Meaning of Economics : Lesson note week one

 CLASS : SS ONE 

TOPIC: Meaning and scope of economics 

SUBTOPICS : Definition of economics 

INSTRUCTIONAL MATERIALS : scarce resources such as money , clock to represent time

LESSON  NOTES SUMMARY 

Starter activity  : Define Economics in your own understanding

 WHAT IS ECONOMICS  Economics has been defined in various way by the early Economists in different ways ,among them areJ

JohnStuart Mill defined Economics as the practical science of production and distribution

AdamsSmith defined Economics as an inquiry into the nature and causes of wealth of nations

However ,the most generally acceptable definition of Economics was given by  Professor Lionel Robbins as :

•         Economics is a science that studies human behaviour as a relationship between ends and scarce means which  have alternative uses .

Is Economics a science , art or social science ?

Economics is regarded as a science  because it involves collection ,classification ,analyzing and presentation of data

Economics is not a pure science because it does not deal with abstracts such as oxygen

 Economics is not an art subject because it does not deal  with  inanimate such as  wood  

Meanwhile , Economics is a social science because it studies human behavior

Other social sciences include   Political  science  ,   Sociology   Religious studies   , Social  studies   Government etc

SCOPE OF ECONOMICS

Production : this simply means creation of utility to satisfy human wants such as cars ,bags etc

Distribution : This is transporting and making   the produced goods available to the final consumer

Exchange : This  involves pricing and payment for goods and services . It means  giving out a valuable at  a price

 Consumption : It refers to making use of the produced goods and services

 

Classwork :   

Distinguish between chemistry as a science and Economics as a science

Assignment   : 

 State five reasons for studying economics  

WHY DO WE STUDY ECONOMICS

Importance of studying Economics include :

1. It helps in resources allocation

2. It helps government in budget and planning

3. It helps the producers on profit maximization

4. It gives understanding of the economic situations e.g inflation

5. It helps in taking wise choice to reduce wastage

 

Career opportunities for Economics graduates

Graduates of Economics can work in

1.Banks

2.Company  departments such as Finance , sales, administration   etc

3.Civil and public service

4. Stock exchange

5.Insurance firms

6.Teaching and lecturing in institutions  and so on