Agricultural science S.S.S 2 Third Term.

Week 5

Basic Economic Principles

Performance objectives.   

Students should be able to:

1. List the basic economic principles.
2. Discuss the basic economic principles.

Content.

Basic economic principles.

Economics is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. It deals with production, distribution, exchange (marketing) and consumption of agricultural goods.

Basic Economics principles include;

1. Wants.
2. Scarcity.
3. Choice.
4. Scale of preference.
5. Opportunity cost.
6. Law of diminishing returns.

1. Wants;

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