ECONOMICS LESSON ONE: SS1 FIRST TERM WEEK 1 NATURE AND SCOPE OF ECONOMICS Notes Economics, a controversial subject, has gathered many opinions over the years from great scholars, economists, philosophers and kings, attempting to define and explain its wide concepts. Some notable definitions are: 1. Sir. Alfred Marshall : He defined Economics as the study of mankind in the ordinary business of life. 2. Sir. Adam Smith : he defined Economics as the study of nature and causes of wealth of nations. 3. Sir. J. S. Mill : defined economics as the practical science of production and distribution of wealth. 4. Sir. T. Scitovsky says Economics is a social science concerned with the administration of scarce resources. 5. Sir. H. J. Davenport : He defined economics as a science which treats phenomena from the stand point of price. 6. Prof. Lionel Robinson : He gave the most generally acceptable definition of Econ...