Meaning of Economics and Related Concepts.

Economics SSS1 First Term


Meaning of Economics and Related Concepts.

Performance Objectives

Student should be able to:

  1. Explain the meaning of Economics
  2. Explain the basic concepts of Economics


The subject Economics has its origin from the Greek word “OILKLNOMIESS” meaning household management. Economics has been defined by various economists. Some of the definitions given by some of the experts are;

Adam smith: He was popularly regarded as the father of economics and Smith defined economics as an inquiry into the nature and causes of wealth of nations. To him, economics is all about the making of wealth.

Alfred marshal: According to Alfred Marshal, economics may be defined as the study of mankind in the ordinary business of life. In the words of Marshal, economics.... View More

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