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Class notes Eco 121 Principles of Economics
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COURSE CODE: ECO 121COURSE TITLE: PRINCIPLE OF ECONOMICS
Course Information
Course Code: ECO 121
Course Title: Course Information
Course Code: ECO 153
Course Title: Principles of Economics
Credit Unit: 3
Course Status: Compulsory
Course Blub:
Semester: First Semester
Course Duration: 32 hours in course of 12 weeks Required Hours for Study
Course Team
Course Developer: NOUN
Course Writer: Olure-Bank, Adeyinka
Content Editor:
Instructional Designer:
Learning Technologists:
Copy Editor
i
,MODULE 1 BASIC CONCEPT IN ECONOMICS
Unit 1: What is economics?
Unit 2: Economics System
Unit 3 Fundamental principles of economics contents
Unit 1: What is economics?
Unit Structure
1.0 Introduction
2.0 Learning Outcomes
3.0 Concept of Economics
3.1 The Scope of Economics
3.2 Basic Economic Concepts.
3.3 Basic Economic Concepts
3.3 Central Economic Problems
1.0 Introduction
This unit starts with difficulty of having a single and acceptable definition of economics as a result of the puzzling
nature of economics. This was followed by the meaning of economics and its various definitions has propounded
by some famous economists. Since economics is defined based on the two assumptions, the assumptions were
elaborated on in relation with some other concepts that are interwoven. Thereby interdependency and complexity of
economics become obvious through real life scenario given in this unit. The benefit of studying economic and
understanding its principles are also part of what we shall find out from this unit.
2.0 Learning Outcomes
The student is expected, at the end of the unit; to be able to:
● Define economics.
● Explain the concepts of scarcity and opportunity cost and how they relate to the definition
of economics.
● Understand the three fundamental economic questions: What should be produced? How
should goods and services be produced? For whom should goods and services be produced?
ii
, 3.0 Definitions of Economics
Economics as a course is interesting, it is the analyses of human being’s choices as way to maximize it utility. And
the analyses of how economic agent make effort to allocate their limited resources in other to achieve prosperity.
The term economics is coin from two words economy and science meaning the science of the economy or the
science of utilization of resources. The basic concepts of economics are used to give a better understanding of the
definitions and to understand the basic economic problems of economic agent as the world problems revolve
around these problems. There are various definitions:
The Classical View of Economics
Classically, economics as a science of wealth. Adam Smith, the father of economics, in his book titled: ‘An
Enquiry into the Nature and Causes of Wealth of Nations’, state economics as the science of wealth. Stating,
economics are inquiries into the factors that determine the wealth and growth of a nation. Therefore, production
and expansion of wealth are basis of the subject matter of economics. For, Ricardo economics is the study of
wealth distribution. Again,
J. B Say, state economics as the science of production, distribution and consumption of wealth. Other classical
economists such J.S. Mill, states economics as the law that governs mankind in the production of wealth. The
wealth definition means that wealth was considered to be an end in itself.
The classical definition economic is narrowed the scope of economics to science that deals with only material
wealth. They do not regard the services of non-tangible goods; services do not relate to production of tangible
goods. This conception by the classical economists is view with lot of criticisms. AS economics don’t only tangible
goods and wealth, but study both tangible goods and non-tangible goods (services of teachers, doctors, lawyers).
These services provided by human resources fulfill human wants and should be regarded as part of wealth.
Secondly, the classical definition relates to the importance of wealth rather than human beings in economic life.
That is, wealth is given primary role and human life is given secondary role, contrarily, human life plays a primary
role and so cannot be sacrificed for wealth. Lastly, the classical economists, state wage to labour is the only source
of wealth to a nation, without considering other sources of wealth such as natural resources, human resources and
capital resources.
The Neo- Classical View of Economics
Alfred Marshal state economics as the study of mankind in the ordinary business of life, examining the part of
individual and its social action relating to the attainment and use of material for individual wellbeing. Wealth is
regarded not as an end in itself but a means to an end because it is use for human welfare. Marshall state economics
iii
, is the science of material welfare. Again, economics is a social science that study how men live, move and think
relation to it ordinary business of life and lastly, economics is the study of rational behavior of people as they
iv
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