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Eco. 101 (Online Discussion Quiz 1–The Meaning of Economics and Behavioural Economics)–18-8-2021

 

  1. Economics as a branch of social sciences means so many things to many people. Drawing inspiration from the perspectives of other scholars, as an emerging economist and a scholar, what does economics mean to you?
  2. As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession?

 

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Comments 427

  1. Avatar Bahiru Esther Ramat says:

    economics is a social science concerned with the production,distribution and consumption of goods and service .it studies individual ,business,governments, nations and make choices about how to allocate their resources.

    2,behavioural economics draws on psychological and economics to explore why people sometimes make irrational decision, why and how their behaviour does not follow the predictions of economic models ,because humans are emotional and easily distracted beings ,they make decision that are not in their self interest

  2. Name : Ugwu Adanna Chiamaka
    Jamb registration number : 20694893BA
    Department: public administration and local government.

    MEANING OF ECONOMICS
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. … The building blocks of economics are the studies of labor and trade.

    BEHAVIORAL ECONOMICS
    Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. … Behavioral economics is often related with normative economics

  3. Avatar Favour chinenye Amalaha says:

    Favour chinenye Amalaha
    20160903IA
    dectectivefavor@gmail.com
    1.
    Economics is a social science that studies the the production, consumption, and transfer of a nation’s wealth to all individuals.
    Every day, we are faced by different choices. And most times, we may lack what it takes to explore all the options available for us, forcing us to let go of some alternatives and focus on more befitting ones (alternative forgone, priority, opportunity cost).
    While Lionel Robbins, in his famous book, An Essay on the Nature and Significance of Economic Science, captured it as a study of human behavior “given ends and scarce means with alternative uses,” this could have never been a truer means to capture what economics entails.
    2.
    Naturally, it’s perceived that humans are wired to make “rational” decisions that can guarantee them optimum utilization and satisfaction. And while Behavioral economic theory holds that humans are not rational and can’t make the best choices given scarce resources. The duty will now fall on economists to not just draw on psychology and economics to find out why humans are like this but to help nations fully optimized their limited resources, not giving in to emotions and external factors.

  4. Avatar Nweke Dominic Ede says:

    NWEKE DOMINIC EDE
    Reg No: 2018/243563
    Dept: Public Administration and Local Government
    Email Address: domnweke81@gmail.com

    MEANING OF ECONOMICS

    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results. Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

    Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency. Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI). Capitalism, socialism, and communism are types of economic systems. One of the earliest recorded economic thinkers was the 8th-century B.C. Greek farmer/poet Hesiod, who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. But the founding of modern Western economics occurred much later, generally credited to the publication of Scottish philosopher Adam Smith’s 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations.1 The principle (and problem) of economics is that human beings have unlimited wants and occupy a world of limited means. For this reason, the concepts of efficiency and productivity are held paramount by economists. Increased productivity and a more efficient use of resources, they argue, could lead to a higher standard of living.

    Types of Economics

    The study of economics is generally broken down into two disciplines:

    1. Microeconomics
    2. Macroeconomics

    Microeconomics focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency. Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels. Microeconomics tries to explain how and why different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another.

    Macroeconomics studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are recurrent economic cycles and broad economic growth and development. Topics studied include foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation and interest rates, the growth of total production output as reflected by changes in the Gross Domestic Product (GDP), and business cycles that result in expansions, booms, recessions, and depressions.

    BEHAVIOURAL ECONOMICS

    Behavioural economics attempts to understand the effect of individual psychological processes, including emotions, norms, and habits on individual decision-making in a variety of economic contexts. The standard economic model of human behavior includes three unrealistic traits—unbounded rationality, unbounded willpower, and unbounded selfishness—all of which behavioral economics modifies.

    All economic behaviour involves decision-making by individuals, and traditional (neo-classical) theories of economic behaviour assume that economic agents apply rational thought to each and every decision to achieve the maximisation of personal benefit (utility) or, in the case of producers, the maximisation of profits. The assumption of the rational individual (‘economic man’ or homo economicus) is central to most micro-economic theory, and can be seen most clearly in marginal analysis. Marginal analysis suggests that economic agents carefully weigh-up the expected costs and benefits of alternative decisions based on accurate information, and select the option that maximises their personal gain. In other words, individual economic agents are driven by self-interest, and if all agents are driven by self-interest based on all the information they have, each marginal decision will be rational. This idea underpins the theory of how markets work to allocate scarce resources, and is the basis of micro-economics, yet the real world seems full of examples of where decision making does not seem rational, nor in the individual’s self-interest. The cases of cigarette smoking, over-eating, and failing to save enough for retirement are just a few of the apparently irrational decisions routinely made by individuals across the developed world. Behavioural economics challenges the long held view in mainstream economics that individuals are ‘unemotional’ maximisers who make rational decisions – rational actors being identified as homo economicus. It also offers suggestions as to how individuals can be ‘nudged’ towards more effective decision-making.

  5. Avatar Nweke Dominic Ede says:

    NWEKE DOMINIC EDE
    Reg No: 2018/243563
    Dept: Public Administration and Local Government
    Email Address: domnweke81@gmail.com

    MEANING OF ECONOMICS
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results. Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

    Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
    Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).
    Capitalism, socialism, and communism are types of economic systems. One of the earliest recorded economic thinkers was the 8th-century B.C. Greek farmer/poet Hesiod, who wrote that labor, materials, and time needed to be allocated efficiently to overcome scarcity. But the founding of modern Western economics occurred much later, generally credited to the publication of Scottish philosopher Adam Smith’s 1776 book, An Inquiry Into the Nature and Causes of the Wealth of Nations.1

    The principle (and problem) of economics is that human beings have unlimited wants and occupy a world of limited means. For this reason, the concepts of efficiency and productivity are held paramount by economists. Increased productivity and a more efficient use of resources, they argue, could lead to a higher standard of living.

    Types of Economics
    The study of economics is generally broken down into two disciplines. Microeconomics focuses on how individual consumers and firms make decisions; these individual decision making units can be a single person, a household, a business/organization, or a government agency. Analyzing certain aspects of human behavior, microeconomics tries to explain how they respond to changes in price and why they demand what they do at particular price levels. Microeconomics tries to explain how and why different goods are valued differently, how individuals make financial decisions, and how individuals best trade, coordinate, and cooperate with one another.
    Macroeconomics studies an overall economy on both a national and international level, using highly aggregated economic data and variables to model the economy. Its focus can include a distinct geographical region, a country, a continent, or even the whole world. Its primary areas of study are recurrent economic cycles and broad economic growth and development. Topics studied include foreign trade, government fiscal and monetary policy, unemployment rates, the level of inflation and interest rates, the growth of total production output as reflected by changes in the Gross Domestic Product (GDP), and business cycles that result in expansions, booms, recessions, and depressions.

    BEHAVIOURAL ECONOMICS
    Behavioural economics attempts to understand the effect of individual psychological processes, including emotions, norms, and habits on individual decision-making in a variety of economic contexts.

    The standard economic model of human behavior includes three unrealistic traits—unbounded rationality, unbounded willpower, and unbounded selfishness—all of which behavioral economics modifies.All economic behaviour involves decision-making by individuals, and traditional (neo-classical) theories of economic behaviour assume that economic agents apply rational thought to each and every decision to achieve the maximisation of personal benefit (utility) or, in the case of producers, the maximisation of profits. The assumption of the rational individual (‘economic man’ or homo economicus) is central to most micro-economic theory, and can be seen most clearly in marginal analysis. Marginal analysis suggests that economic agents carefully weigh-up the expected costs and benefits of alternative decisions based on accurate information, and select the option that maximises their personal gain. In other words, individual economic agents are driven by self-interest, and if all agents are driven by self-interest based on all the information they have, each marginal decision will be rational.
    This idea underpins the theory of how markets work to allocate scarce resources, and is the basis of micro-economics, yet the real world seems full of examples of where decision making does not seem rational, nor in the individual’s self-interest. The cases of cigarette smoking, over-eating, and failing to save enough for retirement are just a few of the apparently irrational decisions routinely made by individuals across the developed world. Behavioural economics challenges the long held view in mainstream economics that individuals are ‘unemotional’ maximisers who make rational decisions – rational actors being identified as homo economicus. It also offers suggestions as to how individuals can be ‘nudged’ towards more effective decision-making.

  6. Avatar Kenechukwu Emmanuel Onyedika says:

    NAME_ KENECHUKWU EMMANUEL ONYEDIKA
    FACULTY_ SOCIAL SCIENCE
    DEPARTMENT_ ECONOMICS
    REG NO_ 2020/242637

    Assignments ECO 101

    Economics as a social science
    Economics as a Social Science examines and revises the fundamental assumptions of economics. Because it avoids jargon and explains terms carefully, it will be of interest to economics majors as well as to graduate students of economics and other social sciences, and social scientists working in government and the private sector.

    As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession.

    First of all I’ll start by Defining Behavioral Economics
    Behavioural Economic studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

    Prior to the above definition, we can say that a Behavioural Economist makes for the Economics Profession be more psychological inclined with the mental and behavioural state of Individuals, Businesses, Government and the world at large. He/she better help us understand how and when errors are made prior to policy formulation and implementation. Example: Having observe that with the high cost of living in Lagos, From the point of view of a behavioural economist, individuals in Lagos tends to save less income than in other states like Kano where cost of living is relatively low.

  7. What Is Economics?
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.
    Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

    Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
    Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
    Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
    Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).
    Capitalism, socialism, and communism are types of economic systems
    Behavioral Economics
    A method of economic analysis that applies psychological insights into human behaviour to explain economic decision-making

  8. Avatar Ogbonna faith chidinma says:

    Reg no__20683659DF
    Dept__Public Administration and Local Government
    Faculty__Social science
    Meaning of Economics and behavioral economics
    Economics is a social science concerned with production, distribution and consumption of goods and services.it studies how individuals, business, government and nation’s make choices about how to allocate resources. Economics focuses on the actions of human being…..

    Behavioral economics

    It is a method of economics analysis that applies psychological insights into human behaviour to explain economics decision-making

  9. Name: Ogbonnaya John Ogboyi
    Department: Pure and Industrial chemistry
    Reg. Number: 2019/241184
    Email: ogbonnayajohn290@gmail.com

    MEANING OF ECONOMICS
    Economics by Adam Smith ”as an inqury into the nature and causes of the wealth of nations”. General explaination of economics is that it is a social science concerned with the production, distribution and consumption of goods and services. It is also studies how individuals, buisnesses, government and nations makes choice about how to allocate resources. Furthmore economics is a science that studies human behviour as a relationship between ends and scarce means which have alternate uses.

    BEHAVOURIAL ECONOMICS:
    Is the study of psychology as it relates to the economic decision making processes of individuals and institution. It is often related to normative economics. This theory explains that humans are not rational and are incapable of making good decisions. One application of behavourial economics is heuristics. E,xample
    Companies are increasing incorporation due to behavourial economics to increase sales of their products, in 2007 the price of 8GB iphone was introduced for $ 600 and quickly reduced to $400. So now what if the intrinisic value of the phone was $400?if apple introduced the phone for $400,the initial reaction would have been “too pricey” but the phone was introduced at a higher price, bringing it down consumers behave (behavourial economics), that they are buying a pretty good deal which surged price.

  10. Avatar Onyeachonam Chinenye Josephine says:

    Name: onyeachonam Chinenye Josephine
    Reg no: 2019/250236
    Dept: pure and industrial chemistry
    Faculty: physical science

    ECONOMICS
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.

    Behavioral economics (also, behavioural economics) studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

    The behavioral economics concept on “nudging” people’s behavior and actions is often illustrated with this urinal with a housefly image embossed in the enamel; the image “nudges” users into improving their aim, which lowers cleaning costs.
    Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory.

  11. Avatar Onyeachonam Chinenye Josephine says:

    Name: Onyeachonam Chinenye Josephine
    Dept: pure and industrial chemistry
    Reg no: 2019/250236
    Faculty: physical science

    What Is Economics?
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.

    Behavioral economics (also, behavioural economics) studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.[1][2]

    The behavioral economics concept on “nudging” people’s behavior and actions is often illustrated with this urinal with a housefly image embossed in the enamel; the image “nudges” users into improving their aim, which lowers cleaning costs.
    Behavioral economics is primarily concerned with the bounds of rationality of economic agents. Behavioral models typically integrate insights from psychology, neuroscience and microeconomic theory.[3][4] The study of behavioral economics includes how market decisions are made and the mechanisms that drive public choice.

  12. Avatar Ugwu Nnenna mary says:

    Ugwu Nnenna Mary
    Reg no:2019/244165
    What Is Economics?
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results What Is Behavioral Economics?
    Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. The two most important questions in this field are:

    1. Are economists’ assumptions of utility or profit maximization good approximations of real people’s behavior?

    2. Do individuals maximize subjective expected utility?

    Behavioral economics is often related with normative economics. Understanding Behavioral Economics
    In an ideal world, people would always make optimal decisions that provide them with the greatest benefit and satisfaction. In economics, rational choice theory states that when humans are presented with various options under the conditions of scarcity, they would choose the option that maximizes their individual satisfaction. This theory assumes that people, given their preferences and constraints, are capable of making rational decisions by effectively weighing the costs and benefits of each option available to them. The final decision made will be the best choice for the individual. The rational person has self-control and is unmoved by emotions and external factors and, hence, knows what is best for himself. Alas behavioral economics explains that humans are not rational and are incapable of making good decisions. Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Decisions such as how much to pay for a cup of coffee, whether to go to graduate school, whether to pursue a healthy lifestyle, how much to contribute towards retirement, etc. are the sorts of decisions that most people make at some point in their lives. Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B.

    Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest. For example, according to the rational choice theory, if Charles wants to lose weight and is equipped with information about the number of calories available in each edible product, he will opt only for the food products with minimal calories. Behavioral economics states that even if Charles wants to lose weight and sets his mind on eating healthy food going forward, his end behavior will be subject to cognitive bias, emotions, and social influences. If a commercial on TV advertises a brand of ice cream at an attractive price and quotes that all human beings need 2,000 calories a day to function effectively after all, the mouth-watering ice cream image, price, and seemingly valid statistics may lead Charles to fall into the sweet temptation and fall off of the weight loss bandwagon, showing his lack of self-control.Applications
    One application of behavioral economics is heuristics, which is the use of rules of thumb or mental shortcuts to make a quick decision. However, when the decision made leads to error, heuristics can lead to cognitive bias. Behavioral game theory, an emergent class of game theory, can also be applied to behavioral economics as game theory runs experiments and analyzes people’s decisions to make irrational choices. Another field in which behavioral economics can be applied to is behavioral finance, which seeks to explain why investors make rash decisions when trading in the capital markets.

    Companies are increasingly incorporating behavioral economics to increase sales of their products. In 2007, the price of the 8GB iPhone was introduced for $600 and quickly reduced to $400. What if the intrinsic value of the phone was $400 anyway? If Apple introduced the phone for $400, the initial reaction to the price in the smartphone market might have been negative as the phone might be thought to be too pricey. But by introducing the phone at a higher price and bringing it down to $400, consumers believed they were getting a pretty good deal and sales surged for Apple. Also, consider a soap manufacturer who produces the same soap but markets them in two different packages to appeal to multiple target groups. One package advertises the soap for all soap users, the other for consumers with sensitive skin. The latter target would not have purchased the product if the package did not specify that the soap was for sensitive skin. They opt for the soap with the sensitive skin label even though it’s the exact same product in the general package.

    As companies begin to understand that their consumers are irrational, an effective way to embed behavioral economics in the company’s decision-making policies that concern its internal and external stakeholders may prove to be worthwhile if done properly.

    Notable individuals in the study of behavioral economics are Nobel laureates Gary Becker (motives, consumer mistakes; 1992), Herbert Simon (bounded rationality; 1978), Daniel Kahneman (illusion of validity, anchoring bias; 2002), George Akerlof (procrastination; 2001), and Richard H. Thaler (nudging, 2017).

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  13. Avatar Okoye Nmesomachukwu Blessing 21639608CF public administration and local government says:

    1. To my own understanding economics is the study of how human make or define decisions in the face of scarcity.it is also known as the exchange ownership and uses of resources.it can be family, individuals,societal decisions that are made.
    2.The behavioural economist to economic profession are informations of the states are expected to be gotten in order to know the production or process needed. Another is one should enable to describe the changes in economic variables and also be able to measure this change to be on a safe side. They also attempt to use principles and methods of science to explain economic behavior. So in conclusion it is said that the behavior of an economist should be reliable to information and enable a way to get to know the date on which to produce and get a good climate.

  14. Avatar NWOKIKE PRINCESS NMESOMA says:

    NAME:NWOKIKE PRINCESS NMESOMA
    REG NO:20633277AF
    DEPARTMENT:NURSING SCIENCE
    Economics according to the father of economics Adams Smith”As an inquiry into the nature and causes of wealth of nations.the general explanation of economics is that it is a social science concerned with the production,distribution and consumption of goods and services.it also studies how individuals,buisnesses,government and nations make choices about how to allocate resources.Furthmore economics is the science which studies human behaviour as a Relationship between ends and scarce means which have alternative use.
    BEHAVOURIAL ECONOMICS:IS the study of psychology as it relates to the economic decision making processes of individuals and institution.it is often related to normative economics.this theory explains that humans are not rational and are incapable of making good decision.One application of behavourial economics is HEURISTICS.Companies are increasing incorporation behavourial economics to increase sales.A. pratical example In 2007,the price of the 8GB iphone was introduced for $600 and reduced immediately to $400. What if the intrinsic value is $400?and apple introduced it as $400,the initial reaction will be” too pricey”,but by introducing at a higher price and bringing it down immediately,consumers believe that they are buying a pretty good deal,which surged sales.

  15. Avatar Dike Emmanuella Chinonyerem says:

    DIKE EMMANUELLA CHINONYEREM
    NURSING SCIENCE
    20411006FA
    1)Meaning of Economics:
    Economics is basically the study of human beings and their everyday activities in their society. As stated by Lionel Robinson,it is the study of human beings as the relationship between ends and scarce means and their alternative uses. It is a social science that studies the relationship between human beings are value. This includes the process of production, distribution and consumption of wealth. It is a social science that tackles scarcity and teaches human beings how to allocate these limited resources and also use these limited resources in various purposeful ways.

    2) Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. The process of decision making in economics is very important. Behavioral Economics centers more on why human beings make irrational decisions without follow economic principles. Therefore,their contribution as behavioral economists in the economic profession is how they’ve been able to direct and guide human beings on how to make rational decisions that follow economic principles and still maximize their satisfaction.

  16. Avatar Ugwunweze Robinson Ndubuisi says:

    Name: Ugwunweze Robinson Ndubuisi.
    Matric No: 2020/243243.
    Department: Public Administration And Local Government.
    (1) Economics is the scientific study of the ownership, use , and exchange of scarce of scarcity. Economics is regarded as a science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organisations. Economics attempts to explain economic behavior, which arises when scarce resources are exchanged.
    (2) Economics professional apply their skillof description, analysis, model building and prediction to generate knowledge and from this, provide advice to private firms to governmens and other organizations.

  17. Avatar Nwachukwu Eunice Ifechukwude says:

    NAME:Nwachukwu Eunice Ifechukwude
    Reg no:21304123DF
    Faculty:Social Sciences
    Dept:Public Administration and Local GovtDeductive and Inductive Methods of Economics (Merits and Demerits)

    There are two method of reasoning in theoretical economics. They are the deductive and inductive methods.

    As a matter of fact, deduction and induction are the two forms of logic that help to establish the truth.

    The Deductive Method

    Deduction Means reasoning or inference from the general to the particular or from the universal to the individual. The deductive method derives new conclusions from fundamental assumptions or from truth established by other methods. It involves the process of reasoning from certain laws or principles, which are assumed to be true, to the analysis of facts.

    Then inferences are drawn which are verified against observed facts. Bacon described deduction as a “descending process” in which we proceed from a general principle to its consequences. Mill characterised it as a priori method, while others called it abstract and analytical.

    Deduction involves four steps: (1) Selecting the problem. (2) The formulation of assumptions on the basis of which the problem is to be explored. (3) The formulation of hypothesis through the process of logical reasoning whereby inferences are drawn. (4) Verifying the hypothesis. These steps are discussed as under.

    (1) Selecting the problem:

    The problem which an investigator selects for enquiry must be stated clearly. It may be very wide like poverty, unemployment, inflation, etc. or narrow relating to an industry. The narrower the problem the better it would be to conduct the enquiry.

    (2) Formulating Assumptions:

    The next step in deduction is the framing of assumptions which are the basis of hypothesis. To be fruitful for enquiry, the assumption must be general. In any economic enquiry, more than one set of assumptions should be made in terms of which a hypothesis may be formulated

    (3) Formulating Hypothesis:

    The next step is to formulate a hypothesis on the basis of logical reasoning whereby conclusions are drawn from the propositions. This is done in two ways: First, through logical deduction. If and because relationships (p) and (q) all exist, then this necessarily implies that relationship (r) exists as well. Mathematics is mostly used in these methods of logical deduction.

    (4) Testing and Verifying the Hypothesis:

    The final step in the deductive method is to test and verify the hypothesis. For this purpose, economists now use statistical and econometric methods. Verification consists in confirming whether the hypothesis is in agreement with facts. A hypothesis is true or not can be verified by observation and experiment. Since economics is concerned with human behaviour, there are problems in making observation and testing a hypothesis.

    For example, the hypothesis that firms always attempt to maximise profits, rests upon the observation that some firms do behave in this way. This premise is based on a priori knowledge which will continue to be accepted so long as conclusions deduced from it are consistent with the facts. So the hypothesis stands verified. If the hypothesis is not confirmed, it can be argued that the hypothesis was correct but the results are contradictory due to special circumstances.

