Background of the Study
Economics has been defined by different people in different ways. Economics is the study of ways of making choices and allocating scarce resources to satisfy human wants. It is the study of how people and societies make decisions; allocate and manage scarce resources to achieve their needs. In this view, Hall, (2013) defined Economics as the study of how individuals, firms and whole societies identify their most important needs, allocate and manage scarce resources in such a way that satisfies as many needs as possible. Since resources are scarce while human wants are insatiable, Economics deals with the study of how people utilize scarce resources in face of unlimited wants.