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Economics

economics

ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE

ECONOMICS AS A SOCIAL SCIENCE Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to enable the law to hold true at all time. The assumption is, “Ceteris Paribus’’ meaning “All things being equal’’. Economics is basically a social science subject and not an art or pure science due to the following reasons. In pure sciences, such as Chemistry, Physics, Biology, there are observations, selection and classification of relevant materials in making generalization to formulate laws, but in economics its fundamental facts are the daily observation. In pure sciences, observation from laboratory experiments are more precise and can be reproduced exactly, but in economics they are attained from human and… Read More »ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE

economics

DEFINITION AND THE SCOPE OF ECONOMICS

DEFINITION AND MEANING OF ECONOMICS Economics as a dynamic subject has very many definitions.  It is often said that there are so many definitions of economics as there are economists because they see the subject from different point of view. Some definition given by some economists includes: Adam Smith (18th Century British Economist and Called “Father of Economics”) in 1776 defined economics as “an inquiry into the nature and causes of the wealth of nations”. John Stuart Mill in 1843 defined economics as “the practical science of production and distribution of wealth” Alfred Marshal in 1890 defines it as “a study of mankind in the ordinary business of life, earning and enjoying a living”. J. Daven Port defines economics as “a science that treats phenomena from the stand point of price”. Edvins Canon defines economics as “the study of things having to do with man’s material welfares”. A.I. Pigou defines… Read More »DEFINITION AND THE SCOPE OF ECONOMICS

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ECONOMICS SSS 3 SCHEME OF WORK

ECONOMICS SSS 3 SCHEME OF WORK ECONOMICS (ECONS) SSS 3- FIRST TERM 1. Comparative Economics – Economic Lessons from Asian Tigers, Japan, Europe and America 2. Human Capital Development 3. Structure of the Nigerian Economy – Petroleum and the Nigerian Economy – Manufacturing and Construction – Service Industries 4. Agencies that regulate the financial markets 5. Functions and role of regulatory agencies 6. International Trade   ECONOMICS (ECONS) SSS 3- SECOND TERM 2. Balance of Payments (B.O.P) 3. Economic growth and development 4. Economic development planning 5. International Economic Organizations 6. Economic Plans; MDGs, NEEDS, Vision 2020 7. Economic Development challenges 8. Economic reform programs 9. General revision Also See CHRISTIAN RELIGIOUS STUDIES (CRS) SSS 3 SCHEME OF WORK COMMERCE SSS 3 SCHEME OF WORK CIVIC EDUCATION (CIVIC) SSS 3 SCHEME OF WORK BIOLOGY SSS 3 SCHEME OF WORK ACCOUNTING SSS 3 SCHEME OF WORK

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ECONOMICS SS 2 SCHEME OF WORK

ECONOMICS SS 2- FIRST TERM 1. Tools of Economic Analysis 2. Concept of Demand and Supply 3. The Production Possibility Curve 4. Cost Concepts 5. Revenue Concepts 6. Economic Systems – Types and Features of Economic systems ECONOMICS SS 2- SECOND TERM 1. Labour Market 2. Elementary treatment of Utility Theory 3. Price Determination 4. Market Structures 5. Nigerian Economy and Major Natural Resources – Industries in Nigeria – Agriculture ECONOMICS SS 2- THIRD TERM National Income and Public Finance – Elementary treatment of fiscal policy – Balanced and Unbalanced budget – Elements of National Income Accounting Financial Institutions and Regulatory Agencies – Types of Financial Institutions and their functions Money and Inflation/Deflation – Demand for and supply of money – Inflation and deflation   Also See BIOLOGY SSS 2 SCHEME OF WORK COMMERCE SSS 2 SCHEME OF WORK CIVIC EDUCATION (CIVIC) SSS 2 SCHEME OF WORK CHEMISTRY SSS 2… Read More »ECONOMICS SS 2 SCHEME OF WORK

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SCHEME OF WORK FOR ECONOMICS SS 1

ECONOMICS SS 1 FIRST TERM Principles of Economics 1. Meaning of Economics and related concepts 2. Basic tools of Economic Analysis 3. Concept of Demand and Supply 4. Theory of Production Economic Systems 5. Basic Economics Problems of Society ECONOMICS SS 1 SECOND TERM 1. Business Organizations – Firms & Industry 2. Population 3. Labour Market 4. The Nature of the Nigerian Economy 5. Agriculture 6. Mining ECONOMICS SS 1 THIRD TERM 1. Financial Institutions and Regulatory Agencies – Meaning of Financial institutions 2. Money and Inflation/Deflation – Money: meaning, characteristics and Functions 3. Distributive Trade – Channels of Distribution 4. Business Finance – Instruments of Business Finance   Also See SCHEME OF WORK FOR CHRISTIAN RELIGIOUS STUDIES SSS 1 SCHEME OF WORK FOR CIVIC EDUCATION SSS 1 SCHEME OF WORK FOR CHEMISTRY SSS 1 SCHEME OF WORK FOR BIOLOGY SSS 1 SCHEME OF WORK FOR AGRICULTURE SSS 1

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