    Under these conditions, the hypothesis may turn out to the wrong. In economics, most hypotheses remain unverified because of the complexity of factors involved in human behaviour which, in turn, depend upon social, political and economic factors. Moreover, controlled experiments in a laboratory are not possible in economics. So the majority of hypotheses remain untested and unverified in economics.

    Merits of Deductive Method:

    The deductive method has many advantages.

    (1) Real

    It is the method of “intellectual experiment,” according to Boulding. Since the actual world is very complicated, “what we do is to postulate in our own minds economic systems which are simpler than reality but more easy to grasp. We then work out the relationship in these simplified systems and by introducing more and more complete assumptions, finally work up to the consideration of reality itself.” Thus, this method is nearer to reality.

    (2) Simple:

    The deductive method is simple because it is analytical. It involves abstraction and simplifies a complex problem by dividing it into component parts. Further, the hypothetical conditions are so chosen as to make the problem very simple, and then inferences are deduced from them.

    (3) Powerful:

    ADVERTISEMENTS:

    It is a powerful method of analysis for deducing conclusions from certain facts. As pointed out by Cairnes, The method of deduction is incomparably, when conducted under proper checks, the most powerful instrument of discovery ever wielded by human intelligence.

    (4) Exact:

    The use of statistics, mathematics and econometrics in deduction brings exactness and clarity in economic analysis. The mathematically trained economist is able to deduce inferences in a short time and make analogies with other generalisations and theories. Further, the use of the mathematical-deductive method helps in revealing inconsistencies in economic analysis.

    (5) Indispensable:

    The use of deductive method is indispensable in sciences like economics where experimentation is not possible. As pointed out by Gide and Rist, “In a science like political economy, where experiment is practically impossible, abstraction and analysis afford the only means of escape from those other influences which complicate the problem so much.”

    (6) Universal:

    The deductive method helps in drawing inferences which are of universal validity because they are based on general principles, such as the law of diminishing returns.

    Demerits of Deductive Method:

    Despite these merits, much criticism has been levelled against this method by the Historical School which flourished in Germany.

    1 .Unrealistic Assumption:

    Every hypothesis is based on a set of assumptions. When a hypothesis is tested, assumptions are indirectly tested by comparing their implications with facts. But when facts refute the theory based on the tested hypothesis, the assumptions are also indirectly refuted. So deduction depends upon the nature of assumptions. If they are unrealistic, in this method, economists use the ceteris paribus assumption. But other things seldom remain the same which tend to refute theorically

    2. Not Universally Applicable:

    Often the conclusions derived from deductive reasoning are not applicable universally because the premises from which they are deduced may not hold good at all time and places. For instance, the classicists assumed in their reasoning that particular conditions prevailing in England of their times were valid universally. This supposition was wrong. Prof. Lerner, therefore, points out that the deductive method is simply “armchair analysis” which cannot be regarded as universal.

    3. Incorrect Verification:

    The verification of theories, generalisations or laws in economics is based on observation. And right observation depends upon data which must be correct and adequate. If a hypothesis is deduced from wrong or inadequate data, the theory will not correspond with facts and will be refuted. For instance, the generalisations of the classicists were based on inadequate data and their theories were refuted. As pointed out by ircholson, “the great danger of the deductive method lies in the natural aversion to the labour of verification.”

    4. Abstract Method:

    The deductive method is highly abstract and requires great skill in drawing inferences for various premises. Due to the complexity of certain economic problems, it becomes difficult to apply this method even at the hands of an expert researcher. More so, when he uses mathematics or econometrics

    5. Static Method:

    This method of analysis is based on the assumption that economic conditions remain constant. But economic conditions are continuously changing. Thus this is a static method which fails to make correct analysis.

    6. Intellectually:

    The chief defect of the deductive method “lies in the fact that those who follow this method may be absorbed in the framing of intellectual toys and the real world may be forgotten in the intellectual gymnastics and mathematical treatment.”

    The Inductive Method:

    Induction “is the process of reasoning from a part to the whole, from particulars to generals or from the individual to the universal.” Bacon described it as “an ascending process” in which facts are collected, arranged and then general conclusions are drawn.

    The inductive method was employed in economics by the German Historical School which sought to develop economics wholly from historical research. The historical or inductive method expects the economist to be primarily an economic historian who should first collect material, draw gereralisations, and verify the conclusions by applying them to subsequent events. For this, it uses statistical methods. The Engel’s Law of Family Expenditure and the Malthusian Theory of Population have been derived from inductive reasoning.

    The inductive method involves the following steps:

    1. The Problem:

    In order to arrive at a generalisation concerning an economic phenomenon, the problem should be properly selected and clearly stated.

    2. Data:

    The second step is the collection, enumeration, classification and analysis of data by using appropriate statistical techniques.

    3. Observation:

    Data are used to make observation about particular facts concerning the problem.

    4. Generalisation:

    On the basis of observation, generalisation is logically derived which establishes a general truth from particular facts.

    Thus induction is the process in which we arrive at a generalisation on the basis of particular observed facts.

    The best example of inductive reasoning in economics is the formulation of the generalisation of diminishing returns. When a Scottish farmer found that in the cultivation of his field an increase in the amount of labour and capital spent on it was bringing in less than proportionate returns year after year, an economist observed such instances in the case of a number of other farms, and then he arrived at the generalisation that is known as the Law of Diminishing Returns.

    Merits of Inductive Method:

    The chief merits of this method are as follow

    (1) Realistic:

    The inductive method is realistic because it is based on facts and explains them as they actually are. It is concrete and synthetic because it deals with the subject as a whole and does not divide it into component parts artificially

    (2) Future Enquiries:

    Induction helps in future enquiries. By discovering and providing general principles, induction helps future investigations. Once a generalisation is established, it becomes the starting point of future enquiries.

    (3) Statistical Method:

    The inductive method makes use of the statistical method. This has made significant improvements in the application of induction for analysing economic problems of wide range. In particular, the collection of data by governmental and private agencies or macro variables, like national income, general prices, consumption, saving, total employment, etc., has increased the value of this method and helped governments to formulate economic policies pertaining to the removal of poverty, inequalities, underdevelopment, etc.

    (4) Dynamic:

    The inductive method is dynamic. In this, changing economic phenomena can be analysed on the basis of experiences, conclusions can be drawn, and appropriate remedial measures can be taken. Thus, induction suggests new problems to pure theory for their solution from time to time.

    (5) Histrico-Relative:

    A generalisation drawn under the inductive method is often histrico-relative in economics. Since it is drawn from a particular historical situation, it cannot be applied to all situations unless they are exactly similar. For instance, India and America differ in their factor endowments. Therefore, it would be wrong to apply the industrial policy which was followed in America in the late nineteenth century to present day India. Thus, the inductive method has the merit of applying generalisations only to related situations or phenomena.

    Demerits of Inductive Method:

    However, the inductive method is not without its weaknesses which are discussed below.

    (1) Misenterpretation of Data:

    Induction relies on statistical numbers for analysis that “can be misused and misinterpreted when the assumptions which are required for their use are forgotten.”

    (2) Uncertain Conclusions:

    Boulding points out that “statistical information can only give us propositions whose truth is more or less probable it can never give us certainty.”

    (3) Lacks Concreteness:

    Definitions, sources and methods used in statistical analysis differ from investigator to investigator even for the same problem, as for instance in the case of national income accounts. Thus, statistical techniques lack concreteness.

    (4) Costly Method:

    The inductive method is not only time-consuming but also costly. It involves detailed and painstaking processes of collection, classification, analyses and interpretation of data on the part of trained and expert investigators and analysts

    (5) Difficult to Prove Hypothesis:

    Again the use of statistics in induction cannot prove a hypothesis. It can only show that the hypothesis is not inconsistent with the known facts. In reality, collection of data is not illuminating unless it is related to a hypothesis.

    (6) Controlled Experimentation not Possible in Economics:

    Besides the statistical method, the other method used in induction is of controlled experimentation. This method is extremely useful in natural and physical sciences which deal with matter. But unlike the natural sciences, there is little scope for experimentation in economics because economics deals with human behaviour which differs from person to person and from place to place.

    Further, economic phenomena are very complex as they relate to man who does not act rationally. Some of his actions are also bound by the legal and social institutions of the society in which he lives. Thus, the scope for controlled experiments in inductive economics is very little. As pointed Out by Friendman, “The absence of controlled experiments in economics renders the weeding out of unsuccessful hypo-these slow and difficult.”

    Conclusion:

    The above analysis reveals that independently neither deduction nor induction is helpful in scientific enquiry. In reality, both deduction and induction are related to each other because of some facts. They are the two forms of logic that are complementary and co-relative and help establish the truth.

    Marshall also supported the complementary nature of the two methods when he quoted Schmoller: “Induction and deduction are both needed for scientific thought as the right and left foot are needed for walking.” And then Marshall stressed the need and use of integrating these methods.

  18. What is Economics?
    Economics is a social science that studies the allocation of scarce resources among people. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. It focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.
    It can also be defined as a social science concerned with the production, distribution, and consumption of goods and services.
    Economics can generally be broken down into macroeconomics, which concentrates on the behavior of the economy as a whole, and microeconomics, which focuses on individual people and businesses.
    What is behavioural economics
    Behavioural Economics is a study that intersects the teachings of psychology and economics. More specifically, it relates to the economic decision-making processes of individuals and institutions.
    Behavioural economics principles have major consequences for how we live our lives. By understanding the impact they have on our behavior, we can actively work to shape our realities.
    Examples of Behavioural Economics
    1. Playing slots
    Principle: Gambler’s Conceit—an erroneous belief that someone can stop a risky action while still engaging in it.
    Example: When a gambler says “I can stop the game when I win” or “I can quit when I want to” at the roulette table or slot machine but doesn’t stop.
    Relation to BE: Players are incentivized to keep playing while winning to continue their streak and to keep playing while losing so they can win back money. The gambler continues to perform risky behavior against what is in this person’s best interest.
    2. Taking an exam
    Principle: Self-handicapping—a cognitive strategy where people avoid effort to prevent damage to their self-esteem.
    Example: In case she does poorly, a student tells her friends that she barely reviewed for an exam, even though she studied a lot.
    Relation to BE: People put obstacles in their own paths (and make it harder for themselves) in order to manage future explanations for why they succeed or fail.

  19. Avatar AKUBUE ABLE GOD, 21421397AF says:

    WHAT IS ECONOMICS?
    The most acceptable definition of Economics was said by Professor Lionel. C. Robbins due to because they are many , he defined it as the study of human behaviour, showing the relationship between ends and scarce means which have alternative uses. As an emerging economist, I define it as the study of human behaviour which tends to show how humans manage their resources regarding their wants and needs , how the society (the government)tends to efficiently utilize and stabilize both human and scarce natural resources in order to build a stable economy.
    WHAT IS BEHAVIORAL ECONOMICS?
    It studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.
    It primarily concerns the bounds of rationality of economic agents.
    It’s contributions seems to apply integration by giving insights from psychology, neuroscience and microeconomic theory, it also includes how market decisions are made and the mechanisms that drive public choice.

  20. Avatar Amadi Sylvia Chinwendu says:

    Name:Amadi Sylvia Chinwendu
    Reg no:20649454GA
    Dept:public adminstration and Local Government
    Email address:Sylvia chinwendu71@gmail.com

    Economics is the branch of social science that deals with the production,distribution and consumption of goods and services and their management. It examine how people choose to use limited or scarce resources in attempt to satisfy their unlimited wants
    It also entails how individuals and societies choose to employ their resources;what goods and services will be produced,how they will be produced and how they will be distributed among members of the society.

    Discussion based on the likely contribution of a behavioral economist to economics profession
    Behavioral economist reveals that decisions making is subject to cognitive heuristics elements that maybe considered as predictive for the decision behavior.
    Also behavioral economist brings improvement in terms of classic explanation on consumer utility,completing the economic vision with psychological aspect related to the consumer’s decision in the way of analyzing decision making utility,anticipatory utility,diagnostic utility,closely related concept of behavioural economic tools like employment effect of ownership loss aversion and also consumer’s decision should entails a certain state of satisfaction or better said happiness.

  21. Avatar Ogili chinedu johnkennedy says:

    Ogili chinedu johnkennedy
    Reg: 20684626EF
    Dept: Public administration and local governments

    According to Allen (1977), economics is a Social science that analyzes and describes the consequences of choices made concerning scarce productive resources. Economics is the study of how individuals and societies choose to employ those resources: what goods and services will be produced, how they will be produced, and how they will be distributed among the members of society. Economics is customarily divided into microeconomics and macroeconomics. Of major concern to macroeconomists are the rate of economic growth, the inflation rate, and the rate of unemployment. Specialized areas of economic investigation attempt to answer questions on a variety of economic activity; they include agricultural economics, economic development, economic history, environmental economics, industrial organization, international trade, labour economics, money supply and banking, public finance, urban economics, and welfare economics. Specialists in mathematical economics and econometrics provide tools used by all economists. The areas of investigation in economics overlap with many other disciplines, notably history, mathematics, political science, and sociology.

    Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.
    In an ideal world, people would always make optimal decisions that provide them with the greatest benefit and satisfaction. In economics, rational choice theory states that when humans are presented with various options under the conditions of scarcity, they would choose the option that maximizes their individual satisfaction. This theory assumes that people, given their preferences and constraints, are capable of making rational decisions by effectively weighing the costs and benefits of each option available to them. The final decision made will be the best choice for the individual. The rational person has self-control and is unmoved by emotions and external factors and, hence, knows what is best for himself. Alas behavioral economics explains that humans are not rational and are incapable of making good decisions.

  22. Avatar Dike Emmanuella Chinonyerem says:

    Name:Dike Emmanuella Chinonyerem
    Department:Nursing science

    1. Meaning of Economics:
    Economics is the study of human beings and their everyday activities in their society. It studies human behaviour as a relationship between ends and scarce means which have alternative uses-as quoted by Lionel Smith.It the social science that studies the relationship between humans and value. Value simply implies the process of production, distribution and consumption of wealth.
    It is a social science that tackles scarcity and teaches us how to allocate resources and also use these limited resources in various purposeful ways.

    2. Behavioral Economics,Its contribution
    to the Economics Profession:
    Behavioral Economics is the study of psychology as it relates to the decision-making in eco my individuals and institutions.the process of decision-making is very important in the aspect of Economics. Behavioral Economics centers more on why human beings sometimes make irrational decisions that do not flow economic principles. Behavioral economists have been able to reduce the risk by directing human beings on how to make rational decisions that follow economic principles and still maximize their satisfaction.

  23. Avatar Ezema Amarachi julieth says:

    Name: Ezema Amarachi julieth
    Dept: Public Administration and Local Government
    Reg Number:20690143BA

    MEANING OF ECONOMICS
    Economics is a social science concerned with the production, distribution and consumption of goods and services.
    It studies how individual, businesses, government and nations make choices about how to allocate resources.
    The building blocks of economics are the studies of labor and trade.

    BEHAVIORAL ECONOMICS
    Behavioral Economics is the study of psychology as it relates to the economic decision making processes of individuals and institution.
    Behavioral Economics combines elements of economics and psychology to understand how and why people behave the way they do in real world

  24. Avatar Eze Ekene Augustine says:

    1. Economics can be the study of how to meet the need of human being and distribute the resources in the most efficient and equitable way due to the scarcity of resource.
    OR
    Economics is the science that ascertain production, distribution and consumption of goods and services.

    2. Behavioural Economics: This is the study of social,psychological and emotional factors which goes in line with the process of economic decision making of the society,individual and institutions.

  25. Avatar Asogwa Obinna.Department of public Administration and local government :20688666IA says:

    1:Economics can be defined as the study of mankind in the ordinary business of life.
    2:Behavioural Economist studies the effects of psychologica,l cognitive,Emotional, Cultural and Social factors on the decisions of individuals and institutions and how those decision vary from those implied by classical economic theory.

  26. Avatar Onyebuchi Nelson chukwuemeka says:

    Name: Onyebuchi Nelson
    chukwuemeka
    Reg no : 20631414BA
    Matric no : 2020/243309
    Email: emekanelson035@gmail.com
    Department: public administration and local government

    1. Economics which come from two Greek words ‘eco’ meaning home and ‘nomos’ meaning accounts is an aspect of social science which studies human behaviour. It is the study of scarcity and choice and also the study of how to satisfy human wants which is said to be limited with the available resources (limited resources).
    Economics is applicable in household, firms and government levels.
    There are some basic concept which are used in the study of Economics. They includes;
    (a) Scarcity (limited resources).
    (b) Alternative uses.
    (c) Choice.
    (d) Scale of preferences.
    (e) Multiple ends.
    (f) Opportunity costs (alternative forgone).
    These concepts are keys to what Economics is all about.
    2. Behavioural Economics is the study of human mind (psychology), it is use to explore why people sometimes make irrational decisions. It tend to make Economists understands why consumers will choose goods A over goods B. It is used to study the reasons behind choices that are made.

  27. Avatar Asogwa Obinna says:

    1:Marshall Alfred defined Economics that it is a study of mankind in the ordinary business of life.
    2:Behavioural Economist studies the effects of psychological cognitive, Emotional, cultural and Social factors on the decisions of individuals and institutions and how those decision vary from those implied by classical Economic theory.

  28. Economics could be seen as the scientific study of ownership,use and exchange of scarce resources.A better exposition of economics is that it is a social science that studies human behavior as a relationship between ends and scarce which have alternative uses.
    Economics as science doesn’t deal with controlled experiments but instead deals with human behaviors.Economics aids to impact the knowledge needed to allocate scarce resources to satisfy our unlimited wants.Economics also helps an individual in understanding and solving economic problems.
    Behavioural economics explores affect people’s economics decision and consequences of those decision for market prices, returns and resources allocation. Behavioural economics can also be defined as the study of psychology as it relates to the economic decision making processes individuals and institution. Behavioural economics,a field in economics integrate economics and psychology in analyzing human behaviours
    Behavioural economics is significant for its power to explain individual psychological aspect of the economic decision.

  29. Avatar NWOKIKE PRINCESS NMESOMA says:

    REG NO:20633277AF
    NAME:NWOKIKE PRINCESS NMESOMA
    DEPARTMENT:NURSING SCIENCES
    EMAIL:nwokikenmesoma2001@gmail
    .com.
    MEANING OF ECONOMICS: Economics. By Adam Smith”as an inqury into the nature and causes of the wealth of nations.General explaination of economics is that it is a social science concerned with the production,distribution and consumption of goods and services.it is also studies how individuals,buisnesses,government and nations makes choice about how to allocate resources. Furthmore economics is a science that studies human behviour as a Relationship between ends and scarce means which have alternate uses.
    BEHAVOURIAL ECONOMICS: Is the study of psychology as it relates to the economic decision making processes of individuals and institution.it is often related to normative economics.this theory explains that humans are not rational and are incapable of making good decisions.one application of behavourial economics is heuristics. example
    Companies are increasing incorporation due to behavourial economics to increase sales of their products,IN 2007 the price of 8GB iphone was introduced for $ 600 and quickly reduced to $400.So now what if the intrinisic value of the phone was $400?if apple introduced the phone for $400,the initial reaction would have been “too pricey” but the phone was introduced at a higher price,bringing it down consumers behave(behavourial economics),that they are buying a pretty good deal which surged price.

  30. Avatar Alumona Chukwubuikem Cletus says:

    Name: Alumona Chukwubuikem Cletus
    Reg NO: 2698038FF
    Department: Public Administration and Local Government
    Email: alumonacletus20@gmail.com

    1.Economics is a wide and dynamic subject which has different definitions by different people. It comes from two Greek words ‘eco’ meaning home and ‘nomos’ meaning account. Adam Smith who is the Father of economics emphasized about the definition in his great book- ‘An inquiry into nature and cause of wealth of nations’ published in 1776. Other contemporary economists also defined economics as the part of knowledge which relates to wealth. J.S Mills defined economics as a science of production and distribution of wealth. Alfred Marshall in his book principles of economics published in 1890 placed emphasis on human activities or human welfare rather than on wealth which was criticised. He defined it as the study of mankind in the ordinary business of life. Arthur Cecil Pigou who was an English economist defined it as a releationship between various economic variables like consumption, wealth, employment and output during different situation in the economy like inflation or deflation. But the most accepted definition is that of Professor Lord Robbins in his book in 1932 ‘Nature and significance of economics’he defined economics definition in terms of scarcity.He defined it as the science which study human behavior as a relationship between end and scarce means which has alternative uses. This definition is widely accepted because we can build up different propositions from it like: Scarcity because human wants are unlimited they always multiply even luxuries becomes necessities.Human wants does not come to an end.If there were abundant money and time there would not be scope for studying economics. Even the means to satisfy human wants are scarce in releation to demand.Had resources been plentiful there would not have been any economic problem. The scarcity of resources is the fundamental economic problem of any society.
    From these definition and my research, I define economics as a study of scarcity and of the problems to which scarcity gives rise. It is also concerned chiefly with the description and analysis of the production distribution and consumption of goods and consumption of goods and services. This scarcity definition of economics also has widened the scope of the subject.
    2. We are in an evolving world where things happen every day. Behavioural economists combine economics and psychology to create a frame work to understand how and when a rational consumer makes errors. They analyze economic data and consumer behavior to create strategies and policies that benefits the business to have a financial security. They have a very strong significance to the economics profession and they are very important to economics than traditional economists cos traditional economists believe individuals will always act rationally engaging in behavior that are in their best interests but behavioural economists will be concerned with the bounds of rationality of economic agents. Behavioural economists also provide a novel lens to view an individual complex choices by combining economic principles and psychology theory.

  31. *As an emerging economist and drawing inspiration from Alfred Marshall and Lionel Robbins, economics is the study of mankind in the ordinary business of life. It can also be seen as the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Economics usually comes in whenever more of one thing means less of another.

