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Economics is a social science and has different definitions from different great economists. Amongst these definitions, we have that of Lionel Robbins, Adam Smith, Alfred Marshall, George Bernard Shaw, John Maynard Keynes, Richard Lipsey, etc.
Economics as defined by Lord Lionel Robbins
Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
Adam Smith’s definition of Ecnomics
Acocording to Adam Smith, Ecnonomics is an inquiry into the nature and causes of wealth of nations
Ecnomics definition according to Alfred Marshall
Economics is the study of mankind in the ordinary business of life.
Fritz MachlupEconomics comes in whenever more of one thing means less of another.
John Maynard KeynesThe theory of economics is a method rather than a doctrine, an apparatus of mind, a technique of thinking, which helps its possessor to draw correct conclusions.
Richard LipseyEconomics is the study of the use of scarce resources to satisfy unlimited human wants.
GCE Advanced level 2020 economics paper 1 Download
INSTRUCTIONS TO CANDIDATES
Read the following instructions carefully before you start answering the questions in this paper. Make sure you have a soft HB pencil and an eraser for this examination.
- USE A SOFT HB PENCIL THROUGHOUT THE EXAMINATION.
- DO NOT OPEN THIS BOOKLET UNTIL YOU ARE TOLD TO DO SO.
- Check that this question booklet is headed “Ordinary Level – 0725 Economics 1″
- Fill in the information required in the spaces above;
- Fill in the information required in the spaces provided on the answer sheet using your HB pencil:
Candidate Name, Exam Session, Subject Code, and Candidate Identification Number.
Take care that you do not crease or fold the answer sheet or make any marks on it other than those asked for in these
How to answer the questions in this examination:
- Answer ALL the 50 questions in this Examination. All questions carry equal marks.
- Each question has FOUR suggested answers: A, B, C and D. Decide which answer is
correct. Find the
the number of the question on the Answer Sheet and draw a horizontal line across the letter to join the square brackets for
the answer you have chosen.
For example, if C is your correct answer, mark C as shown below:
- Mark only one answer for each question. If you mark more than one answer, you will score a zero for that question. If
you change your mind about an answer, erase the first mark carefully, then mark your new answer.
- Avoid spending too much time on any one question. If you find a question difficult, move on to the next question.
You can come back to this question later.
- Do all rough work in this booklet using the blank spaces in the question booklet.
- At the end of the examination, the invigilator shall collect the answer sheet and then the question booklet. DO
NOT ATTEMPT TO LEAVE THE EXAMINATION HALL WITH IT.