Scarcity definition of Economics is given by
Options
AAlfred Marshall
BSamuelson
CRobinson
DAdam Smith
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Introduction to Business EconomicsMODULEQuestion 738 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 closely related to the basic economic problem, which is a central idea in the field of economics.
• The economist who is credited with giving the scarcity definition of economics is Joan Robinson, who emphasized the concept of scarcity as the core of economic study.
The correct answer is right because Joan Robinson's work focused on the idea that economics is a science that deals with the allocation of scarce resources among competing ends.
• In contrast, Alfred Marshall is known for his work on the principles of economics, but his definition focuses more on the study of mankind in the ordinary business of life.
• Adam Smith is considered the father of modern economics, but his work primarily focuses on the concept of the invisible hand and the wealth of nations, rather than the definition of economics in terms of scarcity.
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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