Lesson Notes By Weeks and Term - Senior Secondary 1

Definition and meaning of Economics

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Term: 1st Term

Week: 1

Class: Senior Secondary School 1

Age: 15 years

Duration: 40 minutes of 2 periods each

Date:       

Subject:      Economics

Topic:-       Definition and meaning of Economics

SPECIFIC OBJECTIVES: At the end of the lesson, pupils should be able to

  1. Give the various meanings of economics by various economists
  2. Define Economics
  3. Discuss the scope of economics
  4. Explain the importance of economics

INSTRUCTIONAL TECHNIQUES: Identification, explanation, questions and answers, demonstration, videos from source

INSTRUCTIONAL MATERIALS: Videos, loud speaker, textbook, pictures

INSTRUCTIONAL PROCEDURES

PERIOD 1-2

PRESENTATION

TEACHER’S ACTIVITY

STUDENT’S ACTIVITY

STEP 1

INTRODUCTION

The teacher reviews the students’ knowledge about the word economics

Students pay attention

STEP 2

EXPLANATION

She gives the various meanings of economics as deduced by other economists. She then explains the most detailed and the only used definition of economics

 

Students pay attention and participates

STEP 3

DEMONSTRATION

She discusses the scope of economics. She further explains the importance of economics

Students pay attention and participate

STEP 4

NOTE TAKING

The teacher writes a summarized note on the board

The students copy the note in their books

 

NOTE

DEFINITIONS AND MEANING OF ECONOMICS

  1. Adam smith (1776): He is recognized as “the father of economics for he laid the foundation of economics as a discipline. He defined what was then called political economy as “an inquiry into the nature and causes of the wealth of nation”
  2. John Stuart Mill (1844): He defined economics as “the practical science of production and distribution of wealth”.
  3. Alfred Marshall (1890): He looked at economics as the study of mankind in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.
  4. B Say (1803): Distinguishing the subject from its public – policy uses defines it as the science of production, distribution, and consumption of wealth.
  5. C Pigou: According to him, economics is the science of materials welfare. He is interested in consumption which is an aspect of welfare economics.
  6. H. J Daven: He defined economics as the science that treat phenomena from the standpoint of price. He was interested in exchange. To him, anything that has money value (or exchange value) should come within the framework of economics.

 

Professor Lionel Robbins (1932): He developed what has been termed the most commonly accepted current definition of the subject.

He defined “Economics is defined as the Science which studies human behaviour as a relationship between ends and scare means which have alternative uses”. This is the most acceptable definition of economics

 

SCOPE OF ECONOMICS

1. Economics is a social science which studies human behaviour or man’s economic activities in relation to production, exchange, distribution and consumption of goods and services.

Production deals with creating utility. Production is the creation of wealth in the form of goods and the provision of services which satisfy human wants.

Exchange refers to giving out something in return for another thing.

Distribution in the strict economic sense is a branch of economics which deals with what determines the share of National income received by those who supply factors of production.

Consumption refers to the process of using up resources in order to satisfy human wants and includes eating food, wearing shoes, riding a bicycle, reading a newspaper etc.

 

2. Economics deals with how people react to economics situations, and how they behave while engaged in their daily economics activities.

3. Economics deals with the administration of scarce resources in society

4. Economics deals with ʻwhat isʾ ʾwhat wasʾ orʻ what will be and not what ought to beʾ. In other words, Economics is not normative, but a positive science.

5. Economics studies the working or functioning of the economics institution and process such as banks, international economics organisations, etc. and their role.

 

REASONS WHY WE STUDY ECONOMICS

  1. A study of economics is necessary since it is primarily concerned with the use of scarce resources to satisfy unlimited want.
  2. A study of economics helps the individual to build up a body of economics principles and equips him the tools of understand current issues and problems confront society.
  3. A study of economics helps the individual to contribute his quota towards increasing the well-being of society.
  4. A study of economics enables the individual to understand the economic policies of government
  5. Economics assist planners in planning for development
  6. Economics helps us to solve the basic economics problems of what to produce, how to produce and for whom to produce.
  7. It assists the producer in the marketing of his productions
  8. A study of economics makes the individual employable
  9. Economics assists planners in planning for development.

 

EVALUATION:    1. Give the definitions of economics according to

  1. C.Pigou
  2. Adam Smith
  3. John Stuart Mill
  4. B Say
  5. Define economics
  6. Discuss the scope of economics
  7. Explain four reasons why we study economics

CLASSWORK: As in evaluation

CONCLUSION: The teacher commends the students positively