Economics – Meaning and Basic Concepts


Topic: Economics – Meaning and Basic Concepts
Instructional Objectives – By the end of the lesson, the students should be able to:
1 State Professor Robbins’ definition of Economics. (SSCE 2019 Q3a)
2 Explain the following concepts: (i) opportunity cost; (ii) scale of preference; (iii) production possibility curve. (SSCE 2019 Q3b)

3 Outline three reasons for the study of Economics as a Subject. (SSCE 2019 Q3c)
4 Distinguish between economic activities and an economic system. (SSCE 2012 Q6a)
Learn so well from SS2 Economics 2nd Term Online Classes.

5 Explain the following terms: (i) production; (ii) distribution; (iii) consumption. (SSCE 2012 Q6b)
6 Describe the importance of the scale of preference. (SSCE 2003 Q3a)

7 Explain the concept, opportunity cost. (SSCE 2003 Q3b)
8 State the opportunity cost in a given transaction or activity. (SSCE 2003 Q3c)

Other Classes Listed Below
SS 1 SS 2 SS 3
Economics 1st 2nd 3rd 1st 2nd 3rd 1st 2nd 3rd

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