What is economics? According to Adam smith(1776)-Economics as an ‘enquiry into nature and causes of wealth of nations’

The generally acceptable definition by professor Robbins who defined economics as a science which studies human behavior as a relationship between ends and scarce resources which have alternative uses.

BASIC CONCEPT OF ECONOMICS.

-WANTS-CHOICE-SCARCITY-OPORTUNITY COST-SCALE OF PREFERENCE

IMPORTANCE OF ECONOMICS

-Helps in managing scarce resources

-prudent allocation of resources

-Helps in economic planning.

-Help government in decision making

BRANCH OF ECONOMICS

-MACRO- whole economy-General economy

-MICRO-Economic unit-household-firm

TYPES OF PRODUCTION

-PRIMARY PRODUCTION

-SECONDARY PRODUCTION

-TERTIARY PRODUCTION.

EXAM ADAPTED QUESTION

-What is demand? Illustrate

-what is supply? explain

-what is equilibrium

-what is unemployment?

-what is national income?

-STATE 6 CAUSES OF INCREASE IN DEMAND

-STATE 6 CAUSES OF INCREASE IN SUPPLY

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