SS1 Economics Lesson Note- Second Term

● Justify Economics a science, Art or a social science subject?

● Identify career prospects in studying Economics.

● R.A.I. Anyawuocha (2022) Fundamentals of Economics, Onitsha, Nigeria, Africana First Publishers PLC

● Femi Longe (2020) Amplified and Simplified Economics For Senior Secondary Schools, Lagos Nigeria, Longe Ventures.

● Power point presentations

● Illustration of tables and curves

● Videos

Step II: Discuss the debate over Economics as a science, art, or social science. The teacher will emphasize that Economics is generally considered a social science because it studies human behavior.

Step III: The teacher will explain how Economics uses scientific methods, such as observation, hypothesis formulation, and data analysis, while also acknowledging the unpredictability of human behavior compared to physical sciences.

Step IV: The teacher will show a video that contrasts the scientific methods used in Economics with those used in physical sciences.

Step V: Students will be encouraged to ask questions, and the teacher will provide explanations to clarify their understanding.

The question of whether Economics is an art or a science subject has been a controversial debate in times past. However it is now regarded as a social science since it deals with human behaviour. Other social science subjects include sociology, political science ethics and law.

So it is established that Economics is a science –a social science – One reason that justifies it as a science is that it uses scientific methods. Another is Economics just like physical science (Physics and Chemistry) has its own scientific laws.

HOW ECONOMICS DIFFERS FROM OTHER PURE SCIENCES

Economics as a science is different from physical sciences. The physical sciences deal mainly with inanimate matter which can be easily controlled under laboratory conditions. But economics deals with human behaviour. Human behavior is subject to human feelings and their behaviours are unpredictable.

For this reason, most economic laws are not as precise but state tendencies, that is things that are likely to happen given certain conditions, which is why economists use the phrase ceteris paribus, that is ‘other things being equal.’

The physical scientist most often carries out his experiment in a room called a laboratory, but the whole world is the Economist’s laboratory.

● Why is economics considered a social science

● Research and give illustrations on the following themes
a. deductive reasoning v inductive reasoning
b. positive economics v normative economics

Step II: Highlight specific roles such as teaching, marketing, banking, and research, and explain how Economics is relevant to each.

Step III: The teacher will show a video or provide case studies of professionals in different economic careers.

Step IV: Students will be encouraged to discuss how Economics might influence their own career choices.

Step V: The teacher will summarize the lesson and explain the importance of Economics in professional life.

The study of economics leads to professionalism as it provides an individual with employment opportunities in any field or organization. An economist can fit in very well into any organization as long as resources are involved. The acquisition of knowledge of economics helps an individual to function effectively and efficiently in the following fields.

• Teaching
• Marketing
• Banking
• Managing an organization
• Researcher
• Analyst
• Journalism
• Law
• Entrepreneurship
• Consultancy, etc

• Choose one of the careers discussed in class and research the qualifications and skills required, focusing on the role of Economics.
• Students will write a report on a career of their choice, detailing how studying Economics can benefit that career.

A) It uses complex mathematical equations.

B) It studies inanimate objects in laboratory settings.

C) It focuses on human behavior and societal issues.

D) It involves artistic expression and creativity.

2. Which phrase do economists often use to account for variables that are not changing in an economic model?

A) Ad infinitum

B) Per capita

C) Ceteris paribus

D) Status quo

3. One major difference between Economics and physical sciences is that:

A) Economics is more concerned with natural phenomena.

B) Physical sciences deal with human behavior.

C) Economic laws are absolute, unlike physical laws.

D) Economics deals with human behavior, which is unpredictable.

4. Which of the following is NOT a characteristic of Economics as a science?

A) It uses scientific methods.

B) It has precise, universally applicable laws.

C) It studies human behavior in relation to scarce resources.

D) It is based on empirical evidence.

5. Why do economists use the scientific method in their studies?

A) To create artworks that depict economic scenarios.

B) To test hypotheses and develop economic theories.

C) To entertain people with economic stories.

D) To conduct laboratory experiments with chemicals.

6. Which of the following careers is most directly related to the study of Economics?

A) Architect

B) Financial analyst

C) Doctor

D) Engineer

7. An economist can likely work in all of the following fields EXCEPT:

A) Teaching

B) Journalism

C) Chemical Engineering

D) Banking

8. Which skill is most likely developed by studying Economics?

A) Painting and artistic skills

B) Critical thinking and problem-solving

C) Physical strength and endurance

D) Musical talent

9. The study of Economics helps in making decisions in which of the following areas?

A) Resource allocation in businesses

B) Space exploration

C) Cooking recipes

D) Fashion design

10. Which of the following is a key benefit of studying Economics?

A) It allows individuals to perform surgeries.

B) It provides knowledge to manage and allocate scarce resources.

C) It helps in building construction.

D) It is essential for becoming a professional athlete.

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