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Topics: Economics, Economy, Macroeconomics Pages: 7 (1511 words) Published: December 3, 2013

Meaning and Scope of Economics

Definition of Economics:
1. Wealth Centered Definitions:
a) Adam Marshall, “Economics is concerned with the inquiry into the nature and causes of wealth”.
b) J.S.Mills, “Economics is the science of wealth in relation to man” 2. Welfare Centered Definitions:
a) Marshall, “Economics is the study of man’s actions in the ordinary business of life; it enquires how he gets his income and how he uses it”.
b) Cannon, “Economics is the study of the causes material welfare”. 3. Scarcity Centered Definitions:
a) Stigler, “Economics is the study of principle governing the allocation of scarce means among competing ends when the objective of allocation is to maximize the attainment of the ends”. b) Prof. K.G. Sethi,” Economics studies human behavior concerned with changes and growth in capacity to produce in relation to (changes and growth) demand.” Scope of Economics:

1. Micro Economics: An analysis of the behavior pf any particular decision-making unit, such as a firm, an industry, a consumer, a consumer constitutes micro economics.  Study of individual decision making unit

 Study of economic flow- flow of resources, factors of production, flow of goods and services from business form to households
 Price Theory-which explains the composition or allocation of total production. 2. Macro Economics: The analysis of economic system as a whole is called Macro Economics.  Concerned with aggregates and averages of the entire economy such as National Income, Aggregate output, Total Employment, Total Consumption, Savings and Investment, Aggregate Demand, Aggregate Supply, general level of prices.

 Income Theory- which explains the level of total production and why the level rises and falls. b)

Importance of Economics in School Curriculum and life

Importance of Economics in School Curriculum and life
1. Helpful to tackle economic problems
2. Means of livelihood
3. Generating practical attitude
4. Enrichment of knowledge through study of economics
5. Knowledge of other countries
6. Use in practical activities
7. Knowledge of Democratic set-up.
8. Development of National Consciousness
9. Liberal economic attitude
10. Development of International outlook.
11. Proper use of natural resources
12. Material well being
13. Economic interdependence

Aims and objectives of teaching Economics at Secondary and Higher Secondary level

Aims of teaching Economics:


Knowledge of Economic conditions and problems in India
Knowledge of principles and theories of economics.
Development of economic consciousness
Knowledge of economic structure of the government
Practical use of money
Develop broad and international outlook

Objectives of teaching economics at Secondary Level:

To acquaint students with the economic problems and solve the problems at local and national level To familiarize students with basic ideas in economics
To foster an urge among students for effective participation. To prepare students to cope with stress and strain.
To develop an understanding of the nations resources
To develop among students a favorable attitude
To help the students to understand that various sectors must develop equally. To develop among students a passion for social justice.
To help students to acquire skills.

Objectives of teaching economics at Higher Secondary Level:
1. To acquire the knowledge of facts, terms, concepts, trends, principles, problems and processes of economics.
2. To develop understanding of trends, principles, processes, etc in economics. 3. To apply the acquired knowledge and its understanding to unfamiliar situation. 4. To acquire economic skills like drawing maps, charts, tables, diagrams, graphs, etc. 5. To develop interest in the subject and problems related to the economic life of the people. 6. To develop desirable attitudes necessary for...
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