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Ngstudentforum Online Economics Tutorial Thread

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Donatus Mercy
, Nigeria.
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Good morning everyone. You're all welcome to this free online tutorial thread. Our aim at the Nigeria Student Forum is to provide students with useful resources from different universities and different academic disciplines.

On this thread, I shall discuss all topics in the Economics JAMB syllabus comprehensively. Your questions are welcome as it will not only serve as an encouragement for be but a way of helping other students to progress in thought and knowledge.

Asking questions:
1. foster your creativity
2. foster critical thinking skills
3. can help you advance in your field
4. increase your knowledge and aids your memory
5. can help you discover new ideas and information
6. can help you make better decisions
7. widens you horizon
8. and can help you identify the unknown; just to mention a few as I could go on with the list.

By the grace of God, I'll proffer answers to your questions.
Guest viewers, registering will cost you a few clicks. You can only answer questions if you're a registered member of this forum. If you have any problem registering, send a message to me on my email donatusbusayo@gmail.com

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Donatus Mercy
, Nigeria.
Date:3rd January, 2017.

Economics as a science

Let me start by defining Economics, using the most acceptable definition(Lionel Robbins'). It says "Economics is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

Economics is considered as a science because it uses scientific methodology to unveil truth about its nature. The use of mathematics in economics increased the quantitative analysis inherent in the discipline. Economics uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations.

Basic concepts
1. Wants: Economic wants are desires that can be satisfied by consuming a good, service or leisure activity. For people have differing economic wants, they purchase a wide variety of goods and services or choose to consume differing amounts of leisure time. You can also define WANT as goods and services that are not necessary but that we desire or wish for.
2. Scarcity(also known as paucity): It is the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. Scarcity is an important concept.
Let me explain a few type of scarcity. Even though it's not in the syllabus, I feel you should know it.
(a). Artificial scarcity: It describes the scarcity of items even though either the technology and production, or sharing capacity exists to create a theoretically limitless abundance as well as the use of laws to create scarcity where otherwise there wouldn't be. Ok, too complicated definition, right? Let me break it down. It essentially describes situations where the producers or owners of a good restrict its availability to others beyond is strictly necessary. For example, I remember vividly a time when the price of fuel was about to increase. Petrol stations stopped sales. They kept their petrol till the time of its increase in price(hoarding) thereby causing scarcity of petrol. In this case, scarcity didn't occur because those petrol stations were short of fuel but because they hoarded it on purpose with the sole aim of increasing profit.

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Donatus Mercy
, Nigeria.
3. Choice: It is the act of selecting one alternative over another
4. Scale of preference: It is a basic tool that determines the demand of certain products. This scale revolves around the basic needs of humans for a specified product.
5. Opportunity cost: In microeconomic theory, the opportunity cost of a choice is the value(not benefit)of the choice of a best alternative lost while making a decision.
6. Rationality: It is a part of decision making practice wherein an individual/company exercises sensible choice making, which provides him with the optimum amount of benefit.

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