NAME: AYODEJI AYOMIKUN
SCHOOL: REDEEMER’S INT’L SEC. SCH.
CLASS: S.S.S 1B
REDEEMERS’ INTERNATIONAL SECONDARY SCHOOL, MARYLAND, LAGOS. SESSION: 2013/2014
SUBJECT: ECONOMICS NOTE CLASS: SS1
SCHEME OF WORK
? The nature and scope of economics
? Basic economic problems of society
? Basic tools for economic analysis
? Theory of Production
? Theory of firms
? Labour market
? Scale of production
? Business organizations
? Distributive trade
? Agriculture in West Africa
TOPIC: THE NATURE AND SCOPE OF ECONOMICS
Economics is a science which is concerned with how man makes an efficient use of his scarce available resources to maximize his satisfaction. Economics as a subject has been defined by many Economists in different ways. For instance:
Adam Smith (1776) known as the father of Economics, viewed it as “an inquiry into the nature and causes of wealth of nations”.
J.S .Mill (1843) described it as “the practical science of production and distribution of wealth”.
Alfred Marshall (1890) opined that it is “the study of mankind in the ordinary business of life”.
Paul Samuelson (1948) expressed that it is “the study of how societies use scarce resources to produce valuable commodities and distribute them among different people”.
Notable among these definitions was the one by Professor Lionel Lord Robbins (1932).
To him, “Economics is the science which studies human behaviour as a relationship between ends and scarce – means which have alternative uses”. The importance of Robbins definition is that it emphases the fundamental principles of economics as a subject (i.e science, human behaviour, ends, scarcity means, and alternative uses)
Economics as a social science analyzes the production, distribution, consumption (Economic activities) of goods and services..