The concept of economics What is economics? Economics as a subject has been viewed by different scholars at different periods. The following are their different views; 1.Economics is an inquiry into the nature and causes of wealth of nations (Adam Smith 1776) 2. Economics is the practical science of production and distribution of wealth (John Stuart Mill 1843) 3. Economics is the study of mankind in the ordinary business of life (Alfred marshal 1890) 4. Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses (Lionel Robinson 1932)

Scope of economics Economics as a social science subject concerns itself with Economic actors and their economic activities. (A) Economic actors ; these actors are -individuals; -firms; and -government while (B) Economic activities -production; -distribution; and consumption

Importance of Economics (Why We study Economics) Allocation of resources Choice Making Problem analysis Production Business management In understanding the complex nature of of economic life It assists in promoting economic growth and development

Why Economics is a science Economics is called a science subject because it uses scientific measures to explain observed phenomena and predict the outcome of future events. Economics therefore, possesses those attributes of science, like Investigation; Observation; Orderly Arrangement of data; Clasification ; and Interpretation of facts Therefore it is as a result of the above reasons that students of Economics of universities graduate with Bachelor of Science (B.sc) degree and not Bachelor of Arts (B.A) degree

Branches of Economics Micro Economics: This is the study of Economic behaviour of individual decision making units like consumption, firms etc Macro Economics: This is the comprehensive analysis of economic behaviour and complete interaction of the whole economy involving unemployment, economic growth and development, balance of payment etc. QUESTION: From your understanding of the topic, give any two definitions of economics.

SCHEME OF WORK ECONOMICS S S 1 (FIRST TERM) WeekTopicsContent 1OrientationOrientation of students 2 Principle of economicsMeaning of economics Importance of economics Methodologies Economics as a science 3Basic conceptsWants, scarcity, scale of preference, choice and opportunity cost 4 Basic tools for economic analysis 1 -definition of tools, Uses and importance Frequency distribution 5Basic tools for economic analysis 2Measures of central tendency -mean -mode -median 6Concept of demand-meaning, schedule, curves and laws Factor affecting demand 7Concept of supply-meaning, schedule, curves and laws Determinants of supply Equilibrium price 8&9Theory of productionDefinition, types, factors and features Division of labour and specialization Scale of production 10Basic economic problems of society-meanings, examples Ways of efficient allocation of scarce resources 11Basic economic systemsMeanings, features Merits & demerits 12ExaminationRevision & exams 13Marking & Recording