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According to Adam Smith, "Economics is the science which deals with:
AScarcity and choice
BMankind in ordinary business of life
CThe wealth
DThe growth of nations through technology
Answer & Solution
Correct answer: C. The wealth
1. Per OCR: "According to Adam Smith, Economics is the science which deals with the wealth."
2. Wealth-focused definition of classical school.
3. Criticised by Marshall, Carlyle, Ruskin as too narrow.
_Source: ICMAI BoS CMA Foundation Paper 4 (FBEM) — Paper4_07042026.pdf, Module 1 §1.1.1 (page 13)_