is given by
Options
AAlfred Marshall
BSamuelson
CRobinson
DAdam Smith
For any discrepancies in this question, email contact@cadada.in
Introduction to Business EconomicsMTP Nov 23Question 737 of 209
All Questions Correct Answer
✅ Option c — Robinson
All Options:
- AAlfred Marshall
- BSamuelson
- CRobinson
- DAdam Smith
Detailed Solution & Explanation
To determine who gave the scarcity definition of Economics, let's break it down:
• The concept of scarcity in economics refers to the fundamental problem of having unlimited wants and needs, but limited resources to fulfill them.
• This definition is a cornerstone of economics, as it explains why choices have to be made and why economic decisions are necessary.
• The economist who is credited with giving the scarcity definition of Economics is Joan Robinson, a British economist who made significant contributions to the field of economics, particularly in the areas of microeconomics and international trade.
• Robinson's work emphasized the importance of understanding the scarcity of resources and its impact on economic decision-making.
• In contrast, Alfred Marshall is known for his work on the principles of economics, while Adam Smith is often referred to as the father of modern economics, but they are not specifically associated with the scarcity definition.
• Samuelson is also a prominent economist, but his work is more focused on macroeconomics and the development of economic theories, rather than the scarcity 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