    *Behavioral economics tackles the intricacies of human behavior and decision-making: The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.

  32. Avatar Alumona Chukwubuikem Cletus says:

    Name: Alumona Chukwubuikem Cletus
    Reg NO: 2698038FF
    Department :Public Administration and Local Government

    1.Economics is a wide and dynamic subject which has different definitions by different people. It comes from two Greek words ‘eco’ meaning home and ‘nomos’ meaning account. Adam Smith who is the Father of economics emphasized about the definition in his great book- ‘An inquiry into nature and cause of wealth of nations’ published in 1776. Other contemporary economists also defined economics as the part of knowledge which relates to wealth. J.S Mills defined economics as a science of production and distribution of wealth. Alfred Marshall in his book principles of economics published in 1890 placed emphasis on human activities or human welfare rather than on wealth which was criticised. He defined it as the study of mankind in the ordinary business of life. Arthur Cecil Pigou who was an English economist defined it as a releationship between various economic variables like consumption, wealth, employment and output during different situation in the economy like inflation or deflation. But the most accepted definition is that of Professor Lord Robbins in his book in 1932 ‘Nature and significance of economics’he defined economics definition in terms of scarcity.He defined it as the science which study human behavior as a relationship between end and scarce means which has alternative uses. This definition is widely accepted because we can build up different propositions from it like: Scarcity because human wants are unlimited they always multiply even luxuries becomes necessities.Human wants does not come to an end.If there were abundant money and time there would not be scope for studying economics. Even the means to satisfy human wants are scarce in releation to demand.Had resources been plentiful there would not have been any economic problem. The scarcity of resources is the fundamental economic problem of any society.
    From these definition and my research, I define economics as a study of scarcity and of the problems to which scarcity gives rise. It is also concerned chiefly with the description and analysis of the production distribution and consumption of goods and consumption of goods and services. This scarcity definition of economics also has widened the scope of the subject.
    2. We are in an evolving world where things happen every day. Behavioural economists combine economics and psychology to create a frame work to understand how and when a rational consumer makes errors. They analyze economic data and consumer behavior to create strategies and policies that benefits the business to have a financial security. They have a very strong significance to the economics profession and they are very important to economics than traditional economists cos traditional economists believe individuals will always act rationally engaging in behavior that are in their best interests but behavioural economists will be concerned with the bounds of rationality of economic agents. Behavioural economists also provide a novel lens to view an individual complex choices by combining economic principles and psychology theory.

  33. Avatar Enyinnaya chinedum gabriel says:

    Enyinnaya chinedum Gabriel
    Public administration And local government
    2020/243229
    1)Economics is the scientific study of the ownership, use, and exchange of scarce resources. Economics is the science which treats phenomena from the stand point of price. It is also the study of the general methods by which men co-operate to meet their material needs. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organisations. It attempts to explain economic behavior, which arises when scarce resources are exchanged.
    2)Behavioral Economics is the study of psychology as it relates to the economic decision making processes of individuals and institutions. Behavioral Economics is often related with normative economics
    Contributions of a behavioral economist ?
    What Does a Behavioral Economist Do?

    A behavioral economist can work in almost every sector and industry. This job combines economics and psychology to create a framework to understand how and when people make errors. In this career, you design, plan, teach, improve, and consult about economic policy for a business. Your responsibilities include analyzing economic data and consumer behavior to create strategies and policies that benefit the business in a financial capacity. Other duties include looking at behavioral insights.

  34. Avatar Nwafor Chinonso says:

    Nwafor Chinonso
    2020/243288
    Public administration and local government

    1) Economics as I know, is a social science that basically deals with the study of individual and collective allocation of scarce resources for production, distribution and consumption.

    2) A behavioral economist tends to have a better knowledge of the rational choice theory. Being that they study the psychologic impact of economic decisions on Governments and organizations.
    A behavioral economist can also apply the behavioral theory; running experiments and analysis on people’s decision to make irrational choices.

  35. Avatar Nnamani Obianuju Martina 20693363GA faculty: social sciences department: public administration and local government says:

    MEANING OF ECONOMICS
    Economics as a discipline has diverse definition by influential and modern economists.

    According to Economist Lionel Robbins, he defined Economics as a science that studies human behavior as a relationship between ends and scarece means which have alternative uses.

    According to John Stuart Mill, he defined Economics as a science of production and distribution of wealth.

    MEANING OF BEHAVIORAL ECONOMICS.
    Behavioral economics is a field in economics that implore the psychology aspect in studying human behavior.

    It also the study of psychology as it relates to the economic decision making processes of individuals and institutions.

    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions and why and how their behavior does not follow the predictions of economic models.

  36. Avatar Ramsey Ebrubio Emmanuella says:

    NAME:RAMSEY EBRUBIO EMMANUELLA
    DEPARTMENT:PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    REG NO: 20638022DA
    Email:ramseyebrubio2020@gmail.com
    What is economics
    No one has ever succeeded in neatly defining the scope of economics
    According to Alfred Marshall a leading 19th century English economist that economics is a study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing

    Lionel Robbins defined economics as the science which studies human behavior as a relationship between (given) ends and scare means which have alternative uses. In other words, Robbins said that economics is the science of economizing

    Behavioral economics is a study that intersects the teachings of psychology and economics. Behavioral economics principles have major consequences for how we live our lives. By understanding the impact they have on our behavior, we can actively work to shape realizes

  37. Avatar Omeje sopuluchukwu Lilian says:

    NAME: Omeje sopuluchukwu Lilian
    REGISTRATION NUMBER:2020/243284
    DEPARTMENT:public Administration
    FACULTY: Social science
    EMAIL:omejesopuruchukwulilian@g.mail.com
    1: MEANING OF ECONOMICS
    ECONOMICS can be defined as the scientific study of ownership, human behaviour, use and the relationship between ends and scarce means which has an alternative use.
    2:. WHAT Is BEHAVIOURAL ECONOMICS?
    Behavioural economics studies the effects of psychological, emotional, cultural and social factors on the decision making of individuals and firms.
    CONTRIBUTIONS OF BEHAVIOURAL ECNOMIC
    Firstly, behavioural ecnomics studies economic data and consumer behaviour to build strategies and policies that will profit the business in a financial capacity.
    Secondly, behavioural ecnomics helps to bring together ecnomic and phsychology to make a frame work which helps in knowing how and when people make errors. at this instance, they design, plan,educate, enhance and go about improving ecnomic policy for a business.
    Thirdly, behavioural ecnomics also contribute in looking at behavioural insights and reviews to get information and also ensure that a companies objectives and visions remains.
    Lastly, behavioural ecnomics helps to explain the duties and activities of a company for attracting consumers.

  38. Avatar Echegu Rita udochukwu says:

    1.From my vantage point of view, economic is a social science that apportions scarce resources for production, distribution and consumption for alternative use or both individually/collectively.
    2.Behavioural economist studies psychology cause it correlate with decision making of individual.It also deals with human relations in economics which is concerned with the management of economic agant.

    • Avatar Njoku Ihechukwu Elijah says:

      𝗪𝗵𝗮𝘁 𝗶𝘀 𝗘𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀
      Economics is a social science that teaches about human behavior in relationship to ends and scarce means which has alternative uses

      𝗪𝗵𝗮𝘁 𝗶𝘀 𝗕𝗲𝗵𝗮𝘃𝗶𝗼𝘂𝗿𝗮𝗹 𝗲𝗰𝗼𝗻𝗼𝗺𝗶𝗰𝘀
      It is a field in economics that implores the psychological aspect in studying human behaviour

    • Avatar Ogwu Chinecherem Nora says:

      Name: Ogwu Chinecherem Nora
      Email address: Ogwunora32@gmail.com
      Registration number: 20786585CA
      Department: Nursing Sciences
      1. Economics to me is a social science that studies human behaviours and the interactions between needs and availability of resources also concerned with the production, distribution and consumption of goods and services. The study of economics to me is also an opportunity to discover ways to improve the economy and create means of progression for financial institutions and bodies.

      2.Behavioural economics is the study of how economics effecte the psychological,cognitive, emotional decisions of individuals and institutions. Behavioural economics gives the economist a clearer view of how human beings (economic agents) will react to economic variables .In other words, it helps economists to be rational in their decision making .

  39. Avatar Odinaka Hope Amarachi. says:

    NAME:ODINAKA HOPE AMARACHI.
    JAMB REGISTRATION NUMBER:20794589JA
    FACULTY:SOCIAL SCIENCE.
    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT.
    What Is Economics?

    1.The word Economics comes from two Greek words ‘Eco’ meaning home and ‘nomo’ meaning account.

    2.Economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time, and a great variety of other complex issues of vital concern to society. 

    3. Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.

    4. Economics is the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.

    What Is Behavioral Economics?

    Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. The two most important questions in this field are:
    1. Are economists’ assumptions of utility or profit maximization good approximations of real people’s behavior?
    2. Do individuals maximize subjective expected utility?

  40. Avatar Haruna Ahmed Joseph. says:

    Name: Haruna Ahmed Joseph
    Dept. Pure and Industrial Chemistry
    Reg no. 2019/241316
    1. According to my view bellow is the definition.
    Economics can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is a broad discipline that helps us understand historical trends, interpret today’s headlines, and make predictions about the coming years.
    Economics ranges from the very small to the very large. The study of individual decisions is called microeconomics. The study of the economy as a whole is called macroeconomics. A microeconomist might focus on families’ medical debt, whereas a macroeconomist might focus on sovereign debt.
    2.firest of all we need to know what Behavioral Economics is..Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.
    One application of behavioral economics is heuristics, which is the use of rules of thumb or mental shortcuts to make a quick decision. However, when the decision made leads to error, heuristics can lead to cognitive bias. Behavioral game theory, an emergent class of game theory, can also be applied to behavioral economics as game theory runs experiments and analyzes people’s decisions to make irrational choices. Another field in which behavioral economics can be applied to is behavioral finance, which seeks to explain why investors make rash decisions when trading in the capital markets.
    Companies are increasingly incorporating behavioral economics to increase sales of their products. In 2007, the price of the 8GB iPhone was introduced for $600 and quickly reduced to $400. What if the intrinsic value of the phone was $400 anyway? If Apple introduced the phone for $400, the initial reaction to the price in the smartphone market might have been negative as the phone might be thought to be too pricey. But by introducing the phone at a higher price and bringing it down to $400, consumers believed they were getting a pretty good deal and sales surged for Apple. Also, consider a soap manufacturer who produces the same soap but markets them in two different packages to appeal to multiple target groups. One package advertises the soap for all soap users, the other for consumers with sensitive skin. The latter target would not have purchased the product if the package did not specify that the soap was for sensitive skin. They opt for the soap with the sensitive skin label even though it’s the exact same product in the general package.
    As companies begin to understand that their consumers are irrational, an effective way to embed behavioral economics in the company’s decision-making policies that concern its internal and external stakeholders may prove to be worthwhile if done properly

  41. Avatar NANGIBO MATILDA TONYE says:

    NANGIBO MATILDA TONYE
    PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT 100L
    REG. NO. 20683691GF
    1. What Is Economics
    Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.
    Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes basic elements in the economy, including individual agents and markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on these elements.

    2. Behavioral Economics is the study of psychology as it relates to the economic decision making processes of individuals and institutions. Behavioral Economics is often related with normative economics
    Contributions of a behavioral economist ?
    What Does a Behavioral Economist Do?

    A behavioral economist can work in almost every sector and industry. This job combines economics and psychology to create a framework to understand how and when people make errors. In this career, you design, plan, teach, improve, and consult about economic policy for a business. Your responsibilities include analyzing economic data and consumer behavior to create strategies and policies that benefit the business in a financial capacity. Other duties include looking at behavioral insights.

  42. Avatar Ngwoke chukwuemeka Kingsley says:

    Ngwoke chukwuemeka Kingsley
    Dept. Public Administration and local government
    Email _chukwuemekangwoke15@gmail.com
    Reg number__20682170HA
    Answer
    1 economics is the scientific study of the ownership ,use and exchange of scarce resources. Economics is the science which treats phenomenon from the stand point of price. It is also the study of the general methods by which men co_operate to meet their material needs .economics is regarded as a social science because it uses a scientific methods to build theories that can help explain the behavior of individuals ,groups and organizations. It attempts to explain economic behaviour, which arises when scarce resources are exchanged.

    2 As an evolving area, behavioural economics contributes to profession by improving the realism of the psychological assumptions undying economic theory ,promising to reunify psychology and economics in the process. It is also used to explore why people sometimes makes irrational decisions .it tend to make economists understand why consumers will choose goods A over goods B.

  43. Avatar EZEANYA Franklyn Chinemerem says:

    Matric no:2020/243226
    PUBLIC ADMINISTRATION (PALG)
    Economics based on my own perspective I will say that economics is a social science whereby we manage the limited resources we have to maximize profit .it shows us how the distribution and consumption of goods and services are made whereby there must be a means communication between the buyer and the seller .Before a goods or commodity is been used it first undergoes different process that is first,the producer who produces the goods then to the wholesaler who sells in bulks to the retailer who finally sells I’m bulks to the consumer who is known as the final bus stop .
    2I: An economist is seen as an ear to the producer :By the economist tells the producer what people think or say about a particular commodity or good whether its good or bad.
    II: An economist must be able to know the needs and wants of a man having in mind that human wants are unlimited
    III:They study human behavior and mind which is known as psychology

  44. Avatar Okonta onyinyechi says:

    Name: okonta onyinyechi
    Dept.: public administration
    Reg.n.o 2020/243268
    Economics is the scientific study of the ownership,use and exchange of scarce resource. It is also a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organisations. According to an economist Lionel Robbins,he defined economics as a science that studies human behaviour as a relationship between ends and scarce means which have alternative uses.
    According to John Stuart Mill,he defined economics as a science of production and distribution of wealth. Economics is a science that studies how Human can derive satisfaction from scarce resources.it explains how interactions arises and creates cost benefits (it depends on the buyers and sellers).
    The behavioural economics
    It is the study of psychology as it relates to the economic decision making process of individuals and institutions.it is also a study of cognitive, emotional, cultural and social factors on the decision of individuals and institutions and how those decisions vary from those implied by classical economic theory.
    It is a primarily concerned with the bounds of rationality of economic agents. Behavioural models typically integrate insights from psychology, neuroscience and microeconomics theories. The study of behavioural economics includes how market decisions are made and the mechanisms that drive public choice.

  45. Avatar NAME: JIDEOFOR VICTORIA EBERE. DEPT: Public administration and local government. REG NUMBER:20687702FF. MATRIC NUMBER: 2020/243202 says:

    DEFINITION OF ECONOMICS:

    Drawing inspiration from Lionel Robbins, Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    According to Alfred Marshall, Economics is the study of mankind in the ordinary business of life.
    Economics is the scientific study of production, ownership, exchange and distribution of various commodities in economics system.
    Economics is a social science that deals with the production, distribution, and consumption of the goods and services. It also studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade.
    In it’s simplest definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services According to Adam Smith the father of Economics, economics can be likened to food chain that shows the series of processes by which food is grown or produced, sold, and eventually consumed.
    Economics shows how commodities like food is produced, distributed and consumed by different sectors of the economy.

    2 BEHAVIORAL ECONOMICS:
    Behavioral economics deals with the intricacies of human behavior and decision-making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.
    Behavioral economics seeks to explain why an individual decided to go for a particular thing instead of the other, because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest.
    Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

  46. Avatar Ogbodo Amos obinna says:

    Name: Ogbodo Amos obinna
    Reg no. 2020/243258
    Department: public administration and local government:

    Economics is the science that study of how people allocate scarce resources for production, distribution both individually and collectively.

    Behavioural Economics : with the knowledge of behavioural is the study of rational choice theory .They are in the better position to impact economics decisions therefore run experiments and analysis on people’s decision to make irrational choices .

  47. Avatar Benson Chiemerie Samuel says:

    Name: Benson Chiemerie Samuel
    Reg no. 21540392BF
    Dept: public administration and local government
    Faculty: social sciences
    1. Economics can be defined as a science which studies human behavior that satisfy insatiable needs and wants with limited resources available
    2 Behavioral Economic
    (a) Behavioral economic helps generate better theories
    (b) Behavioral economic makes better predictions.
    (c) Behavioral economic presents better policy recommendation.

  48. Avatar NAME: JIDEOFOR VICTORIA EBERE. DEPT: Public administration and local government. REG NUMBER:20687702FF. MATRIC NUMBER: 2020/243202 says:

    DEFINITION OF ECONOMICS:
    Drawing inspiration from Lionel Robbins, Economics is science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
    According to Alfred Marshall..Economics is the study of mankind in the ordinary business of life.
    Economics is the scientific study of production, ownership, exchange and distribution of various commodities in economics system.
    Economics is a social science that deals with the production, distribution, and consumption of the goods and services. It also studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade.
    In it’s simplest definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services According to Adam Smith the father of Economics, economics can be likened to food chain that shows the series of processes by which food is grown or produced, sold, and eventually consumed.
    Economics shows how commodities like food is produced, distributed and consumed by different sectors of the economy.
    BEHAVIORAL ECONOMICS
    Behavioral economics deals with the intricacies of human behavior and decision-making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.
    Behavioral economics seeks to explain why an individual decided to go for a particular thing instead of the other, because humans are emotional and easily distracted beings, they make irrational decisions.
    Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices.

  49. Avatar Ugwuagbo Mercy chinasa says:

    Name: ugwuagbo Mercy chinasa
    Reg number: 20687342FA
    Email: ugwuagbo Mercy chinasa
    Department: public administration

    Economics is the social science that examines methodically the production, distribution and consumption of goods and services,it also examine and describe the effect of choice made concerning productive assets

    Behavioural economics is the study of economics decision making by individuals and institution,it is also concerned with how individuals actually behave

  50. Avatar Eze Immaculeta Ebubechi says:

    Name:Eze Immaculeta Ebubechi.
    Department: Public Administration and local government
    Reg no:20679439EF
    1: Considering the level academic improvement in relationship with a scholar,economics can be defined as a branch of knowledge concerned with the production, consumption and transfer of wealth.It can also be defined as the condition of a region or group as regards to material property.
    2:As an evolving area,there are vearse contribution to a behavioural economist to the economic profession but for the sake of time and space,we are to mention just a few.
    First, a behavioural economist makes assumptions in their economic models which is to say that the assumptions of the economists are made to better understand consumer and business behaviour when making economic decisions.
    Secondly, behavioral economists sheds light on most everyday activities and why we consume goods and services the way we do,why we make certain choices about ourselves or others and how we decide courses of actions.It is an incredible lens that exposes our inner biases and approaches to decision making.

  51. Avatar ILOH OKWUDIRI GODKNOWS( department: public administration and local government) reg no 2020/243152 says:

    No 1
    Economics comes from a Greek word “eco” meaning home and “nomos” meaning account. Economics as a social science is concerned with the production, distribution and consumption of goods and services. It can also be defined as how individuals, businesses, government or nation makes choices on how to allocate resources.
    Also scholars and founding fathers and economists has their own definition of economics
    1. Adams Smith : He defined economics as an inquiry to the wealth of a Nation .
    2. Alfred Marshal : He defined economics as the study of mankind in the ordinary business or life .
    But in all, the most accepted definition of economics is been given by Prof. Lionel C Robbins who defined economics as a social science which studies human behavior as a relationship between ends and scarce means which have alternative uses
    No 2
    Behavioural economics is the study of the influence of emotions, opinions etc on the decision people, organization, nations makes in spending, savings etc. It also studies the effects of psychological, cognitive, emotional, cultural and social factor on the decision making of individuals and institution and how those decisions vary from those implied by classical economic theory . Behavioural economics also studies consumer choices, market event and human psychology to help understand their decision and try to make more accurate models . It also attempts to unite the fields of behavioural.

  52. Avatar IFEANYICHUKWU HALLELUYAH CHUKWUEBUKA says:

    Name: Ifeanyichukwu Halleluyah Chukwuebuka
    Dept: Public Administration and Local Government
    Matric no: 2020/243287

    1. Economics can be defined as a scientific study of how resources are managed for the development of the Society, Economics is said to be the science of scarcity, in which it creates theories on how to solve the problems involving scarcity in the society, it is an Economic science in sense that it helps in the growth of the economy of the Society. Economics is also know to be a social science which uses scientific methods to study the behavior of individuals, organisations and the society at large.

    2. A behavioral Economist can be of help in an economic profession by being the decision making body of the profession or organization, through their skills of analysis and prediction, they are able to make a helpful decision in the development of the economic profession.

    • Avatar Obetta Cynthia Chidimma says:

      NAME: OBETTA CYNTHIA CHIDIMMA
      REG NO: 20689914BF
      DEPT : PALG
      THE MEANING OF ECONOMICS AND BEHAVIOURAL ECONOMICS
      Economics is the science of human behaviour, it is a socal science that study how people interact with value, in particular.
      The word economics comes from two Greek words “eco means home and neam means accounts. The subject has developed from being how to keep the family accounts into the wide ranging subject of today.
      ECONOMICS is a social science directed at the statistics of needs and wants through the allocation of scarce resources which have alternative uses.
      BEHAVIOURAL ECONOMICS (BE) _Is a field that emphasizes the important of how individuals behave in certain context.
      It relates to the economic decision-making processes of individual and institutions.
      Example: Like in sports.
      Principles: Hot hand fallacy_ The believe that a person who experiences success with random event has a greater probability of future success in additional attempts. Eg. When a basketball players are making several shots in a row and feel like they have a hot hand and can’t miss.
      BEHAVIOURAL ECONOMICS is primarily concerned with the bounds of rationality of economic agents. It includes how market decisions are made and the mechanisms that derives public choice.

