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CHAPTER ONE Background to the Study

  • Economics is one of an important subject taught in senior secondary schools. According to Anowor (2015), Economics is the study of how society decides what, how and for whom to produce goods which are physical commodities such as steel and strawberries and render services which are activities such as message or life concerts consumed or enjoyed only at the instant they are produced. This shows that the importance of economics to the society can never be overemphasized. This position is supported by the earliest economist Adam smith as the wealth and material welfare of the nations.
    1. is the study of the economy, the economy is made up of instructional structures, individuals and interactions among one another in an attempt to coordinate their diverse wants and desires economics is an activity in which everyone is engaged but about which relatively few have any knowledge of economics is more vitally needed than ever before because economics is concerned with most of the societies complex issues. These includes: production, consumption, technological change, inflation, unemployment, wage increase retrenchment of workers raw materials shortage and so on.
    1. defined economics as social science that studies economic agents behavior in finding solution to economics problems with most scarce resources at their disposal. According to this definition the world social science simply refer to that fact that it studies human beings the word social refers to the study of human behavior or man economics as a science simply implies that the tools of science or the process by which science or scientist find solution to problems is adopted by the economists in finding solution to economics problems.
    1. to Iduma (2016) sees economics as the prudent management of scarce resources .the world scarce is derived from English word scarcity simply means limited in supply .This means that resources are not large in quantity and cannot be used to satisfy the wants or demand of the masses.
    2. to Robbinson (2016), Economics is a social science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Economics science thus precisely describes collects classifieds, and analysis data with a view to validating a theory.

According to Egwu (2015), sees economics as the social science they analyzed production, distribution and consumption of goods and services. Economics aims to explain how economics work and how economic agents interacts    Economics analysisis applied throughout society, in business, finance and government, but also in crime. Education, the family, health, law, politics, religion, social institution, war and science.

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