A NEW SUBJECT!!!!!!!!!!!!!!
Hey Guyz, Am so sorry about last week. God was
delivering me from a very fierce battle and I am just too grateful for my life
and my Health. Well on a lighter note, we are introducing a new subject today- ECONOMICS
101.
We are beginning from the scratch today.
ECONOMICS
101 - MEANING AND BASIC CONCEPTS.
Economics in my own understanding is a social
science that studies human beings and their behavior. Most especially, their behavior
in relation to production, distribution of wealth and business.
Some famous definitions of Economics include-
Alfred
Marshal who defined economics as “A Study of Mankind in the
ordinary business of life.”
Adam
Smith defined economics as “An Inquiry into the nature
and causes of wealth of nations.”
John
Stuart Mill defined economics as “The Practical
science of Production and Distribution of Wealth.”
H.J.
Davenport defined economics as “The science that treats
phenomena from the stand point of price.”