  53. Avatar Orjiakor chisom Maureen says:

    Name: orjiakor chisom Maureen
    Reg number:20687815GA
    Department : public administration
    Email:chisomorjiakor19@yahoo.com

    Economics is a social science that can study how human can derive satisfaction from scarce and it can be defined as a science of scarcity.

    Behavioural economics is the study of judgement and choice it is all about decision making.

  54. Avatar Igbonaju chimdiebube Ephriam. 21373029ha says:

    1. Economics as branch of social sciences can be defined or referred to as a science without limits,that carries out open experiments and observations on economic issues and offers solutions to these economic issues.
    2. A behavioral economist offers a huge contribution to economics as a profession; i.e behavioral economists offer their huge expertise in the management of human behaviour towards the scarcity of economic resources, he offers great initiatives on measures of handling consumer’s behaviour towards the availability of economic resources.

  55. Avatar Ijegalu Emmanuel izuchukwu says:

    Name: ijegalu Emmanuel Izuchukwu
    Reg No: 2020/243187
    Email address: izunwa4gud@yahoo.com
    Dept: public administration and local government.

    1 Economics is a social science concerned with the production, distribution, and consumption of goods and services. It educates how individual, business, government and nations make choices about how to allocate resources.

    2. Behavioural economics is the study of economic decision- making. It educates on consumer choices, market events and human psychology to help understand their decisions and to try to make more accurate models.

  56. Avatar Oguguo Victor Nnaemeka says:

    Oguguo Victor Nnaemeka
    Reg no.2020/243195
    Dept: Public adiministration and local government.
    (1) According to my level of understanding Economics is the scientific study of changes in goods and services (Economy) and human beings reactions to the changes.
    (2) Behavioral economist can contibute by showing that sometimes people make irrational choices and why their behaviour does not follow the predictions of economics models. When human beings are presented with various opinions under the conditions of scarcity, they would choose the option that gives them maximum satisfaction.
    Behavioral economist contribute to the economic profession by relating the economic decisions been made by individuals.

  57. Avatar Unegbu Vivian chinwedu 2020/243221 says:

    Unegbu Vivian chinwedu
    2020/243221
    Public administration and local government
    1. According to Adam Smith he defined economics as “an inquiry into the nature and causes of the wealth of nation”.
    Various definition of economics have been proposed, including the definition of economics as”what economist do” the earlier term for economics was political economy,it is adapted from the French mercantilist while John Stuart Mill defined economics as the science dealing with”the nature of wealth and the laws of the production and distribution including,direct or remotely,the operation of all the causes by which the condition of mankind,or of any society of human being in respect of this universal object of human Desire is made.
    2 Behavioral economics studies the effect of psychological, cognitive, emotional, cultural and social factors on the decision of individual and institution and how those decision vary from those implied by classical economic theory.

  58. Avatar Akpachiogu Oscar Chidozie says:

    Name: Akpachiogu Oscar
    Department: Public Administration
    Reg No: 20163593CF
    Email: officialzeratti1@gmail.com

    1. As an emerging economist and scholar; I can say that economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how I individuals, businesses, governments and nations make choices about how to allocate resources.

    2. Behavioural economics is the study of economic decision making by individuals and institutions. In other words it can be said to be the study of how individuals and institutions understand their economic decisions.

  59. Avatar uchechukwu Anthony chinaecherem 20864960CA says:

    WHAT IS ECONOMICS?
    Economics is the social science that deals with the study of human behavior, it is also concerned with the production, distribution and consumption of goods and services.

    WHAT IS BEHAVIOURAL ECONOMICS?
    Behavioural economics talks the study of the psychological,emotional and social factors on the decisions of individuals and institutions and how it varies from those implied by classical economic theory.

  60. Avatar EBERECHUKWU SUCCESS CHINONYEREM says:

    Name: EBERECHUKWU SUCCESS CHINONYEREM
    Matric Num: 2020/243273
    Email: eberechukwusuccess5@gmail.com
    Dept: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT

    Meaning of Economics
    Economics as defined by Lord Lionel .C. Robbins is the science which studies human behavior as a relationship between end nd scarce means which have alternative uses.The “Ends” there means the unlimited wants in the economy that arises due to alternative uses of the resources available while the “scarce” means d unavailability of resources used in satisfying human wants.

    Meaning of Behavioural Economics
    Behavioural Economics studies the effect of psychology, cognitive, emotional, cultural, and social factors on the decisions of individuals, Institutions, and how those decisions vary from those implied by the classical economic theory.

  61. Avatar Asogwa obinna sunday says:

    1:Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility
    2:Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Decisions such as how much to pay for a cup of coffee, whether to go to graduate school, whether to pursue a healthy lifestyle, how much to contribute towards retirement, etc. are the sorts of decisions that most people make at some point in their lives. Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B.

    • Avatar Asogwa obinna sunday says:

      I’m in public administration and local government

  62. Avatar Ezeilo Victor Ogochukwu says:

    1) Economics is a social science which discuses and basically study humans behavior.
    It works with generalizations backed up with proof over a specific period of time to produce a given result which could be positive or negative.

    2) Economists contribute greatly to economies profession in the sense that, it is expected that this approach of the decision making process to hinder economic development models, but taking into consideration of all factors involved in how individuals carry out the ideas

    Reg number; 21325035HA

    NAME:Ezeilo Victor Ogochukwu

  63. 1. Economics is a branch of social science that deals with the study of scarcity and its implications for the use of resources, production of goods and services as well as welfare over time and a great variety of other complex issues of vital concern to the society. It makes use of limited resources to satisfy the unlimited human wants.
    The central purpose, quest or idea of economics is to determine the most logical and effective use of resources to meet private and social goals.

    2. Coming to Behavioural economics, it seems to explain why an individual decides to take a goods’ out of two or more goods available for him or her. An individual might decide to go for choice A instead of choice B. It helps to generate better theories, make a better predictions and for a better policy recommendations.
    Behavioural Economist helps in the creation of a framework to understand how and when people make errors. He/She design, plan,consult, improve, and teach about economic policy for business.

  64. Avatar Onovo Ifeanyichukwu Anthony... says:

    Name: Onovo Ifeanyichukwu Anthony
    Reg number: 20652592ef
    Department: Public administration and local government
    Email: onovoifeanyi0@gmail.com

    1. Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.

    2. CONTRIBUTIONS OF THE BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION
    behavioral economist can work in almost every sector and industry. This job combines
    Economics and psychology to create a framework to understand how and when people make errors. In this career, you design, plan, teach, improve, and consult about economic policy for a business. Your responsibilities include analyzing economic data and consumer behavior to create strategies and policies that benefit the business in a financial capacity. Other duties include looking at behavioral insights and reviews to obtain information, making sure that a company’s mission, values, and vision are part of the plan, and helping to define the mandates and activities of the company for attracting consumers.

  65. Avatar ANIH CHIAMAKA ESTHER says:

    Name: Anih chiamaka Esther
    Dept:PALG
    E-mail: chiamakaanih110@gmail.com
    Course:Eco101
    Reg no: 20631439HF
    MEANING OF ECONOMICS
    Economics is gotten from two Greek words” Eco” and “nomos “meaning Accounts.Economics is the study of mankind in the ordinary business of life. Lionel Robbins defined economics, as the science which studies human behaviour as the relationship between ends and scarce means which have alternative uses. So as an emerging economist and a scholar,what economics means to me is the study of how humans make decisions in the face of scarity.
    CONTRIBUTION OF A BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION
    Meaning of behavioural economics: behavioural economics is the study of psychology (study of human mind) as it relates to the economic decision making process of individuals and institution. Behavioural economics is often related with Normative economics.
    Behavioural economics sheds light on most everyday activities and why we consume goods and services the way we do,why we make certain choices about ourselves or others,and how we decide courses of action. It is an incredible lens that exposes our inner biases and approach to decision making.
    Behavioural economics seeks to explain why an individual decide to go for CHOICE A, instead of CHOICE B. Because humans are emotional and easily distracted beings,they make decisions that are not in their self- interest.

  66. Avatar Ezediokpu Abigail Onyebuchi says:

    Name:Ezediokpu Abigail Onyebuchi
    jamb reg:20177148IA
    Dept :public Administration
    Faculty :social science
    1 :Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses .it is also the study of the use of scarce resources to satisfy unlimited human wants .
    2:Economics is a social concerned with the production, distribution and consumption of Goods and services .
    *it studies how individuals, businesses,government ,and nations make choices on how to allocate resources.

  67. Avatar Kenechukwu Emmanuel Onyedika says:

    NAME_ KENECHUKWU EMMANUEL ONYEDIKA
    REG NO_ 2020/242637
    FACULTY_ SOCIAL SCIENCE
    DEPARTMENT_ ECONOMICS

    Assignments ECO 101
    Economics as a social science

    Economics as a Social Science examines and revises the fundamental assumptions of economics. Because it avoids jargon and explains terms carefully, it will be of interest to economics majors as well as to graduate students of economics and other social sciences, and social scientists working in government and the private sector.

    As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession.

    First of all I’ll start by Defining Behavioral Economics Behavioural Economic studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.
    Prior to the above definition, we can say that a Behavioural Economist makes for the Economics Profession be more psychological inclined with the mental and behavioural state of Individuals, Businesses, Government and the world at large. He/she better help us understand how and when errors are made prior to policy formulation and implementation. Example: Having observe that with the high cost of living in Lagos, individual saving tends to be less than in other states like Kano which has a relatively low cost of living.

  68. Avatar Ugwoke Nmesoma Favour says:

    Name: Ugwoke Nmesoma Favour
    Department: public administration and Local govt
    Faculty: Social Science
    Reg no: 20690493GF
    Email address: ugwokefavour22@gmail.com
    DEFINITION OF ECONOMICS
    Economics as many definition and the difference in the definition may reflect different views of economics. Some of the definition are as follows:
    *John start mills (1944):Defines economics as “the practical science of production and distribution of wealth”.
    *Davenport:Defines economics as”the science that treats phenomena from the standpoint of price”.
    *A.C pigou:Defines economics as”the science of material welfare”.
    *Alfred marshal (1890):Defines economics as”the study of mankind in the ordinary business life”.
    *Adam smith,who is regarded as the father of economics because he laid the foundation of economics as a discipline,Defines it as”an enquiry into the nature and cause of wealth of nations”.
    More realistic definition have been given to economics. Before Professor Lionel robbins (1932) developed a scientific, more embracing and commonly accepted definition of economics as”a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”.
    BEHAVIOURAL ECONOMICS
    Behavioural economics is an economics that studies the effects of psychology, cultural and social factors on the decision making of an individual,firm and government. it also gives ideas and opportunity to several market research and policy adviser etc. With this aspects its helps an economist to generate better theory and present better policy recommendation.

  69. Avatar Utomi Emmanuelella Onyinyechukwu says:

    1) Economics is a social science concerned with the production, distribution, and consumption of goods and services.
    As an emerging economist and a scholar, economics is expected to make an important difference for people when dealing with economic issues in their daily lives.

    2) As an evolving area, behavioral economics sheds light on most every day activities and why we consume goods and services the way we do.
    It also seeks to explain why an individual decided to go for choice A instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest. It is an incredible lens that exposes our inner biases and approaches to decision-making.

  70. Avatar Ugwoke Nmesoma Favour says:

    Name: Ugwoke Nmesoma Favour Department: public administration and Local govt Faculty: Social Science Reg no:20690493GF Email: ugwoke favour22@gmail.com
    DEFINITION OF ECONOMICS
    Economics has many definition and the difference in the definitions may reflect different views of Economics. Some of the definition are as follows:. * John start mills (1944):Defines economics as”the practical science of production and distribution of wealth”. * Davenport:Defines economics as”the science that treats phenomena from the standpoint of price”. * A.C pigou:Defines economics as “the science of material welfare”. * Alfred marshal (1890):Defines economics as “the study of mankind in the ordinary business life”. *ADAM SMITH who we regarded as father of economics because of the emphasis he laid in the definition of economics as a discipline ,Defines it as “an enquiry into the nature and cause of wealth of nations” and wealth of nations was published in (1776).
    More realistic definition have been given to economics . Before Professor Lionel robbins (1932), developed a scientific, more embracing and commonly accepted definition of economics as”a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
    BEHAVIOURAL ECONOMICS
    Behavioural economics is an economics that studies the effects of psychology, cultural and social factors on the decisions making of an individual,firm and government.it also give the idea and the opportunity to several market research and policy advisers.And with this aspects its helps an economist to generate better theory and present better policy recommendation.

  71. Avatar uchechukwu chiamaka blessing says:

    uchechukwu chiamaka blessing
    chiamakab130@gmail.com
    20153446DA
    THE MEANING OF ECONOMICS AND BEHAVIOURAL ECONOMICST TO ECONOMIC PROFESSION
    ECONOMIC;- The word economics comes from two greek words “eco” means home and “nomos” means account. its a social science subject which has developed from how to keep family account to wide ranging subject of today.
    Therefore, economics is the study of scarcity of human wants which is said to be limited with available resources [limited resources].
    BASIC CONCEPT WHICH ARE THE KEY TO WHAT ECONOMICS IS ALL ABOUT they are;
    1-scarcity [limited resources]
    2;-alternative uses
    3;-choice
    4;-scale of prefrenece
    5;- opportunity cost [alternative forgone]
    BEHAVIOURIAL ECONOMICS;- Its the study of psychological,congitive,emotional,cultural and social factor of the decision of individual,institution and how those decision vary from those implied by classical economic theory. its normally or primarily concerned with the bound of raationality of economic agents. it also includes how market decisions are made and the mechanism that derive the public choice.
    it’s also help to explore why people sometimes irrational decisions and how their decisions does not follow their predictions.
    a behavioural economist can work in almost every sector or an industry, this job combines economic and psychology to create a frame work to understand how and when people make errors. in this career you can also plan,teach,improve and consult about economic policy for a business.

  72. Avatar UZOMA EMMANUEL CHUKWUEMEKA says:

    Name: Uzoma Emmanuel Chukwuemeka
    Reg No: 20039425EA
    Department: Public Administration and local government
    Email: uzemmyemma@gmail.com

    ANSWERS
    1. As far as I might be concerned, Economics is a Social science that examines and portrays the outcomes of decisions made concerning scant useful resources. Economics is the investigation of how people and social orders decide to utilize those resources: what labor and products will be delivered, how they will be produced, and how they will be dispersed among the citizenry.

    2. As an evolving area, what will likely be the contribution of a Behavioural Economist to Economics Profession is contributing in planning, improving, and consulting about economic policy for a business. Also by analyzing economic data and consumer behavior to create strategies and policies that benefit the business in a financial capacity.

  73. NAME: onyekwere chetachukwu confidence
    DEPT: public administration and local government
    EMAIL: onyekwere038@gmail.com
    REG:20175347GA

    1. Economics simply means to me a social science that deals with the production, distribution,and consumption of goods and services.

    2. Behavioural economist contribute alot in economics profession,one of the their contribution to economics is that they draw on physchology and economic to explore why people sometime make irritational decision,and how their behavior does not follow the predictions of economic models….. because humans are emotional and easily distracted beings,they make decisions that are not in their self-interest.

  74. Avatar Odo Juliet onyinyechi says:

    Name: ODO JULIET ONYINYECHI
    Dept. Public administration
    Jamb number: 20298946EA
    Email address: odojuliet05@gmail.com

    1. What is economic
    The word economic come from a two Greek words, ‘Eco’ meaning home and ‘Nomos’ meaning accounts, the subject has developed from being about how to keep the family account. Economic can be defined in a few different ways. It’s the study of scarcity, the study of how people use resources and respond to incentive, or the study of decision making. It often involves topics like wealth and finance, but it’s not all about money. Economic is a broad discipline that helps us understand historical trends, interpret today’s headlines and make predictions about the coming years.

    2. Behavioral economics has become an important part of the economics profession. As a subfield, it tries to make sense of persistent violations of the standard model for economics. The major classes of violations involve social preferences (taking the well-being of others into account), time discounting (inconsistencies in valuing present and future commodities), and context (the effects of framing). Other violations involve well-known psychological heuristics such as overconfidence, constraints on strategic reasoning, emotions, and status differentials. These concepts are discussed in separate sections, and key experimental and empirical studies are noted.

  75. Avatar Ezenwa Cynthia Oluchi says:

    Name: Ezenwa Cynthia Oluchi
    Dept: Public administration and Local govt
    Faculty: Social Science
    Reg number: 20890358EF

    MEANING OF ECONOMICS
    Economics as the name implies is a social science which uses scientific method to study human behaviour as a relationship between ends and scarce means which have alternative uses.
    CONTRIBUTIONS OF BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION
    Firstly, what is behavioural economics?
    Behavioural economics studies the effects of psychological, emotional, cognitive, cultural and social factors on the decisions of individuals and institutions. Behavioural economists have many contributions to make in the economics profession. Below are few of their contributions;
    (1) Behavioural economist helps to combine economics and psychology to create a frame work which helps in understanding how and when people make errors. In this sense, they design, plan, teach, improve and consult about economic policy for a business.
    (2) They contribute in analyzing economic data and consumer behaviour to create strategies and policies that benefit the business in a financial capacity.
    (3) They also contribute in looking at behavioural insights and reviews to obtain information and also making sure that a company’s mission, values and visions remains intact.
    (4) Finally, behavioural economists contributes in defining the mandates and activities of a company for attracting consumers.

  76. Avatar onyekwere chetachukwu confidence says:

    NAME:Onyekwere chetachukwu confidence
    DEPT. PALG
    REG.NO: 20175347GA
    EMAIL: onyekwere038@gmail.com

    1. Economics simply means to me a social science that deals with the production, distribution,and consumption of goods and services.
    2. Behavioural economist contribute alot in economics profession buh the most important thing they do is that they draw on philosophy and economics to explore why people sometimes make irrational decision,and why and how their behavior does not follow the predictions of economic models….. Because humans are emotional and easily distracted beings,they make.decisions that are not in their self- interest.

  77. Avatar Samuel Evelyn chinecherem says:

    Samuel Evelyn chinecherem
    20640307AF
    Public administration and local government
    eveyns51@gmail.com
    1) As an emerging economist, economics is a study of various human behaviour relatively to how scarce resources are managed, owned, used and exchanged. Economics also attempt to explain human behaviours which varries differently when it comes to the resources which are limited, that needs to be properly harnessed.
    2) In the developing area we are in, a behavioral economist can relate to the economic decision making process which involves individuals, firms, and government by analysing economic data and consumer reaction or behaviour to create strategic and policies that can benefit the business in financial capacity. The economist also look into the matter s, missions, values, and vision to ensure the commission and actions for satisfying and attracting consumers are in order.

  78. Avatar Obi Amarachi celestina says:

    Name: Obi Amarachi Celestina
    Reg No: 20855804BA
    Dept: public administration and local government
    (1)

    Economics is the social science that studies how people interact with value, in particular, distribution, and consumption of goods and services. Economics focuses on the behaviour and interaction of economic agents and how economics work.
    Economics is a social science with stakes in many others, including political science, geography, mathematics, sociology, psychology, engineering, law, medicine and business. The central quest of economics is to determine the most logical and effective use of resources to meet private and social goals.
    (2)

    2) Behavioural economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and those implied by classical economic theory. The study of behavioural economics includes how market decision are made and the mechanism that drive public health.

    The likely contribution of a behavioural economist to economics professssion

    1 A behavioural economist can work in almost every sector and industry. This job conbines economics and psychology to create a framework to understand how and when people make errors.

    2 A behavioural economist design, plan, teach, improve and consult about economic policy for a business.

    3 There responsibility includes analyzing economic Data and consumer behaviour to create strategies and polices that benefits the benefits the business in a financial capacity.

    4 behavioural economist also looks at behavioural insights and reviews to obtain information, making sure that a company’s mission values and vision are part of the plan.

    5 they also helps to define the mandates and activities of the company for attracting consumers.

  79. Avatar Emeribe ogochukwu Faith says:

    Name: Emeribe ogochukwu Faith
    Reg no:20662696GF
    Dept: public administration
    Faculty: social science
    1. What is Economic:
    Economics can be defined as a study that focuses on the behaviour and interactions of economics agents and how economies work. Or, Economics can be defined as a social science that studies how people Interact with value,in particular the production,disturbution,and consumption of goods and services.
    2. Behavioural economics seeks to explain why an individual decided to go for choice A, instead of choice B. In other words,An economist helps to combine economics and psychology to create a frame work to understand how and when people make errors

  80. Avatar Ogbonna Collins Chinedu says:

    NAME: OGBONNA COLLINS CHINEDU
    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    REG NO:20688791CF

    (1) Economics is study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
    (2) Behavioral economist seeks to explain why an individual decided to go for choice A, instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest.

  81. Avatar Ogbonna Collins Chinedu says:

    (1). Economics is study of scarcity, the study of how people use resources and respond to incentives, or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money.
    (2) Economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

  82. Avatar Oyibo wisdom Urhinrhin says:

    Reg no:2020/243136
    Dept :Public administration and local government .

    1. Economics is a science which studies human behavior in relation to satisfying insatiable wants with limited resources available. In other words, economics studies the human effort to make choices (which are influenced by certain phenomena)
    on how to allocate limited resources available to meet or satisfy unlimited wants.
    2. Before we get to the relevance of behavioural economics to an economics profession, let’s get to know what behavioural economics means,
    Simply put behaviour and economics, behaviour is said to be the response in form of action or mannerism made by individuals when interacting with themselves and their environment while economics is the human effort in trying to satisfy unending wants with limited available resources., so we can therefore say that behavioural economics is an economic analysis
    which applies psychology insight in studying the constant or changing pattern of action or mannerism used by humans in the process of satisfying unlimited wants with limited resources. So in relation to the above definition behavioural economics is important to economic profession through the following :
    A. Behavioural economics as propounded by Matthew Rabin crosses through neighbouring disciplines, so when applied by an economist, it helps improve reliability and precision of explaining human behaviour in an economic realm.
    B. Also behavioural economics when studied properly by an economist firstly,help generate better theories,secondly makes better predictions and thirdly present better policy recommendations.

