SubjectPaid lesson
Meaning of Economics and Related Concepts.
CT
ClassNotes Team 8 MIN READUPDATED 5 JUL 2026Economics SSS1 First Term
WEEK 1
Meaning of Economics and Related Concepts.
Performance Objectives
Student should be able to:
- Explain the meaning of Economics
- Explain the basic concepts of Economics
Content
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…