Thursday, October 6, 2022

FORM 5 ECONOMICS NOTES ALL TOPICS

FORM 5 ECONOMICS NOTES ALL TOPICS

FORM 5 ECONOMICS NOTES ALL TOPICS
Thursday, October 6, 2022

FORM 5 ECONOMICS NOTES ALL TOPICS

UNAWEZA JIPATIA NOTES ZETU KWA KUCHANGIA KIASI KIDOGO KABISA:PIGA SIMU:0787237719




ALSO READ;

  1. O’ Level Study Notes All Subjects
  2. A’ Level Study Notes All Subjects
  3. Pats Papers

FORM 5 ECONOMICS NOTES ALL TOPICS

To view this economic study notes for form 5 please hit links bellow

SUBJECT MATTER OF ECONOMICS

PRODUCTION

THEORIES OF DEMAND AND SUPPLY

CONCEPT OF THE MARKET

THEORY OF THE FIRM

PRIVATISATION

 

POPULATION

 

EMPLOYMENT & UNEMPLOYMENT

 

TRADE CYCLE




FORM 5 ECONOMICS NOTES ALL TOPICS

There are a variety of modern definitions of economics; some reflect evolving views of the subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as “an inquiry into the nature and causes of the wealth of nations”, in particular as:

a branch of the science of a statesman or legislator [with the twofold objectives of providing] a plentiful revenue or subsistence for the people … [and] to supply the state or commonwealth with a revenue for the publick services.

Jean-Baptiste Say (1803), distinguishing the subject from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth. On the satirical side, Thomas Carlyle (1849) coined “the dismal science” as an epithet for classical economics, in this context, commonly linked to the pessimistic analysis of Malthus (1798). John Stuart Mill (1844) defined the subject in a social context as:

The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object.




Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from the societal to the microeconomic level:

Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man.

Lionel Robbins (1932) developed implications of what has been termed “[p]erhaps the most commonly accepted current definition of the subject”:

Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.




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FORM 5 ECONOMICS NOTES ALL TOPICS
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