    • Avatar EMAGUN VICTOR says:

      .Name: victor emagun
      Department: public administration and local government
      Matric number:2020/243177

      Economics is a social science with the work of producing, distributing and finally consumption of goods and services. It studies how economic units such as human beings,firms,companies and also the government make choices and get accustomed to the the rise and decrease in prices of goods and services. Economics is a science on its own that studies how people interact with the value of increase in price. Economics was formed from two Greek words “eco” meaning home and “nomo” meaning account. I can then say from the previous sentence that economics is a science that studies the way different households and economic units run their daily lives. Economics is a branch of knowledge because it helps us to economise our goods and services to prevent scarcity. It lets us know that we have to draw a scale of preference before making choices that would affect our way of living. Since there are many applications of labor and different ways to acquire resources,it is the task of economics to help us know which method yields more and also yields the best results. Labor, materials and time needs to be allocated efficiently to overcome scarcity (by 8th century B.C. Greek poet Hesiod ),he efficiently explained the concept of economics in few words. Economics helps in cases of market failure because it gives the government initiative to provide policies that helps in rationalizing market price.

      2. From the word “behavioral economics”, It is seen that it has to do with the behavior of people concerning the change of price. It has to do with the study of psychology as it relates to the decision making of economics units as price of goods changes. Behavioral economics has to do with the unifying of both psychology and economics. It is a way economists study how people react to the way prices changes or the economy of the country changes. Behavioral economics assumes irrationality in decision making. Students prefer to check social media pages rather than take notes during lectures making them to have low grades. It gives individuals opportunity to make optimal decisions. The study of behavioral economics includes how market decisions are made and what drives the public choice. Behavioral economics contributes in the decision making of economics units. It makes them to make optimal decisions. Finally, behavioral economics sheds light on our day to day activities,why we consume what we consume and how we decide what to buy. It helps us make better choices and live our lives in the driver’s seat.

      In conclusion, Economics determine our day to day activities and behavioral economics explains how economic units reacts to changes in prices of goods and services.

    • Avatar NANGIBO MATILDA TONYE says:

      NANGIBO MATILDA TONYE
      PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT 100L
      REG. NO 20683691GF
      1. What Is Economics?
      Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.

      2. Behavioral Economics is the study of psychology as it relates to the economic decision making processes of individuals and institutions. Behavioral Economics is often related with normative economics
      Contributions of a behavioral economist ?
      What Does a Behavioral Economist Do?

      A behavioral economist can work in almost every sector and industry. This job combines economics and psychology to create a framework to understand how and when people make errors. In this career, you design, plan, teach, improve, and consult about economic policy for a business. Your responsibilities include analyzing economic data and consumer behavior to create strategies and policies that benefit the business in a financial capacity. Other duties include looking at behavioral insights.

    • Avatar Ukwuorji Esther Oluchi says:

      Name: Ukwuorji Esther Oluchi
      Reg no: 21290190Gf
      Department: Public administration and local government
      Faculty: Social sciences

      Economics is simply a social science subject that deals with human behavior. It primarily concerns the way the society chooses to employ it’s scarce resources which have alternative uses to produce goods and services for human satiation.

      Behavioural economics incorporates the study of economics and psychology into the analysis of the decision making behind an economic outcome as some individuals and organizations tend to make wrong decisions , people do many things by observing and copying others so as regards this, a behavioural economist would help create a framework to understand how and when people make errors.

  83. Avatar Njoku Cajethan C says:

    Name: Njoku Cajethan C
    Dept: Religion
    Faculty: Social Sc.
    Reg. No: 30686521HA

    DEFINITION OF ECONOMICS
    According to Alfred Marshall, economics is the study of mankind in the ordinary business of life. George Bernard Shaw defines economics as the art of making most of life. According to Lionel Robbins, economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Fritz Machlup says that economics comes in whenever more of one thing means less of another. According to Richard Lipsey, economics is the study of the use of scarce resources to satisfy unlimited human wants.
    The 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 is the view of John Maynard Keynes.
    Economics basically is the study of how individuals, businesses and governments make choices about how to allocate scarce resources. It involves the study of labour and trade and that of scarcity and choice. Economics finds ways of reconciling unlimited wants with limited resources. The study focuses on the actions of human beings, based on assumptions that human act with rational behaviour, seeking the most optimal level of benefit or utility.
    BEHAVIOURAL ECONOMICS
    Behavioral Economics is the study of Psychology as it relates to economic decision-making processes of individuals and institutions. A Behavioral Economist combines Economics and Psychology to create a framework to understand how and when people make errors. He has a career to design, plan, teach, improve and consult about economic policy for a business. A Behavioral Economist will help the Economics profession in determining good choices.

  84. Economic is the social science that studies how people interact with value, in particular the production, distribution and consumption of goods and services. Economics focuses on the behaviour and interaction of economic agents and how economics work. Economics is also a social science with stakes in many others including political science, geography, mathematics, sociology, psychology, engineering, law, medicine, and business. The central quest of economics is to determine the most logical and effective use of resources to meet private and social goals.

    Behavioural economics
    Behavioural economics studies the effects of psychology, cognitive, emotional, cultural and social factors on the decisions of individuals and those implied by classical economic theory.

  85. Avatar Aninze Charles Chigozie says:

    1

    If I am to define economics as an emerging economist, I will say that economics is the science that emphasis on the study of human behavior, with human insatiable needs and wants, which battled with scarcity that brings about alternative uses.

    No.2

    The likely contribution of a behavioral economist to economic profession are :

    *. The behavioral economist shed more lights on most day to day activities and why we consume goods the way we do.

    *. The behavioral economist exposes why we make choices about ourselves or others .

    *. The behavioral economist shows how we decide courses of action.

    *. The behavioral exposes our inner biasness and our various approaches to decision making

    *. The behavioral economist through the integration of neuroscience, psychology, microeconomic theory and social intelligence has a bred a field that provides insights and underlying assumptions to our daily interactions and one that continues to influence us in our day to day lives.

    NAME: ANINZE CHARLES CHIGOZIE

    FACULTY: SOCIAL SCIENCE

    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT

    REG NUMBER: 20635231CA

    aninzecharles58@gmail.com

  86. Avatar Onah Angela Chinemerem 20684187FF says:

    What is Economics
    Economics is the social science that studies how people interact with value; in particular, the production,distribution and consumption of goods and services.
    What is Behavioural Economics
    Behavioural Economics offers a wide variety of solutions that can help tourism companies make such adjustments on the basis of designs that realistically align with how people decide and consume.

  87. Avatar Eze Mmesoma Benita says:

    Eze Mmesoma Benita
    20720185ja
    ezebenita55@gmail.com
    Public Administration and Local Govt
    Question
    1, Economics as a branch of social science means many things to many people, drawing inspiration from the perspective of other scholar, as an emerging economist and a scholar,what does econmics mean to you
    2, As an evolving area, what will be the likely contribution of a behavioural economist to economics proffesion?
    Answer
    1,Economics indeed means different things to different scholars, in my own understanding it’s a social science concerned with the production, distribution and consumption of goods and services, it’s a discipline that find ways of reconciling unlimited wants with limited resources.
    2,behavioural economics deviate from the “homo economicus paradigm”in which humans are portrayed as agents who are rational, selfish and who optimize thier utility function.By adding insights from experiment and other disciplines such as psychology, behavioral Economics in tends to model humans in a more realistic way, improving in this way the potential policy implications that can be derived from economic model. Experimental Economics on the other hand is the method of using controlled experiment to study important questions in Economics.

  88. Avatar NWAFOR CHIBUNNA SABASTINE says:

    NAME:-NWAFOR CHIBUNNA SABASTINE
    DEPARTMENT:- PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT.
    REG. NUMBER:- 20114749JF
    EMAIL ADDRESS:- chibunnanwafor23@gmail.com

    1) MEANING OF ECONOMICS:
    In my own understand and view, I will say that economics the science that emphasize on the study and examining of human behaviour, with man’s insatiable wants and needs, which deals with scarcity that leads to alternative uses.

    2) THE LIKELY CONTRIBUTIONS OF A BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION:
    They are:-
    *The behavioural economist unravels our inner business and our various approaches to decision making.
    *The behavioural economist shed more lights on most day to day activities and why we consume goods.
    *The behavioural economist illustrate how we decide causes of actions.
    *The behavioural economist with the help of integration of neuroscience, psychology, microeconomic theory and social intelligence has a field that provides insights and underlying assumptions to our daily interactions and ones that continues to influence us in our daily lives.
    *The behavioural economist unravels why we make choices about ourselves or others.

  89. Avatar Mbanefo ogochukwu christiana says:

    Mbanefo ogochukwu christiana
    Public administration and local government (PALG)
    20741911ef
    mcgoodness200@gmail.com

    1 . Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. In the 19th century economics was the hobby of gentlemen of leisure and the vocation of a few academics; economists wrote about economic policy but were rarely consulted by legislators before decisions were made. Today there is hardly a government, international agency, or large commercial bank that does not have its own staff of economists. Many of the world’s economists devote their time to teaching economics in colleges and universities around the world, but most work in various research or advisory capacities, either for themselves (in economics consulting firms), in industry, or in government. Still others are employed in accounting, commerce, marketing, and business administration; although they are trained as economists, their occupational expertise falls within other fields. Indeed, this can be considered “the age of economists,” and the demand for their services seems insatiable. But I can say in my own human understanding, that economics is a vital ingredient that can not be neglected in a country.
    No one has ever succeeded in neatly defining the scope of economics. Many have agreed with Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”—ignoring the fact that sociologists, psychologists, and anthropologists frequently study exactly the same phenomena.

    2. Behavioral Economics is the study of economic in the psychological related form.it helps to explore why people sometimes make irrational decisions and why how their behavior does not follow the prediction of economic models.
    Behavioral Economics is primarily concerned with the bounds of rationality of economic agents.

  90. Avatar Nnamani Chidera Jane says:

    Name: Nnamani Chidera Jane
    Reg No: 20176311IF
    Department: PALG
    Email: janechidera097@gmail.com

    No 1. Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them.
    It can also be described as a division involved in the manufacturing,allocation,and the use of goods and services.

    No 2. Behavioral economics uses psychological experimentation to develop theories about human decision making and has identified a range of biases as a result of the way people think and feel.

  91. Avatar Victor uzoagbado says:

    NAME: VICTOR OBINNA UZOAGBADO.
    DEPT : PUBLIC ADMINISTRATION & LOCAL GOVERNMENT.
    REG: 22050803EA.

    1)MEANING OF ECONOMICS:
    As the science of decision-making, economic philosophy operates in our daily lives whether we realize it or not. When we are evaluating the interest rates on our credit cards or trying to decide whether to buy or lease a new car or go out to dinner or on vacation, these are all decisions we make using economic thinking. We live in a world of limited resources, and economics helps us decide how to use these limited inputs to satisfy our never-ending list of wants and needs. Economics is also a large field with a rich history that’s been explored and examined by hundreds of influential people, ranging from philosophers to politicians.

    BEHAVIOURAL ECONOMIST :
    The field of behavioral economics blends ideas from psychology and economics, and it can provide valuable insight that individuals are not behaving in their own best interests.

    Behavioral economics provides a framework to understand when and how people make errors. Systematic errors or biases recur predictably in particular circumstances. Lessons from behavioral economics can be used to create environments that nudge people toward wiser decisions and healthier lives.

    LIKELY CONTRIBUTION OF A BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION :
    Behavioral economics sheds light on most every day activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action. It is an incredible lens that exposes our inner biases and approaches to decision-making.

  92. Avatar Nwobodo-David Emmanuella Uchechukwu says:

    Name:Nwobodo-David Emmanuella Uchechukwu.
    Department:Public Administration and local government.
    Reg no:20693024EF.
    As an emerging Economist i can define Economics as the study of human relating to their behavior in the changes of economic resources.
    BEHAVIOURAL ECONOMICS
    Behavioural Economics is define or refered to the microeconomic theory that contributes to the changes in the psycological changes in human decision-making resources.

  93. Avatar Richard Chisom Emmanuel says:

    Name: Richard Chisom Emmanuel
    Department: PALG
    Reg. No: 20168040CA
    Email : richardchisom96@gmail.com

    1. Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic and how economies work.
    2. Behavioral economics sheds light on most every day activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action. It is an incredible lens that exposes our inner biases and approaches to decision-making.

  94. Avatar Ogbonna Innocent Victor 21346322DF PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT DEPARTMENT says:

    1) Economics is an academic field of life that seeks to understand and explain the time-bound relationship between human wants(which are insatiable) and the limited available resources designed to satisfy them. Economists approach this age-long pursuit by way of a tested and trusted scientific method, hence, it is universally regarded as a social science which, in simpler terms, is founded on the goal of studying human behavior in relation to what is available to all aspects of their environment.

    2) Behavioural Economics is an aspect of Economics fully dedicated to merging features of Economics and Psychology to explain why humans do the things they do in a practical situation. It stretches the limits of Neo-classical Economics which believes humans will always do what is best of them by proving that many other things which can be best considered “irrational” influence the decisions of humans towards the choices they have. Thus, a behavioural economist is well equipped to unearth the “mysteries” surrounding the counter-reality of many economic theories, that is to answer why most theories propounded by revered economists do not always seem to be the case.

  95. Avatar Anekwe Blessing Ifeoma says:

    Name:Anekwe Blessing Ifeoma
    Registration Number:20726551IF
    Department: Public Administration and local Government
    Email Address: anekweblessing13@gmail.com
    ECO 101 Assignment.
    MEANING OF ECONOMICS.
    Economics can be said to be the science of scarcity. It is a social science concerned with the production, distribution and consumption of goods and services. It studies how choices are made with regard to allocation of resources.
    Economics helps in the explanation of economic behaviour which arises when scarce resources are exchanged.
    Economics is derived from a Greek word “oikonomia” meaning the management of a family or household.
    CONTRIBUTION OF A BEHAVIOURAL ECONOMIST TO THE ECONOMIC PROFESSION.
    Behavioural economics deals with the study of the effect of psychological, cognitive, emotional, cultural and social factors on the decision of individuals and institutions.
    This study contributes to the economic profession as they study how market decisions are made and the mechanisms that drive public choice, thereby enabling marketers understand what the consumer needs.
    Behavioural economics also contributes as it allows marketing professionals optimise proper marketing strategies which lead to better results in sales and income. It provides new ways to think about the barriers and drive to a certain range of behaviours thereby allowing marketers understand why consumers behave in a way towards a commodity and this helps them provide goods and services to satisfy all the needs of the consumer as regards to both economic and psychological need which leads to higher demand of the commodity and more profit.
    To be a successful marketer one must have extreme understanding of the consumers thought process in order for him/her to create a successful marketing campaign. When marketers understand a consumers decision making process they are able to develop value propositions that fit the consumers need.
    All these are the likely contributions of behavioural economist to the economic profession, as the sole aim of marketing is to satisfy a consumers need and also make maximum profit.

  96. NAME: UBANJI PAULINUS EKPEREKA
    DEPT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    REG NO: 20684978JA

  97. 1.What is Economics: Economics is a social science concerned with the production, distribution, and consumption of goods and services. This is the study of how people allocate scarce resources for production, distribution and consumption, both individually and collectively.

    2.What is Behavioural Economist: Behavioral Economics is the study of the science of the mind as it relates to the economic decision-making processes of individuals and institutions.
    Example: if Charles wants to lose weight and is equipped with information about the number of calories available in each edible product, he will option only for the food products with minimal calories. Behavioral economics states that even if Charles wants to lose weight and sets his mind on eating healthy food going forward, his end behavior will be subject to cognitive bias, emotions, and social influences. If a commercial on TV advertises a brand of ice cream at an attractive price and quotes that all human beings need 2,000 calories a day to function effectively after all, the mouth-watering ice cream image, price, and seemingly valid statistics may lead Charles to fall into the sweet temptation and fall off of the weight loss bandwagon, showing his lack of self-control.

  98. JAMB REG NO: 20017774JA
    NAME: Onwurah Jennifer chidera
    EMAIL ADDRESS: jennydera2004@gmail.com
    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT

    1). MEANING OF ECONOMICS
    Economics is social science that deals with the manufacturing, distributing and consumption of goods and services, it’s a social science because it deals mostly on human affairs, behaviors and activities .
    As an emerging economist /scholar to me economics is the study of man and his resources and how to manage them

    2). BEHAVIOURAL ECONOMICS
    It is the study of social, psychological and emotional factors which goes in line with the process of economic decision making of the society, individuals and institutions .

  99. . Economics to me means the scientific study of human beings and their behaviours in their reaction to the effects of the changes of the economy as they go about in their day-to-day activities.
    2. To me, the contributions of the behavioural economist will be that analyzing the behaviours of the key economic players of the society, which is: the household, the firms and the government, as they confront the issues surrounding the efficient management of scarce resources; and bringing up solutions or suggestions so to say, that will be favourable to the society

  100. Avatar Chukwu Augustina Chicheta says:

    Name: Chukwu Augustina Chicheta
    Reg no: 20680490BF
    Department: Public Administration And Local Government
    Email: chukwuaugustinac98@gmail.com

    The meaning of Econvmics according Lionel Robbins in 1932, economic is a science which studies human behavior as a relationship between ends and scares means which have alternative uses.
    As an emerging economist and a scholar, economics is the social science that studies how people interact with value; in particular, the production, distribution and consumption of goods and services. It also focuses on the behavior and interactions of economic agent and how economies work.

    2. Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of the individuals and institutions.
    The likely contribution of behavioral economist to economic profession is that it draws on psychology and economics to explore why people sometimes make irrational decisions and how their behavior does not follow the prediction of the economic models. For instance, decisions such as how much to pay for a cup of rice, whether to pursue a healthy lifestyle, how much to contribute towards retirement. It also seeks to explain why an individual go for choice A, instead of choice B.

  101. Avatar Chukwu Glory Onyinyechi says:

    NAME:Chukwu Glory Onyinyechi
    DEPARTMENT: Public administration and local government
    REG.NO.:21257323FA

    To my own understanding, Economics is a part of science that deals with the production of goods and services to satisfy human wants.it can also be said as the conversion of raw materials into finished goods for human consumption.
    Behavioural Economics is the study of the effects of human mind or behaviour on decision making process of individuals and institutions.

  102. Avatar Aniekezie Blessing says:

    NAME: Aniekezie Blessing Ijeoma.
    REG. NO.: 20681491EFU
    DEPARTMENT: Public Administration and Local Government.
    Email address: aniekezieblessing@gmail.com

    1) DEFINITION OF ECONOMICS

    Economics is the study of how people allocate scarce resources for production, distribution, and consumption. In a larger scale, Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services. Economics is also the study of how the society and its people use limited resources.

    Adam Smith, who provided one of the acceptable definitions of Economics, defines Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

    Personally, Economics encompasses how scarce resources are allocated and how these decisions affect the people involved.

    2) CONTRIBUTION OF BEHAVIORAL ECONOMICS TO ECONOMICS PROFESSION.

    Before unveiling the various ways Behavioral Economics has contributed to Economics profession, I shall start by defining Behavioral Economics. Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.

    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Companies are increasingly incorporating behavioral economics to increase sales of their products.

    Behavioral economics combines elements of economics and psychology to understand how and why people behave the way they do in the real world. It’s one where we can more fully understand the bounds, motivations, causes, and limitations to our decisions and actions—anything from risk to resource allocation, strategic dependence or irrationality.

    In regards to Economics in general, Behavioral put the ‘why’ in the ‘what’, ‘where’ and ‘how’. It helps economists understand why certain decisions are made and how it can affect an organization or a business.

  103. Avatar Chukwu Augustina Chicheta says:

    Name: Chukwu Augustina Chicheta.
    Jamb Reg. No: 20680490BF.
    Department: Public Administration And Local Government.
    Email: chukwuaugustinac98@gmail.com.

    1. The meaning of Economics according to Lionel Robbins in 1932, economics is a science which studies human behavior as a relationship between ends and scares means which have alternative uses.
    As an emerging economist and a scholar, economics is the social science that studies how people interact with value; in particular, the production, distribution and consumption of goods and services. It also focuses on the behavior and interactions of the economic agent and how economies work.

    2. Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of the individuals and institutions.
    The likely contribution of economist to economic profession is that it draws on psychology and economics to explore why people sometimes make irrational decisions and how their behavior does not follow the the prediction of economic models. For instance, decisions such as how much to pay for a cup of rice, whether to pursue a healthy lifestyle, how much to contribute towards retirement etc. It also seeks to explain why an individual go for choice A, instead of choice B.

  104. Avatar Chukwu Augustina Chicheta says:

    Name: Chukwu Augustina Chicheta
    Jamb Reg. No: 20680490BF
    Department: Public Administration And Local Government
    Email: chukwuaugustinac98@gmail.com

    1. The meaning of Economics according to Lionel Robbins in 1932, economics is a science which studies human behavior as a relationship between ends and scares means which have alternative uses.
    As an emerging economist and a scholar, economics is the social science that studies how people interact with value; in particular, the production, distribution and consumption of goods and services. It also focuses on the behavior and interactions of the economic agent and how economies work.

    2. Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of the individuals and institutions.
    The likely contribution of economist to economic profession is that it draws on psychology and economics to explore why people sometimes make irrational decisions and how their behavior does not follow the the prediction of economic models. For instance, decisions such as how much to pay for a cup of rice, whether to pursue a healthy lifestyle, how much to contribute towards retirement etc. It also seeks to explain why an individual go for choice A, instead of choice B.

