The correct answer is D. Integration of economic theory with business practices for the purpose of facilitating decision-making.
Business economics is a field of study that applies economic theory to the analysis of business decisions. It is concerned with the behavior of firms in theory and practice, distribution theories like rent, wages and interest along with the theory of profit, and the use of the tools of economic analysis in clarifying problems in organizing and evaluating information and in comparing alternative courses of action.
Option D is not a basic nature of business economics because it is not concerned with the application of economic theory to business decisions. Instead, it is concerned with the integration of economic theory with business practices. This is a more advanced topic that is not typically covered in introductory business economics courses.
Here is a brief explanation of each option:
- Option A: Behaviour of firms in theory and practice. This is a basic nature of business economics because it is concerned with the study of how firms behave in the marketplace. Firms are the basic units of economic activity, and their behavior has a significant impact on the economy as a whole.
- Option B: Distribution theories like rent, wages and interest along with the theory of profit. This is also a basic nature of business economics because it is concerned with the study of how income is distributed in the economy. The distribution of income is important because it affects the standard of living of individuals and families.
- Option C: Use of the tools of economic analysis in clarifying problems in organising and evaluating information and in comparing alternative courses of action. This is also a basic nature of business economics because it is concerned with the use of economic tools to analyze business problems. Economic tools can be used to identify the causes of problems, to evaluate alternative solutions, and to make decisions.
- Option D: Integration of economic theory with business practices for the purpose of facilitating decision-making. This is not a basic nature of business economics because it is concerned with the integration of economic theory with business practices. This is a more advanced topic that is not typically covered in introductory business economics courses.