Nature and Scope of Business Economics

CA Foundation Business Economics Study Material - Nature and Scope of Business Economics Nature of Business Economics The subject matter of Economics is broadly divided into two major parts namely:— Micro-Economics, and Macro-Economics Before dealing with nature of Business Economics, it is necessary to understand the difference between the two. 1. Micro-Economics - … [Read more...] about CA Foundation Business Economics Study Material – Nature and Scope of Business Economics

CA Foundation Business Economics Study Material Chapter 1 Nature and Scope of Business Economics - Introduction WHAT IS ECONOMICS ABOUT? The word ‘Economics’ is derived from the Greek word ‘Oikonomia’ which means household management. Till 19th century, economics was known as ‘Political Economy’. In 1776, Adam Smith published his book entitled “An Inquiry into the Nature … [Read more...] about CA Foundation Business Economics Study Material – Introduction

CA Foundation Business Economics Study Material Chapter 1 Nature and Scope of Business Economics - Basic Problems of an Economy and Role of Price Mechanism Basic Problems of an Economy We know that human wants are unlimited and resources are scarce. The problem of scarcity of resources is not only faced by individuals but also by the society at large. This gives … [Read more...] about CA Foundation Business Economics Study Material – Basic Problems of an Economy and Role of Price Mechanism

CA Foundation Economics Chapter 1 MCQ Questions Nature and Scope of Business Economics MULTIPLE CHOICE QUESTIONS 1. Economics is a science because (a) Systematised study (b) Scientific laws (c) Has its own methodology (d) All the above 2. Positive statements concern what is; normative statements concern— (a) What was (b) What is the normal situation (c) What will … [Read more...] about CA Foundation Economics Chapter 1 MCQ Questions Nature and Scope of Business Economics