  105. Avatar Chukwuma Chukwudi Pascal says:

    NAME: Chukwuma Chukwudi Pascal
    DEPT: Public Administration and Local Government
    REG: 20748375CF
    1) MEANING OF ECONOMICS:
    The subject Economics has no specific definition. It has been defined in many ways by various economists as a Social Science which studies human beings and their behavior. Some of the subjects include:
    ALFRED MARSHAL defined economics as “A study of mankind in the ordinary business of life.” This definition simply emphasises that economics have something to do with the study of human beings in relation to their daily economic activities.

    2) Behavioral Economics: This studies the effects of psychological, cognitive, emotional, cultural, and social factors on the decision of individuals and institutions and how those decisions vary from those implied by classical economic theory.

  106. Ndukwe chinaecherem chidinma
    21438332HA
    Public administration and local government
    Economics is the statement or laws of possiblity in various branches of economics in the aspect of production, consumption, exchange and distribution of income. Economics generalization or laws are statements of likely things which describes human behaviour in the allocation of scarce resources between alternative ends.
    Behavioural Economics is describing how we the consumer behave towards our wants and needs on how we spend our money and make our scale of preference when purchasing goods.

  107. Avatar Ndukwe chinaecherem chidinma says:

    Ndukwe chinaecherem chidinma
    21438332HA
    Economics is the statement or laws of possibility in branches of economics in the aspect of production, consumption, exchange and distribution of income. Economics generalization or laws are statements of likely things which describes human behaviour in the allocation of scarce resources between alternative ends.
    Behavioural Economics is describing how we the consumer behave towards our wants and needs on how we spend our money and make our scale of preference when purchasing goods.

    • Avatar Ndukwe chinaecherem chidinma says:

      Ndukwe chinaecherem chidinma
      Public administration and local government
      21438332HA
      Economics is the statement or laws of possiblity in various branches of economics in the aspect of production, consumption, exchange and distribution of income. Economics generalization or laws are statements of likely things which describes human behaviour in the allocation of scarce resources between alternative ends.
      Behavioural Economics is describing how the consumer behave towards our wants and needs on how we spend our money and make our scale of preference when purchasing goods.

  108. Avatar Nnamchi chisom Cynthia says:

    Name: NNAMCHI CHISOM CYNTHIA
    Department: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    Reg No: 20635190DF
    Email: nnamchichisom947@yahoo.com

    1) DEFINITION OF ECONOMICS
    Economics as a social science has many definitions; it can also be defined as the study of humans in their search for resources and how to utilize these resources in other to achieve their wants.

    2) BEHAVIORAL ECONOMICS
    This is a method of economics analysis that applies psychological insights into human behavior to explain economic decision making.” It helps to explain why people under-save for retirement.” This behavior influences ones decisions during buying and selling depending on how convincing the seller can be.

  109. Avatar Ezukwoke precious Anezi says:

    Name: Ezukwoke precious Anezi
    Department: public adminstration and local government
    Reg no:20684979if

    1. According to Libel Robbins is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses and from this perspective economics is the study of decision making and the condition of a group of people regarding material prosperity. Also seen as a study of resource allocation, distribution and consumption; of capital and investment; and of management of the factors of production.
    2.behavioral economics studies psychological behavior of humans.also includes how market are made and the mechanism that drive public choice.

  110. Avatar Nnamchi chisom Cynthia says:

    Name: NNAMCHI CHISOM CYNTHIA
    Department: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    Reg No: 20635190DF
    Email address: nnamchichisom947@yahoo.com

    1) MEANING OF ECONOMICS
    Economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how individuals businesses, governments and nations make choices on how to allocate resources. Economics is equally a mechanism that helps in selecting methods that yields the best results when it comes to trading.

    2) MEANING OF BEHAVIORAL ECONOMICS
    This is a method of economics analysis that supplies psychological insights into human behavior to explain economic decision making. ” It helps to explain why people under-save for retirement. This behavior influences ones decisions during buying and selling depending on how convincing the seller can be:.

  111. NAME: OMEKE HILLARY NNAMDI
    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    REG NUMBER: 20684661GA
    EMAIL: omekehillarynnamdi@gmail.com

    1. MEANING OF ECONOMICS
    Economics is the scientific study of ownership, use, and exchange of scarce resources-often shortened to the science of scarcity.
    Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
    Economics is a social science Concerned with the production, distribution and consumption of goods and services. It studies how individuals, businessmen, government and Nations make choice about how to allocate resources.
    Economics as a social science studies human behaviour as a relationship between ends and scarce means using scientific method.

    2. BEHAVIOURAL ECONOMISTS AND IT’S CONTRIBUTION THE ECONOMICS PROFESSION
    Behavioural economics is the study of psychology which is ( the study of human minds) that relates to the decision making of individuals and institutions. Behavioural economics studies the effects of conscious mental activities, emotional, social, cultural and psychological factors on the decisions of individuals, institutions or firms and how those decisions differ from those implied by classical economic theory.
    Therefore, as an evolving era, some likely contributions of of a behavioural economist to Economics profession are:
    (A). Behavioral economists uses psychological experimentation to develop theories about human decision making and had identified a range of biases as a result of the way people think and feel. Trying to change the way economists think about peoples perceptions of value and expressed preferences.
    (B). Behavioral Economists seeks to explain why an individual decided to go for choice A, instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self interest.
    (C). Behavioural economists shed light on most everyday activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action.
    (D). Behavioral economists provides a frame work to understand when and how people make errors.
    (E). Behavioral economists also uses what we know about Economics to simplify decision making.

    NAME: OMEKE HILLARY NNAMDI
    DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    REG NUMBER: 20684661GA
    EMAIL: omekehillarynnamdi@gmail.com

  112. Avatar Okoli Deborah Chinonso says:

    Name: Okoli Deborah Chinonso
    Reg. No:22095403AF
    Email: chinonsodeborah6@gmail.com

    1. Economics is a social science concerned with the production, distribution and consumption of goods and services. It also shows how we the individuals, businesses, governments and nation make choices about allocation of resources. It is also a study that shows how individuals interact with value.

    2. Behavioural Economics is the study of human mind, it is used to explore why individuals sometimes make irrational decisions. It tend to make Economists understands why consumers will choose some particular goods over others. It is used to study the reasons behind choices that are made.

  113. Avatar EMAGUN VICTOR says:

    Economics is a social science concerned mostly with the way the society chooses to employ its limited resources, which have alternative uses to produce goods and services for the present and future consumption. Economics is a social science because is different from experimental sciences such as chemistry, biology or physics. It is a science of human behaviour.it is focused with man and his activities in the society.

    2 : ECONOMIC BEHAVIOUR;
    This is the study of psychological, emotional and social factors which relates to the economic decision making process of individuals and institutions. This is simply the study of human mind because there are irrational, insatiable and their preferences differs.

  114. Avatar Ekoli Franklin chukwuebuka....reg.no. 20693608HA says:

    Name: Ekoli Franklin chukwuebuka
    Reg no:20693608HA
    E-mail: alivechimebuka@gmail.com
    1: economics means utilising the scarce resources(finances,raw materials,natural resources) in order to satisfy the raging wants, minimising cost (labour to capital, capital to labour) and attaining economic growth. Looking at the production possibility curve for instance, having two commodities (x&y) As an economist I will put more concentration on the commodity that will yield more output and minimise.
    2: Behaviourial Economists will contribute greatly to the Economics profession, because they will study how humans react to their environment, react to changes in their environment and how it affects them, criticise existing theories, and find solutions to problems. For instance, if bus ticket is 400# but due to rainfall drivers decide to increase it to 700#( because they know many buses won’t be available) some persons will have to trek because they didn’t plan for the extra 300# Behaviourial Economists can advise the government to put price legislation on bus tickets, to avoid the drivers from exploiting the people.

  115. Avatar Chukwu Glory Onyinyechi says:

    NAME:Chukwu Glory Onyinyechi
    DEPARTMENT:Public administration and local government
    REG.NO.:21257323FA

    To my own understanding,Economics is a part of science that deals with the production of goods and services to satisfy human wants.

    Behavioural Economics study’s the effects of human mind or behaviour on decision making process of individuals and institutions.

  116. Avatar Ekoli Franklin chukwuebuka....reg.no. 20693608HA says:

    Eco. 101 (Online Discussion Quiz 1–The Meaning of Economics and Behavioural Economics)–18-8-2021
    Tony Orji by Tony Orji August 18, 2021Reading Time: 1min read

    Economics as a branch of social sciences means so many things to many people. Drawing inspiration from the perspectives of other scholars, as an emerging economist and a scholar, what does economics mean to you?
    As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession?

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    Comments 293
    Enyi Favour Onyiyechi 4 days ago
    Reg no. 21407365ff

    Reply
    JAMES NDUKWE 4 days ago
    NAME: JAMES NDUKWE
    DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS AND POLITICAL SCIENCE).
    REG NO: 21668963CF
    EMAIL ADDRESS: oziljohn12@gmail.com

    WHAT IS THE MEANING OF ECONOMICS?

    Economics as a discipline has diverse definition by influential and modern economists.

    According to Economist Lionel Robbins, he defined Economics as a science that studies human behavior as a relationship between ends and scarece means which have alternative uses.

    According to John Stuart Mill, he defined Economics as a science of production and distribution of wealth.

    Economics is a science that studies how HUMAN can derive SATISFACTION from SCARE RESOURCES.

    MEANING OF BEHAVIORAL ECONOMICS.

    Behavioral economics is a field in economics that implore the psychology aspect in studying human behavior.

    It also the study of psychology as it relates to the economic decision making processes of individuals and institutions.

    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions and why and how their behavior does not follow the predictions of economic models.

    Reply
    Enyi Favour Onyiyechi 2 days ago
    FAVOUR ENYI ONYIYECHI
    21407365FF
    favourenyi9@gmail.com

    1. As an emerging economist and a scholar,
    Economics is the scientific study of the ownership, use, and exchange of scarce resources. Economics is the science which treats phenomena from the stand point of price. It is also the study of the general methods by which men co-operate to meet their material needs. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organisations. It attempts to explain economic behavior, which arises when scarce resources are exchanged.

    2. As an evolving area, behavioral economics contributes to economics profession by improving the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to better predictions about economic behavior and better policy prescriptions. As we know that the ultimate goal of the economist is to predict future behavior. Take for instance, by understanding the consumers decision making process, marketers are able to develop value propositions that really fit the consumers needs. The importance of understanding behavioral economics for marketers is immeasurable as it allows for a better understanding of the human mind. Behavioral economics achieve all these by applying their skills of description, analysis, model building, and prediction to generate knowledge and, from this, provide advice to private firms, to governments and other organisations.
    Conclusively, Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

    Reply
    Ndubueze Chigoziri Franklin 4 days ago
    1. Economics to me means the scientific study of human beings and their behaviours in their reaction to the effects of the changes of the economy as they go about in their day-to-day activities.
    2. To me, the contributions of the behavioural economist will be that analyzing the behaviours of the key economic players of the society, which is: the household, the firms and the government, as they confront the issues surrounding the efficient management of scarce resources; and bringing up solutions or suggestions so to say, that will be favourable to the society.

    Name: Ndubueze Chigoziri Franklin
    Reg. No.: 21048437FA
    Email address: joel40258@gmail.com
    Blog address: kvngfranklyn@blogspot.com

    Reply
    OKWUDILI ESTHER MMESOMA 4 days ago
    OKWUDILI ESTHER MMESOMA
    20158535EF
    ECONOMICS DEPARTMENT

    1. Economics which come from two Greek words ‘eco’ meaning home and ‘nomos’ meaning accounts is an aspect of social science which studies human behaviour. It is the study of scarcity and choice and also the study of how to satisfy human wants which is said to be limited with the available resources (limited resources).
    Economics is applicable in household, firms and government levels.
    There are some basic concept which are used in the study of Economics. They includes;
    (a) Scarcity (limited resources).
    (b) Alternative uses.
    (c) Choice.
    (d) Scale of preferences.
    (e) Multiple ends.
    (f) Opportunity costs (alternative forgone).
    These concepts are keys to what Economics is all about.

    2. Behavioural Economics is the study of human mind (psychology), it is use to explore why people sometimes make irrational decisions. It tend to make Economists understands why consumers will choose goods A over goods B. It is used to study the reasons behind choices that are made.

    Reply
    Precious Messina Chukwuemeka 4 days ago
    Precious Messoma Chukwuemeka
    21254744CF
    preciousmessoma@gmail.com
    Economics is a branch of knowledge concerned with the production,consumption and transfer of wealth but the most accepted definition is that of Prof Lionel Robbins who defined economics as the science which studies human behaviour as a relationship between end and scarce means which have alternative uses.
    Behavioural economics is often related with native economics.
    It is the study of psychology as it relates to the economic decision making process of individuals and institutions.

    Reply
    Kiwamu Favour chizaram 4 days ago
    KIWAMU FAVOUR CHIZARAM
    20629857AF
    kiwamufavour@gmail.com
    1. Economics can be defined as a science of scarcity. It is the social science that studies how economic agents interact with value, in particular ,the production, distribution and consumption of goods and services. It studies the ownership, use and exchange of scarce resources. It analyses and describes the choice made concerning scarce productive resources.
    2. Behavioural economist has become an important part of the economics profession. The field of behavioural economics studies and describes economic decision making. The economist in this field, help to explain the effects of psychological cognitive, emotional, cultural and social factors on the decision of individual and institution. These economists use psychological experimentation to develop theories about human decision making. They combine economics and psychology to create framework to understand how and when people make decisions and errors. They help to explain why economic agents consume goods and services the way they do.

    Reply
    Precious Messoma 3 days ago
    Precious Messoma Chukwuemeka
    21254744CF
    preciousmessoma@gmail.com
    Economics is a branch of knowledge concerned with production,consumption and transfer of wealth or resources and how this limited resources are distributed to satisfy human wants which are unlimited.
    Behavioural economics is related to normative economics.
    It studies the effect of psychological,emotional,cultural and social factors on the decision of individuals and institutions. behavioural economics contribution to the economics profession.
    — it creates a framework to understand how and when people make errors and it allows better understanding of the human mind because humans are irrational.

    Reply
    Adaeze Jennifer Onuigbo 3 days ago
    Jamb Reg No 20157852EA
    From my perspective, Economics is a field of study that deals with the production, distribution, consumption, marketing, pricing, quantitative analysis, theoretical reasoning and research, evaluation and intepretation, management, exchange and utilization of resources, finances, goods and services. It is a science of wealth that studies and formulate laws and possible solutions towards human behaviour to price, wants, choices and scarce resources, it also intersects all disciplines ( health, population, government, industries and firms, businesses, economy, agriculture etc) as well.
    2. The likely contribution of a behavioural economist towards the economics profession is the ability to combine economics and psychology which aids them in experimenting and analyzing why, how and when individuals make irrational decisions and preferences. And through this, they are able to create a framework which will aid in the enormous improvement and increment of sales and commodities exchange in a firm and the economy at large, because they are able to understand the reason why consumers behave in a particular way towards a choice and therefore, this provides them with essential materials to create a commodity( creating goods and services) that will satisfy both the economic and psychological needs of a consumer, consequently, highly increasing the demand and supply of such commodity, making them( consumers) make the best decisions and choices to their benefit and reducing ambivalence and the difficulty in making decisions concerning only rational decisions which at most cases puts aside irrational preferences which may be very important and more satisfactory ( not necessarily a profit maximization and economic satisfaction as most economists prioritize)to the consumer as well. Behavioural economics has a high tendency to contribute and yield immensely to the economy, its growth and development than the normal economics.

    Reply
    Izukanne Chibuzor Abigail 3 days ago
    1) Economics is a tool or method by which efficient allocation of resources for production, distribution and consumption, both collectively and individually in order to prevent scarcity because human beings have unlimited wants in a world of limited means.
    2) Behavioral Economist contributions to the Economics Profession is that they help in the understanding of human behavior, preferences and errors in cognition in relation to economic decision – making processes.

    Reply
    Onyemalu Belinda Chinyere 3 days ago
    Name: Onyemalu Belinda Chinyere
    Reg NO: 20730634JF
    Email address: Belindachinyere2003@gmail.com
    Question
    What is the meaning of Economics and Behavioral Economics
    Economics is a social science that studies human behavior ,scarce means which have alternative uses.This definition was generally accepted by the world and it was propounded by Prof. Lionel Robinson.
    Economics is regarded as a science because it makes use of scientific methods.
    John Maynard one of the greatest economist in the 20th century pointed out that economics is not just a subject area but a way of thinking.

    Behavioral economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. It also helps to explore why people sometimes make irrational decisions and why and how their behavior does not follow the prediction of economic models.

    Reply
    Chukwu Emmanuel Chimezie 3 days ago
    Chukwu Emmanuel Chimezie
    20629441JA
    emmanuelchukwu846@gmail.com
    1. Economics is the study of the utilization of the smallest amount of resources (like labour, capital, land etc) and self denial of some good since human wants are unlimited therefore we forgo one good to get another(opportunity cost) which is due to scarcity (limited resources), to satisfy the greatest amount of human needs. Simply put the study of how to get optimal production(output) from limited resources(input).
    2. CONTRIBUTIONS OF THE BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION
    ** They will be able to analyze the effects of financial crisis or crisis on the loves of people.
    ** They will be able to challenge existing assumption and do some modifications to the existing theories that are no longer applicable due to hanging times.
    ** They will be able to detect and predict future happenings through the study of the effects of social factors on the decisions of the players in the economy.
    ** Moreover, their most important contribution will be their providing a solution for the problems of the present man in all spheres of life through the study of all factors that affect human behaviour.
    *** But I think that if they can help us define economics in a sense where assumptions can be made, theories can be formed and we get manage our scarce resources without “all things been equal”; in essence may they propound theories that prove that their is no scarcity in the world, just greed….

    Reply
    Eleazu Kamcy Godwin 3 days ago
    1.Economics is a wide and dynamic subject which has different definitions by different people. It comes from two Greek words ‘eco’ meaning home and ‘nomos’ meaning account. Adam Smith who is the Father of economics emphasized about the definition in his great book- ‘An inquiry into nature and cause of wealth of nations’ published in 1776. Other contemporary economists also defined economics as the part of knowledge which relates to wealth. J.S Mills defined economics as a science of production and distribution of wealth. Alfred Marshall in his book principles of economics published in 1890 placed emphasis on human activities or human welfare rather than on wealth which was criticised. He defined it as the study of mankind in the ordinary business of life. Arthur Cecil Pigou who was an English economist defined it as a releationship between various economic variables like consumption, wealth, employment and output during different situation in the economy like inflation or deflation. But the most accepted definition is that of Professor Lord Robbins in his book in 1932 ‘Nature and significance of economics’he defined economics definition in terms of scarcity.He defined it as the science which study human behavior as a relationship between end and scarce means which has alternative uses. This definition is widely accepted because we can build up different propositions from it like: Scarcity because human wants are unlimited they always multiply even luxuries becomes necessities.Human wants does not come to an end.If there were abundant money and time there would not be scope for studying economics. Even the means to satisfy human wants are scarce in releation to demand.Had resources been plentiful there would not have been any economic problem. The scarcity of resources is the fundamental economic problem of any society.
    From these definition and my research, I define economics as a study of scarcity and of the problems to which scarcity gives rise. It is also concerned chiefly with the description and analysis of the production distribution and consumption of goods and consumption of goods and services. This scarcity definition of economics also has widened the scope of the subject.
    2. We are in an evolving world where things happen every day. Behavioural economists combine economics and psychology to create a frame work to understand how and when a rational consumer makes errors. They analyze economic data and consumer behavior to create strategies and policies that benefits the business to have a financial security. They have a very strong significance to the economics profession and they are very important to economics than traditional economists cos traditional economists believe individuals will always act rationally engaging in behavior that are in their best interests but behavioural economists will be concerned with the bounds of rationality of economic agents. Behavioural economists also provide a novel lens to view an individual complex choices by combining economic principles and psychology theory.

    Reply
    Okoloaja Vanessa Mmerichukwu 3 days ago
    Name: Okoloaja Vanessa Mmerichukwu
    Reg no:21320516FF
    E-mail: Mmerichukwunessa77@gmail.com
    1: In my opinion, economics means utilising the scarce resources(finances,raw materials,natural resources) in order to satisfy the raging wants, minimising cost (labour to capital, capital to labour) and attaining economic growth. Looking at the production possibility curve for instance, having two commodities (x&y) As an economist I will put more concentration on the commodity that will yield more output and minimise.
    2: Behaviourial Economists will contribute greatly to the Economics profession, because they will study how humans react to their environment, react to changes in their environment and how it affects them, criticise existing theories, and find solutions to problems. For instance, if bus ticket is 400# but due to rainfall drivers decide to increase it to 700#( because they know many buses won’t be available) some persons will have to trek because they didn’t plan for the extra 300# Behaviourial Economists can advise the government to put price legislation on bus tickets, to avoid the drivers from exploiting the people.

  117. Avatar Onuh Miracle Alfred 20650090BF. says:

    NAME: ONUH MIRACLE ALFRED
    DEPT:PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT.
    REG:20650090BF.

    1)MEANING OF ECONOMICS:
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. … The building blocks of economics are the studies of labor and trade.

    2)BEHAVIOURAL ECONOMICS: is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.

    • NAME: OMEKE HILLARY NNAMDI
      DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
      REG NUMBER: 20684661GA
      EMAIL: omekehillarynnamdi@gmail.com

      1. MEANING OF ECONOMICS
      Economics is the scientific study of ownership, use, and exchange of scarce resources-often shortened to the science of scarcity.
      Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
      Economics is a social science Concerned with the production, distribution and consumption of goods and services. It studies how individuals, businessmen, government and Nations make choice about how to allocate resources.
      Economics as a social science studies human behaviour as a relationship between ends and scarce means using scientific method.

