Basic Economic Principles

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.


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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