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                LESSON NOTE: SS2    LESSON 1 WEEK 1 BANKING SYSTEM, CENTRAL BANK & SPECIALIZED INSTITUTIONS Notes: BANKING: Is all activities involved in the collection of deposits and providing loans for business dealings. BANK: Is an institution that provides safety to money and valuables, and loans for business dealings. BANKING TERMS: ·          ASSET: Resources of a bank. Ex. Land , buildings, vehicles, equipments, money etc ·          LIABILITY: What the bank is responsible for. Ex. Customers’ deposit, bills, reserves, debts etc. ·          CREDIT: Money. ·          LOAN: Arrangement for borrowing from a bank and paying back after a fixed time with interest. ·          OVERDRAFT: A way of borro...

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...