Download Introduction to Economics

Subject: Economics.
Class: SS ONE
Topic: - Introduction to Economics / Scope of Economics
Sub Topic: - Introduction to Economics
The subject Economics, as a Social Science and Couple with the fact that we have a
lot of inherit economic activities, economists have come up with various Definitions of
Economics, some of these Definitions are given below:-
J.S. Mill => He defines Economics as a “Practical science of production and
distribution”
H.J Davenport => Economics as a subject “Treats phenomena from stand point
of price”
Adam Smith => He considers Economics as an “Enquiry into the nature of
wealth of nations”
Alfred Marshal => He considers Economics “as a study of mankind in the
ordinary business of life, earning and enjoying a living”
Lionel Robins => He defines Economics “as a science that studies human
behavior as a relationship between ends and scarce means which have alternative
uses”
Considering various definitions by different economists, the most widely accepted is
that of Prof. (Lord) Robbins due to salient or important key terms in the definitions vis-àvis their relevance to nature of man in terms availability of resources needs of man and
decision making. This definition is briefly analyzed below:-
Ends – These are the needs and wants of man or various aims of man which by nature are
limitless or numerous or unlimited.
Scarce Means – These are the various resources available to man or the society in terms of
capital, land etc. committed to getting their aims achieved or satisfying their numerous
wants. By nature, these resources are limited or scarce relatively to the numerous wants or
aims.
Alternative Uses – These are the various choices or options available to individual or
society in terms utilizing the available limited resources which cannot simultaneously meet
all its needs. Thus, this calls for individuals or society to choose among the wants which to
take care of now and which to defer.
Below are the four basic facts about the definition of Lord Robbins: Human wants are numerous, many or unlimited
 Means (resources) for satisfying human wants are limited or scarce relatively to the
wants of man.
 In view of the limited resources, human wants can be prioritized or arranged in
order of importance or preference.
 The scarce means are capable of alternatives uses i.e. the resources can be used to
take care of A or B or C or D. etc. but not all of them at the same time.
Assignment:
Give any two definitions of your own on the subject, Economics. (10 marks)
Teacher: Mr. Olaiya O.O (08108309312)
Email: [email protected]