      2. BEHAVIOURAL ECONOMISTS AND IT’S CONTRIBUTION THE ECONOMICS PROFESSION
      Behavioural economics is the study of psychology which is ( the study of human minds) that relates to the decision making of individuals and institutions. Behavioural economics studies the effects of conscious mental activities, emotional, social, cultural and psychological factors on the decisions of individuals, institutions or firms and how those decisions differ from those implied by classical economic theory.
      Therefore, as an evolving era, some likely contributions of of a behavioural economist to Economics profession are:
      (A). Behavioral economists uses psychological experimentation to develop theories about human decision making and had identified a range of biases as a result of the way people think and feel. Trying to change the way economists think about peoples perceptions of value and expressed preferences.
      (B). Behavioral Economists seeks to explain why an individual decided to go for choice A, instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self interest.
      (C). Behavioural economists shed light on most everyday activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action.
      (D). Behavioral economists provides a frame work to understand when and how people make errors.
      (E). Behavioral economists also uses what we know about Economics to simplify decision making.

      NAME: OMEKE HILLARY NNAMDI
      DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
      REG NUMBER: 20684661GA
      EMAIL: omekehillarynnamdi@gmail.com

  118. Avatar Udeh Shedrack O. says:

    NAME : UDEH SHEDRACK O.

    REG NO : 21409621IA

    DEPARTMENT : PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT

    EMAIL : udehjamb202049@gmail.com

    1 : MEANING OF ECONOMICS:
    Economics is a social science concerned mostly with the way the society chooses to employ its limited resources, which have alternative uses to produce goods and services for the present and future consumption. Economics is a social science because is different from experimental sciences such as chemistry, biology or physics. It is a science of human behaviour.it is focused with man and his activities in the society.

    2 : ECONOMIC BEHAVIOUR;
    This is the study of psychological, emotional and social factors which relates to the economic decision making process of individuals and institutions. This is simply the study of human mind because there are irrational, insatiable and their preferences differs.

    • Avatar Obiano Jennifer kosisochukwu says:

      Name: OBIANO JENNIFER KOSISOCHUKWU
      DEPARTMENT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
      REG NUMBER:21489156HF
      EMAIL: obianojennifer366@gmail.com

      1.WHAT IS ECONOMICS
      Economics as a branch of social science according to my definition is the branch of knowledge and how people interact with value In a particular production, distribution and consumption of goods and services.
      It is also the study of scarcity and it’s implications for the use of resources, growth of production and welfare overtime and a great variety of other complex issues of vital concern to the society.

      2. BEHAVIORAL ECONOMICS
      Behavioral economics relate to the economic decisions making process of individuals and institution, it contribute to the economic profession in the observation of human behavior and Tackels the problems of human behavior and decision making in any institution and also examine the day to day choices which results to the understanding of the human behavior that combines psychology and economics.

  119. Avatar Udeh Shedrack O. says:

    NAME: Udeh Shedrack O.
    Reg no : 21409621IA
    Dep : Public administration and local government
    Email: udehjamb202049@gmail.com

    1: Meaning of Economics
    Economics is a social science concerned mainly with the way the society chooses to employ its limited resources,which have alternative uses to produce goods and services for the present and future consumption. Economics as a social science is different from experimental science such as chemistry, biology or physics .it is a science of human behavior,it deals with man and his activities in the society.
    2: Behavioral Economics
    This is the study of psychological , emotional and social factors which relates to the economic decision making process of individuals and institutions. This is the study of human mind because there are irrational , insatiable and their preferences differs .

  120. Avatar Ugwu joy ugochukwu says:

    Name: Ugwu joy ugochukwu
    Reg No. 20686346JA
    Department: Public Administration and Local Government

    1. What is Economics?
    Economics is a social science concerned with the production, distribution, and consumption of goods and services.
    It studies how individuals, bussinesses, governments and nation make choice about how to allocate resources.
    Economics focuses on the actions of human beings, based on assumptions that humans act with rational behaviour, seeking the most optimal level of benefit or utility.

    2. As an evolving area, what will be likely contribution of a behavioural Economics to Economics proffession?

    Behavioral economics has become an important part of the economics profession. As a subfield, it tries to make sense of persistent violations of the standard model for economics. The major classes of violations involve social preferences (taking the well-being of others into account), time discounting (inconsistencies in valuing present and future commodities), and context (the effects of framing). Other violations involve well-known psychological heuristics such as overconfidence, constraints on strategic reasoning, emotions, and status differentials. These concepts are discussed in separate sections, and key experimental and empirical studies are noted.

  121. Avatar Okorie Emmanuel Chimereucheya 20637413DF says:

    Meaning of Economics
    Economics is a social science concerned with the prodiction, distribution and consumption of goods and services. It studies how individuals businesses, governments, and nations make choice about how to allocate resources. The building blocks of economics are the studies of labour and trade.

    What is behavioural Economics
    Behavioural Economics studies the effect of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

  122. Avatar Anekwu Somkene says:

    1, Economics has a social science has so many definitions made by so many professors, some of the people who defined economics are Alfred Marshall, Lionel Robins and Adam Smith. But what economics mean to me, economics is a social science concerned with the consumption, distribution, and production of goods and services.
    2, Firstly a Behavioural economics is the study of psychology which is the study of human behavior that relates to the decision making of individuals and institution. Now as an evolving era, the likely contribution of a behavioural economist to economic profession can be a,the use of mental shortcut to make a quik decision.
    b, emergent class of game theory which runs for experiment and analyzes people decision to make irrational choices and
    c, behavioural finance which seek to explain while investors make irrational choices in the capital market.

    Name: Anekwu Somkene Charles
    Department: Public Administration And Local Government
    Reg No: 20164271FF
    Email: anekwusomkene160@gmail.com

  123. Avatar Ogujiuba Esther Chibuzor says:

    Name: OGUJIUBA ESTHER CHIBUZOR
    Department: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT
    Reg no: 20738865HF

    1) Economics is the study of economy or the part of of a society that create wealth , wealth is not just money . wealth comes from the production of goods and services
    So back to the question:
    To me as an emerging economist and scholar,, economics simply means the study of man and ways of managing resources. To me .it is a discipline that teaches and explains more on resources and ways of managing , exchanging and also knowing how to profit from it
    To summarize ,I will say economics is a discipline that studies how individuals, businesses, government including nations make choices about how to allocate resources.

    2) Firstly behavioral economics is the study of psychology as it relates to the economic decision making,processes of individualand institutions.
    Back to the question:
    Behavioral economist tackles the intricacies of human behavior and decision making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.

  124. Avatar Ogujiuba Esther Chibuzor says:

    20738865HF
    Public administration and local government

    1) Economics is the study of economy or the part of of a society that create wealth , wealth is not just money . wealth comes from the production of goods and services
    So back to the question:
    To me as an emerging economist and scholar,, economics simply means the study of man and ways of managing resources. To me .it is a discipline that teaches and explains more on resources and ways of managing , exchanging and also knowing how to profit from it
    To summarize ,I will say economics is a discipline that studies how individuals, businesses, government including nations make choices about how to allocate resources.

    2) Firstly behavioral economics is the study of psychology as it relates to the economic decision making,processes of individuals and institutions.
    Back to the question:
    Behavioral economist tackles the intricacies of human behavior and decision making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.

  125. Avatar Obelu Victoria obianuju. says:

    REG. NUMBER. 20652694BA (1) For my own point of view economics is concerned with the production, distribution, consumption, good’s and services .it studies how individuals, business, government’s, and nations make choices about how to allocate resources. Economics focuses on the action of human beings, based on consumption that humans act with rational behaviour, seeking the most optimal level of benefit or utility.

    (2). Behavioral economics is the study of irrational decision making attempts to integrate psychological theories, the motivation behind our choices with economic theories, that we actually do.

  126. Avatar Ezema Benedicta Nkemjika PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT Reg. No. 20035653JA says:

    What is Economics?
    1. Economics is a social science which brings into effective action a highly quantitative,data_driven, problem_ solving approach towards understanding the behavior of human beings. Economics is therefore a field of study which is placed to track,study, project and predict human behavior; and as such is one of the most important and relevant skill for the world today, helping us choose wisely when it comes to our personal,social and professional lives.

    2. Behavioral Economics is the study of social preferences as it relates to the economic decision making of individuals. It is assumes that people might learn from each other’s decision making, therefore it is useful in policy making.

  127. Avatar Chukwu Emmanuel Ugonna says:

    Chukwu Emmanuel Ugonna
    22246088CF
    Chukwuemma2212@gmail.com

    1.)Economics as a branch of social sciences means so many things to many people. Drawing inspiration from the perspectives of other scholars, as an emerging economist and a scholar, what does economics mean to you?

    Economics according to my own understanding and accumulation is the study of the way individuals, firms and governments make choices about how to administer scarce resources. It uses scientific and technical methods to understand how this scarce resources are exchanged within society and is used for developing policies in government as they have a deep perception of how to create efficiency in today’s world.

    2.)As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession?

    As one who uses the effect of cerebral,cultural and cognitive factors on the choices of government, firms and persons.
    A behavioural economist can attest and represent the economics profession in the outside world, display and defend the good side of the profession. He or she can also prosper in the profession and at the same time influence many to go into it because the society has been in need for one and also have knowledge of the adverse effect if one isn’t available in any renowned economy.

  128. Avatar Nwachukwu Amarachi Immaculate says:

    Name: Nwachukwu Amarachi Immaculate
    Department: Public Administration and Local Government
    Reg. No: 22078246AF

    1. As an emerging economist and a scholar, economics may be said to be a social science which studies how people interact with value; production, distribution and consumption of goods and services. It is the study of decision making which helps us understand historical trends, interpret today’s headlines and make predictions about the coming years.

    2. Behavioral economics is the study of psychology as it relates to the economic decision making process of individuals and institutions. Behavioral economics views humans as irrational and emotional beings who are influenced by experience when making decisions, therefore, behavioral economists use psychological experimentation to develop theories about human decision making.

  129. Avatar Nwachukwu Amarachi Immaculate 22078246AF says:

    1. As an emerging economist and a scholar, economics may be said to be a social science that studies how people interact with value; production, distribution and consumption of goods and services. It can also be said to be the study of decision making which helps us understand historical trends, interpret today’s headlines and make predictions about the years to come.

    2. Behavioral economics is the study of psychology as it relates to the economic decision making process of individuals and institutions. Behavioral economics views humans as irrational and emotional beings who are influenced by experiences when making decisions.Therefore, behavioral economists use psychological experimentation to develop theories about human decision making.

  130. NAME:ANIH CHIAMAKA ESTHER
    DEPT: PUBLIC ADMINISTRATION AND LOCAL GOVERNMENT (PALG)
    REG NO: 20631439HF
    _THE MEANING OF ECONOMICS
    As an emerging economist and a scholar economics is gotten from two Greek words “Eco” meaning home and “nomos” meaning accounts.economics is the study of mankind in the ordinary business of life. LIONEL ROBBINS defined economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Also, As the name of the book suggest ADAM SMITH defined economics as an inquiry into the nature and causes of the wealth of nations.economics is also the study of how humans make decisions in the face of scarity.
    _ THE CONTRIBUTION OF A BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION?
    First of all the MEANING OF BEHAVIOURAL ECONOMICS? Behavioural economics is the study of psychology(study of human mind) as it relates to the economic decision making process of individuals and institution.behavioural economics is often related with Normative economics.
    Behavioural economics sheds light on most everyday activities and why we consume goods and services the way we do,why we make certain choices about ourselves or other and how we decide courses of action. It is an incredible lens that exposes our inner biases and approach to decision making. Behavioural economics seeks to explain why an individual decide to go for CHOICE A, instead of CHOICE B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest.

  131. Avatar NNAJI CHINAZA EDITH says:

    NAME:NNAJI CHINAZA EDITH
    DEPARTMENT: ECONOMICS
    REG NO:21407079GA
    EMAIL: chinazannaji320@gmail.com

    (1)To me the central quest of economics is to determine the most logical and effective use of resources to meet private and social goals.
    It is the study of scarcity and it’s implications for the use of resources production of goods and services growth of production and a great variety of other complex issues of vital concern in the society
    (2) behavioral economics draws on psychology and economics to explore or explain why people sometimes make irrational decisions.
    It studies the effect of psychological cognitive emotional cultural and social factors on the decision of individual.
    Behavioral economics is trying to change the way economist think about people perception of value and expressed preference

  132. Registration number_29786448CA.
    Department_ Social science education/education economic

    (1) economic is a branch of social science means so many things to many people drawing inspiration from the perspective of other scholars as an emerging economist and a scholar, what does economic mean to you,to my own perspective, economic is the study of economy,it therefore means that economic is a social science that study human behaviours in relationship’s between ends and scarves means which have alternative used.it is also concerned with the way the society chooses to employed it’s limited resources, which have alternative uses to produce goods and services for presents and future consumption.
    (2) As an evolving area what will be the likely contribution of a behavioral economist to the economic profession;as an evolving area, behavioral economics relates to the economic decision making processes of individuals and institutions,it she’d light on most every activities and why we consume goods and services, the way we do, why we make certain chioces about ourselves or others, and how we decide courses of action.behavioural economic also contribute to the designing, planning, teaching, and and also consult economic policy for a business.

  133. Avatar Oduenyi Chiamaka Promise says:

    Name: Oduenyi Chiamaka Promise
    Jamb Registration Number: 21651721HA
    Department: Public Administration and Local Government
    Email address: promiseoduenyi@gmail.com

    1. The discipline ‘economics’ pertains to all humans on account that every day, we all engage in various economic activities.
    The term economics cannot be emphasized without a look on these two paramount terms: wants and scarcity.
    From the economist point of view, wants are the insatiable desire or need by human beings to own goods or services that give satisfaction. Scarcity is the limited supply of resources which are used for the satisfaction of of unlimited wants. Human needs are numerous and resources to satisfy them are limited, this juxtaposition gives rise to the study economics.
    Economics is the science that studies how man tend to utilize his scarce resources in satisfying his numerous wants and also the various problems arising from his quest to bridge the gap between his limited resources and limitless wants.

    2. Behavioral economics can be said to be economics from the psychological point of view. Behavioral economist belongs to the school of thought that not all human beings make decisions rationally and that some human beings are irrational affecting their economic decisions.
    By incorporating psychological insights into economics theories, behavioral economist help to analyse non rational behaviours and to better understand finance, labour market and management.
    Also, the behavioral economist tries to supplement the economic theory and not to counter it, therefore providing a wider approach to the study on man and his economic activities.
    Behavioral economics tackles the intricacies of human behavior and decision-making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics. 
    Many behavioral economic specialists will work as advisers for public policy. This can include working as a part of a local or national government to develop effective and comprehensive communications, budgets, and proposals. Behavioral economics allows advisers to look at the small ways they can influence citizens toward positive, prosocial behaviors such as eating healthily or more eco-friendly lifestyles.

  134. Avatar Ikah kingsley chukwuemeka says:

    Success Tonics Blog

    Eco. 101 (Online Discussion Quiz 1–The Meaning of Economics and Behavioural Economics)–18-8-2021
    Tony Orji by Tony Orji August 18, 2021Reading Time: 1min read

    Economics as a branch of social sciences means so many things to many people. Drawing inspiration from the perspectives of other scholars, as an emerging economist and a scholar, what does economics mean to you?
    As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession?

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    Comments 264
    Enyi Favour Onyiyechi 2 days ago
    Reg no. 21407365ff

    Reply
    JAMES NDUKWE 2 days ago
    NAME: JAMES NDUKWE
    DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS AND POLITICAL SCIENCE).
    REG NO: 21668963CF
    EMAIL ADDRESS: oziljohn12@gmail.com

    WHAT IS THE MEANING OF ECONOMICS?

    Economics as a discipline has diverse definition by influential and modern economists.

    According to Economist Lionel Robbins, he defined Economics as a science that studies human behavior as a relationship between ends and scarece means which have alternative uses.

    According to John Stuart Mill, he defined Economics as a science of production and distribution of wealth.

    Economics is a science that studies how HUMAN can derive SATISFACTION from SCARE RESOURCES.

    MEANING OF BEHAVIORAL ECONOMICS.

    Behavioral economics is a field in economics that implore the psychology aspect in studying human behavior.

    It also the study of psychology as it relates to the economic decision making processes of individuals and institutions.

    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions and why and how their behavior does not follow the predictions of economic models.

    Reply
    Enyi Favour Onyiyechi 23 hours ago
    FAVOUR ENYI ONYIYECHI
    21407365FF
    favourenyi9@gmail.com

    1. As an emerging economist and a scholar,
    Economics is the scientific study of the ownership, use, and exchange of scarce resources. Economics is the science which treats phenomena from the stand point of price. It is also the study of the general methods by which men co-operate to meet their material needs. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organisations. It attempts to explain economic behavior, which arises when scarce resources are exchanged.

    2. As an evolving area, behavioral economics contributes to economics profession by improving the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to better predictions about economic behavior and better policy prescriptions. As we know that the ultimate goal of the economist is to predict future behavior. Take for instance, by understanding the consumers decision making process, marketers are able to develop value propositions that really fit the consumers needs. The importance of understanding behavioral economics for marketers is immeasurable as it allows for a better understanding of the human mind. Behavioral economics achieve all these by applying their skills of description, analysis, model building, and prediction to generate knowledge and, from this, provide advice to private firms, to governments and other organisations.
    Conclusively, Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

    Reply
    Ndubueze Chigoziri Franklin 2 days ago
    1. Economics to me means the scientific study of human beings and their behaviours in their reaction to the effects of the changes of the economy as they go about in their day-to-day activities.
    2. To me, the contributions of the behavioural economist will be that analyzing the behaviours of the key economic players of the society, which is: the household, the firms and the government, as they confront the issues surrounding the efficient management of scarce resources; and bringing up solutions or suggestions so to say, that will be favourable to the society.

    Name: Ndubueze Chigoziri Franklin
    Reg. No.: 21048437FA
    Email address: joel40258@gmail.com
    Blog address: kvngfranklyn@blogspot.com

    Reply
    OKWUDILI ESTHER MMESOMA 2 days ago
    OKWUDILI ESTHER MMESOMA
    20158535EF
    ECONOMICS DEPARTMENT

    1. Economics which come from two Greek words ‘eco’ meaning home and ‘nomos’ meaning accounts is an aspect of social science which studies human behaviour. It is the study of scarcity and choice and also the study of how to satisfy human wants which is said to be limited with the available resources (limited resources).
    Economics is applicable in household, firms and government levels.
    There are some basic concept which are used in the study of Economics. They includes;
    (a) Scarcity (limited resources).
    (b) Alternative uses.
    (c) Choice.
    (d) Scale of preferences.
    (e) Multiple ends.
    (f) Opportunity costs (alternative forgone).
    These concepts are keys to what Economics is all about.

    2. Behavioural Economics is the study of human mind (psychology), it is use to explore why people sometimes make irrational decisions. It tend to make Economists understands why consumers will choose goods A over goods B. It is used to study the reasons behind choices that are made

    Name ikah kingsley chukwuemeka
    Reg no 20133170EF

  135. Avatar Ikah kingsley chukwuemeka says:

    Success Tonics Blog

    Eco. 101 (Online Discussion Quiz 1–The Meaning of Economics and Behavioural Economics)–18-8-2021
    Tony Orji by Tony Orji August 18, 2021Reading Time: 1min read

    Economics as a branch of social sciences means so many things to many people. Drawing inspiration from the perspectives of other scholars, as an emerging economist and a scholar, what does economics mean to you?
    As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession?

    Tags: AssignmentAssingnment And Quiz

    Previous Post
    Apply Now! Palliative Care Development in Africa: Small Grants Programme
    Tony Orji
    Tony Orji
    Dr. Tony Orji is the founder and owner of Success Tonics Blog. He is a Senior Lecturer at the Department of Economics, University of Nigeria, Nsukka.

    Related Posts
    Eco. 361–16-8-2021 (Online Discussion Quiz 2—Some Vital Questions on Development 1)
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    ECN 004 – 9-8-2021 ( Discussion Quiz 3-MAIN SCHOOLS OF THOUGHT ON HOW THE MACROECONOMY FUNCTIONS)
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    Eco. 361 Online Discussion Quiz 1 (8-8-2021–Development Economics as a Multidimensional Concept)
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    JULY 17, 2021
    ECN 004—9-7-2021 (Online Discussion Quiz 1—-Growth, Development and Standard of Living)
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    Comments 264
    Enyi Favour Onyiyechi 2 days ago
    Reg no. 21407365ff

    Reply
    JAMES NDUKWE 2 days ago
    NAME: JAMES NDUKWE
    DEPARTMENT: COMBINED SOCIAL SCIENCE (ECONOMICS AND POLITICAL SCIENCE).
    REG NO: 21668963CF
    EMAIL ADDRESS: oziljohn12@gmail.com

    WHAT IS THE MEANING OF ECONOMICS?

    Economics as a discipline has diverse definition by influential and modern economists.

    According to Economist Lionel Robbins, he defined Economics as a science that studies human behavior as a relationship between ends and scarece means which have alternative uses.

    According to John Stuart Mill, he defined Economics as a science of production and distribution of wealth.

    Economics is a science that studies how HUMAN can derive SATISFACTION from SCARE RESOURCES.

    MEANING OF BEHAVIORAL ECONOMICS.

    Behavioral economics is a field in economics that implore the psychology aspect in studying human behavior.

    It also the study of psychology as it relates to the economic decision making processes of individuals and institutions.

    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions and why and how their behavior does not follow the predictions of economic models.

    Reply
    Enyi Favour Onyiyechi 23 hours ago
    FAVOUR ENYI ONYIYECHI
    21407365FF
    favourenyi9@gmail.com

    1. As an emerging economist and a scholar,
    Economics is the scientific study of the ownership, use, and exchange of scarce resources. Economics is the science which treats phenomena from the stand point of price. It is also the study of the general methods by which men co-operate to meet their material needs. Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individuals, groups and organisations. It attempts to explain economic behavior, which arises when scarce resources are exchanged.

    2. As an evolving area, behavioral economics contributes to economics profession by improving the realism of the psychological assumptions underlying economic theory, promising to reunify psychology and economics in the process. Reunification should lead to better predictions about economic behavior and better policy prescriptions. As we know that the ultimate goal of the economist is to predict future behavior. Take for instance, by understanding the consumers decision making process, marketers are able to develop value propositions that really fit the consumers needs. The importance of understanding behavioral economics for marketers is immeasurable as it allows for a better understanding of the human mind. Behavioral economics achieve all these by applying their skills of description, analysis, model building, and prediction to generate knowledge and, from this, provide advice to private firms, to governments and other organisations.
    Conclusively, Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

    Reply
    Ndubueze Chigoziri Franklin 2 days ago
    1. Economics to me means the scientific study of human beings and their behaviours in their reaction to the effects of the changes of the economy as they go about in their day-to-day activities.
    2. To me, the contributions of the behavioural economist will be that analyzing the behaviours of the key economic players of the society, which is: the household, the firms and the government, as they confront the issues surrounding the efficient management of scarce resources; and bringing up solutions or suggestions so to say, that will be favourable to the society.

    Name: Ndubueze Chigoziri Franklin
    Reg. No.: 21048437FA
    Email address: joel40258@gmail.com
    Blog address: kvngfranklyn@blogspot.com

    Reply
    OKWUDILI ESTHER MMESOMA 2 days ago
    OKWUDILI ESTHER MMESOMA
    20158535EF
    ECONOMICS DEPARTMENT

    1. Economics which come from two Greek words ‘eco’ meaning home and ‘nomos’ meaning accounts is an aspect of social science which studies human behaviour. It is the study of scarcity and choice and also the study of how to satisfy human wants which is said to be limited with the available resources (limited resources).
    Economics is applicable in household, firms and government levels.
    There are some basic concept which are used in the study of Economics. They includes;
    (a) Scarcity (limited resources).
    (b) Alternative uses.
    (c) Choice.
    (d) Scale of preferences.
    (e) Multiple ends.
    (f) Opportunity costs (alternative forgone).
    These concepts are keys to what Economics is all about.

    2. Behavioural Economics is the study of human mind (psychology), it is use to explore why people sometimes make irrational decisions. It tend to make Economists understands why consumers will choose goods A over goods B. It is used to study the reasons behind choices that are made

  136. Avatar Anichebe Ifunanya Florence; Department of Philosophy; Reg. No: 20192476BA says:

    The meaning of Economics and Behavioural Economics
    What is Economics?
    Economics is the branch of knowledge concerned with the production, consumption and transfer of wealth.
    Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.
    Economics focuses on the behaviour and interactions of economic agents and how economics work.
    Behavioural economics is a method of economic analysis that applies psychological insights into human behaviour to explain economic decision making behavioural economics helps explain why people under-save for retirement.
    Behavioural economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

  137. Avatar Anichebe Ifunanya Florence says:

    The meaning of Economics and Behavioural Economics
    What is Economics?
    Economics is the branch of knowledge concerned with the production, consumption and transfer of wealth.
    Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.
    Economics focuses on the behaviour and interactions of economic agents and how economics work.
    Behavioural economics is a method of economic analysis that applies psychological insights into human behaviour to explain economic decision making behavioural economics helps explain why people under-save for retirement.
    Behavioural economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

  138. Avatar Davies-Ogbodo Nmachi says:

    Name: Davies-Ogbodo Nmachi
    Department of Statistics
    Reg no: 2020/241320
    Email address: daviesogbodocatherine@gmail.com

    1) A lot of brilliant scholars and economist have defined economics in a lot of ways and have brought a lot of perspectives to the concept of economics.
    Going through all these profound though slightly different concepts, I have come to see economics as the critical and intense study of how many over some period of time evolve in relation to his immediate need, extra wants and his financial resources.
    It is the study of how time and other factors affect the psychological thought process of man concerning his resources and how he relates with the rest of his environment considering the effect of the prior things.

    2) Behavioral economics which is the study of the psychological, emotional, cultural, and social factor that affects decisions of individuals and institutions. And which is also a now evolving part of economics will contribute greatly to the economics profession.
    It will help economist not only see the human behaviour towards their economy as a physical relationship with their needs or resources but also as a psychologically and socially driver occurrence.
    The additional study of human psychological, emotional and social behavior by economist and the way it affects decision making will help economist make more articulate assumptions which will improve the economy of a given country.

  139. Avatar Obidigwe Deborah udochukwu says:

    Obidigwe Deborah udochukwu
    Public administration and local government
    20157105HA
    obidigwedeborah@gmail.com
    Economics is a social science course which deals with distribution and concerned with the production and consumption of goods and services, economics studies human behavior and the wealth of a Nation,economics is more like the bed rock of a Nation because without economist the economy of a country is at stake and there will be no plat form for allocation of public funds ( budgeting). economics gives individual, organization, businesses,firms, government and nation’s etc how to make choices of allocation of resources,the building block of economics are the studies of labour and trade.
    2 behavioral economist contribute so much to the growth of economy,they studies and helps on how to make decisions.behavioral economist studies the biases, tendencies and heuristic that affect the decision people makes to improve..tweak and overhaul the traditional economic theory. It aids in determining whether people make good or bad choices and whether they could help to make good choices.behavioral economist helps individuals etc to make good choices which will lead to the improvement of the economy and nation or country at large.

  140. Avatar Alexander Chibike Iruefo says:

    Name : Alexander Chibike Iruefo
    Department : Business Education
    Reg. No. : 20537431FF
    Email Address : iruefoa@gmail.com
    1. Economics is a social science concerned with the production, distribution and consumption of goods and services. It studies how individuals and governments makes their choice about how to allocate resources.
    According to Economist Lionel Robbins, he defined Economics as a science that studies human behavior as a relationship between ends and scarce means which have alternative uses.
    2. Behavioural Economist is a field of economic that emphasizes the importance of how individuals behave in certain context. It attempts to integrate in sights from psychology and sociology in order to better predict individual outcomes and develop more effective policy

  141. Avatar Okafor makua says:

    Name: Okafor Makua
    Reg no: 20119595JA
    Department: Public Administration and local government..
    Email:Makuochukwuokafor04@Gmail.Com

    No1question:To me Economics is a social science that examines and describes the production,distribution and consumption of wealth.. In other words you can call it a science of economizing..

    No2 question:Their likely contributions will be by using their perception or awareness from psychology,sociology and increasingly neuroscience to explain people’s decisions that traditional economic theory can’t..They also shed lights on most of our everyday activities and why we consume goods and services the way we do,why we make certain choices about ourselves or others and how we decide courses of action..it’s an incredible lens that exposes our inner biases and approaches to decision making

  142. Avatar Olieh angel chisom says:

    Economics as defined by lord robbins is the social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
    Then behavioural economics is the study of economic decision making by individuals and institution. Behavioural economics blends with psychology because it analyzes decision making of people and institution. Psychology being the science or study of the mind and behavior
    Or
    the way a person or group thinks.
    Olieh angel chisom
    20168947ef
    angelfloura65@gmail.com

  143. Avatar Ojo Favour Abiodun says:

    Name: Ojo Favour Abiodun
    Reg number:21737294if
    Department: public administration and local government studies
    As an emerging economist and scholar, economics to me can be defined as the study of the economy. It is a branch of social science that deals with human behavior in it’s social and cultural aspect. In the 20th century,an English economist Lionel Robins defined economics as a branch of social science which deals with human behaviour as a relationship between ends and scarce means which have alternative uses. According to Robin’s , I think economics is the science of economizing.
    Behavioral economics is the study of psychology as it relates to economic decision making processes of individuals and institution..it contributes to quick and effective decision making in the economic profession.

  144. Avatar Udeh Chikamso Christian says:

    Udeh Chikamso Christian
    20630411IF
    udehchistian2020@gmail.com

    1.  Economics is a very interesting subject because it analyses how human beings make choices in an effort to maximize utility. It also analyses how a society seeks to allocate their limited resources in other to achieve growth.  The term economics is derived from two words economy and science meaning the science of the economy or the science of proper utilization of resources.
    The Classical economists viewed economics as a science of wealth. Adam Smith, the father of economics, in his book titled: ‘An Enquiry into the Nature and Causes of Wealth of Nations’, defined economics as the science of wealth. According to Adam Smith, economics makes inquiries into the factors that determine the wealth and growth of a nation. So to Adam Smith what forms the subject matter of economics is the production and expansion of wealth. However, Ricardo shifted emphasis from wealth production to wealth distribution. According to a French classical economist, J. B Say, economics is the science of production, distribution and consumption of wealth. Other classical economists such J.S. Mill, defines economics as the law that governs mankind in the production of wealth. The wealth definition means that wealth was considered to be an end in itself. 

    Therefore, to me economics is a law that guides wealth and allocation of wealth

    2.  Behavioural economics explores how quick thinking leads people into systematic mistakes but also explains how people can learn from their mistakes. In behavioural economic models, people look to others when making decisions and when seeking happiness. Their decisions are affected by skills and personalities and also by moods and emotions. People aren’t necessarily good at planning systematically for future events and particularly when immediate pleasures tap into emotional and visceral influences

  145. Avatar Emmanuel Angela ogechi says:

    Name: Emmanuel Angela ogechi
    Department: public administration and local government
    Reg no:20642563DA
    Email: emmanuelangela981@gmail.com
    1.MEANING OF ECONOMICS
    Economics is a social science that is concerned with the production, distribution and also consumption of goods and services.
    It studies how government, businesses, individual and nations make choices about how to allocate resources.
    Economics also focuses on the action of human being based on the assumption that human act with rational behavior, seeking the most optimal level of benefit or utility.

    2.BEHAVIORAL ECONOMICS
    It is the study of phychology as it relates to the economic decision making process of individuals and institutions.
    In behavioral economics people ask questions about economists assumption of utility or profit maximization, good approximation of real people’s behavior.
    And also if individuals maximize subjective expected utility?
    We are also made to understand that behavioral economics is often related with normative economics.

  146. Avatar Nweze Celine Ogochukwu says:

    (1) Meaning of economics.
    Economics can be defined a social science and the study of how man react to the economic changes in the society.
    (2) This one deal with the psychological reasoning ofan towards the changes in price of goods and services

  147. Avatar EZEH PRECIOUS FAVOUR says:

    NAME: EZEH PRECIOUS FAVOUR
    REG NO: 21652760FA
    EMAIL ADDRESS: PRECIOUSEZEH2019@GMAIL.COM
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. … The building blocks of economics are the studies of labor and trade.
    The field of behavioral economics studies and describes economic decision-making. According to its theories, actual human behavior is less rational, stable, and selfish than traditional normative theory suggests (see also homo economicus), due to bounded rationality, limited self-control, and social preferences.
    Principle: Rationalized Cheating—when individuals rationalize cheating so they do not think of themselves as cheaters or as bad people. Example: A person is more likely to take pencils or a stapler home from work than the equivalent amount of money in cash.

  148. Avatar Ike somtochukwu Emmanuel says:

    Ike somtochukwu Emmanuel
    Reg.No-20154698EA

  149. Avatar Ike somtochukwu Emmanuel says:

    After consulting,researching and deducing point from top economics scholars like Adam Smith,the father of economic,and other notable scholars such as A.C pigou,Prof Charles soludo and likes. Economics is defined as the study of scarcity,the study of how people use resources and respond to incentives,it has both the practical and the theoretical relevance.Economics also has to do with the demand and supply of product or commodity and economics relates or rather Plays a vital role in a nations growth

    2.behavioural economics related topics how people through the medium of cognitive,cultural,social and emotional factors to influence the demand and supply of commodity in a nation

  150. Avatar Okoye ogechim says:

    Name:okoye ogechim
    dept: combined social science (Economic and Political science)
    Reg no :22078422HF

    Economics according to professor Lionel charles Robbins is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses and from this perspective economics is the study of decision making and the condition of a group of people regarding material prosperity

    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decision and how it doesn’t follow the prediction of economic models. From this definition behavioral economist contribute to economics profession by using what they know about economics to simplify decision making

  151. Avatar Omeje favour Chidinma. Reg no: 20750230GA says:

    Economics as a broad studies/ science has been defined by different scholars and economist in thier respective point of view.
    In my point of view, economics can be defined as the practical application of scarce resources Wich are used in satisfying insatiable desires of either an individual, firm or state at large.

    Behavorial economics studies the phycological, emotional, and cutural effect as it to economics decision making of individuals, firms and government .
    There are many theories allocated to further explanation of behavorial economics
    The rational choice theory assumes that people given preferences and constraints are capable of making rational decision by effectively weighing the costs and benefits of each option available to them. Perhaps humans almost cannot make rational decisions because they will be driven by emotions and other external factors.

  152. Avatar Ugwuoke Okwudilichukwu David says:

    NAME: Ugwuoke Okwudilichukwu David
    REG: 20691721AF
    DEPARTMENT: PHILOSOPHY
    Email: ugwuokedavid5@gmail.com
    1.Economics as a branch of social science means so many things to people. Drawing inspiration from the perspective of other scholars , an an emerging economist, what does economics means to me? Economics means the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, or business decisions. It can also be explain as what drives decision, reactions when faced with difficulties or success and it’s also weighing different choices or aIternatives .
    2. As an evolving area, what will be the likely contribution of Behavioural Economist to Economics profession. Behavioural Economics is mainly concerned with the bounds of rationality of economic agents not only that, Behavioural models typically integrate insight from psychology, neuroscience and microeconomics theory. Behavioural Economics include how market decisions are made and the machanism that derive public choice.

  153. Avatar Eze Emmanuel ifeanyi says:

    Eze Emmanuel ifeanyi
    20688258da
    emmanuelifeanyimaroon@gmail.com

    Economics, its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines politics, sociology, psychology and history.

    Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

  154. Avatar Eze Emmanuel ifeanyi says:

    Eze Emmanuel ifeanyi
    20688258da
    emmanuelifeanyimaroon@gmail.com
    Philosophy

    Economics, its very heart, is the study of people. It seeks to explain what drives human behaviour, decisions and reactions when faced with difficulties or successes. Economics is a discipline which combines politics, sociology, psychology and history.

    Behavioral economics studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

  155. 1. MEANING OF ECONOMICS
    Economics is the study of Scarcity and choice. It finds ways of reconciling unlimited wants with limited resources. It explains the problems of living in communities i terms of underlying recourses cost and consumer benefits. It is the co-ordination of activities which results from specialisation
    2. BEHAVIOURAL ECONOMICS
    BEHAVIOURAL Economics is the study of psychological, cultural, emotional and social factors which affects the decisions of individuals and institutions and how those decisions vary from those implied by the school of thought in economics ( classical economics).

    • Avatar Ani Chisom promise says:

      Name:Ani chisom promise
      Reg no:20632104HF
      Email:sommypromise5400@gmail.com
      1.Yes,Economics means so many things to so many people but to me Economics is first a social science,the science of human behavior .Economic is the study of economy making use of limited resources strategizing how best to make use of it to satisfy the unlimited wants of the society,Individual and firm.
      2.One of the contribution of a behavioural economist in the economic profession is to meticulously study the mind and behaviors of the government,household and firm introducing ‘opportunity cost’ alternative forgone guiding in the decision making and help to set priorities appropriately in order to utilize the unlimited resources.

  156. Avatar Nwankwo Chidimma Joyce says:

    1
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility. The building blocks of economics are the studies of labor and trade. Since there are many possible applications of human labor and many different ways to acquire resources, it is the task of economics to determine which methods yield the best results.
    I can also say that Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.
    Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
    Economics is especially concerned with efficiency in production and exchange and uses models and assumptions to understand how to create incentives and policies that will maximize efficiency.
    Economists formulate and publish numerous economic indicators, such as gross domestic product (GDP) and the Consumer Price Index (CPI).Capitalism, socialism, and communism are types of economic systems.

    2
    Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Decisions such as how much to pay for a cup of coffee, whether to go to graduate school, whether to pursue a healthy lifestyle, how much to contribute towards retirement, etc. are the sorts of decisions that most people make at some point in their lives. Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B.
    Name: Nwankwo Chidimma Joyce
    Reg no:20857802JA

  157. Avatar Augustine Uchechukwu Sampson. says:

    Name: Augustine Uchechukwu Sampson
    Department: philosophy
    Jamb reg:22092646bf

    Economic is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    Just as Alfred Marshall defined economic as the study of man in the ordinary business of life.

    Behavioral economics examines the psychology behind economic decision making and economic activity. Behavioral economics provides a framework to understand when and how people make errors.

    • Avatar Onah Lotanna says:

      Name} Onah Lotanna
      Department} Economics
      Reg No} 20733473FF

      1} Economics is regarded as a social science because it uses scientific method to build theories that can help explain the behavior of individuals, groups and organisations.

      It attempts to explain economic behavior, which arises when scarce resources are exchanged.

      2} Behavioral economists help in designing, planning, improving and consultation about economic policy for a business.

      His responsibilities include analysing economic data and consumer behaviour.

  158. Avatar Uchin Mimi Moses says:

    1.
    Economics as viewed by many scholars deals with scarcity of resources and the unlimited nature of human wants. The interrelationship between these two (scarcity and human wants) forms the basis for every economic theory.

    Renowned scholars like Paul Samuelson and Professor Lionel Robbins all base their definitions on the subject (economics) on the relationship between scarcity and human wants. Which explains that you cannot talk about economics without reference to scarcity, since we do not always have enough of what we want.

    As an emerging scholar, I would say economics seeks to establishes an equilibrium (balance) between scarce resources and numerous wants in order to achieve the maximum satisfaction possible for these wants.

    2.
    Economics deals with human behavior which is not predictable. The study of psychology as it relates to the economic decision making process of individuals and institutions explains behavioral economics which is an emerging branch of economics.

    A behavioral economist carries out research on the behavior of individuals to different economic situations and sums up his findings and draws conclusions based on established rules and the principle of “ceteris paribus” (all things being equal). These findings are very relevant to contemporary issues as they are used to assess the performance of the economy at all times.

    Behavioral economists would provide the government, firms and individuals with the best ways of fighting against economic backdrops like general economic meltdown, inflation, underproduction and deflation, since they have a better understanding of the reaction or behavior of people towards these economic situations.

    UCHIN MIMI MOSES
    29826067JF
    ECONOMICS

  159. Avatar Augustine Uchechukwu Sampson says:

    Economic is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    Just as Alfred Marshall defined economic as the study of man in the ordinary business of life.

    Behavioral economics examines the psychology behind economic decision making and economic activity. Behavioral economics provides a framework to understand when and how people make errors.

  160. Avatar Okonkwo Miracle Chidimma says:

    Name:Okonkwo Miracle Chidimma
    Department:Sociology/Anthropology
    Reg No:20132465FF
    Email address:ochidimma777@gmail.com

    [1]
    WHAT IS THE MEANING OF ECONOMICS?
    The word “economics” comes from the Greek Oikos, meaning “household,” and nomos, meaning “rule,” or “governance.” Thus “household management”—the achievement of the tasks and services that allow a family to survive and thrive—refers to those economic activities devoted to satisfying the primary needs of food, clothing, and shelter. Such demands are common to all human beings.

    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.

    According to Richard Lipsey, Economics is the study of the use of scarce resources to satisfy unlimited human wants. Drawing inference from Lipsey, I understand that economics is the study of scarcity, how people use resources and respond to incentives or the study of decision-making. It often involves topics like wealth and finance, but it’s not all about money. Economics is the study of how society uses its limited resources. Economics is also the study of common sense that is not common.

    Economics is the study of how people allocate scarce resources for production, distribution, and consumption, both individually and collectively.

    George Bernard Shaw defined economics as the art of making most of life. From what George Bernard explained, economics means using economic instruments to aid in decision making with the limited resources available to us while taking into consideration the opportunity costs.

    The most acceptable definition was given by
    Prof Lionel Robbins as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

    Economics can generally be broken down into macroeconomics which concentrates on the behaviour of the economy as a whole, and microeconomics, which focuses on individual people and businesses.

    [2]
    MEANING OF BEHAVOURAL ECONOMICS
    Behavioural economics seeks to explain why an individual decided to go for choice A instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest. This job combines economics and psychology to create a framework to understand how and when people make errors. In this career, you design, plan, teach, improve, and consult about economic policy for a business.

    Below are some of the contributions of behavioural economists to the economics profession.

    1.) Research is a central part of behavioural economics, as the field is constantly evolving. Thus, a market research analyst might be one contribution of a behavioural economist

    2.) Consulting is probably the most wide-reaching career available with a degree in behavioural economics, as it allows you to offer expertise to various professional sectors.

    3.) As the field of behavioural economics grows, so does the need for qualified instructors. As a professor in behavioural economics, you can work directly with students and typically perform your research studies on the side through your college or university.

    4.) For individuals with a master’s in behavioural economics, the financial sector is a booming haven. Banks and other financial institutions hire behavioural finance specialists to assess the good and bad ways people invest.

  161. Avatar Egwim chinonso Theresa says:

    NAME: EGWIM CHINONSO THERESA
    DEPARTMENT: ECONOMICS
    REG NO:21363256BA
    EMAIL ADDRESS: egwimtheresa2@gmail.com

    MEANING OF ECONOMICS
    Economics has no specific definition. It has been defined by many ways but various economist as a social science which studies human beings and their behavior.
    ALFRED MARSHAL defined economics as “a study of mankind in the ordinary business of life.”
    JOHN STUART MILL viewed it as” the practical science of production and distribution of wealth.
    Author and economists DAVID COLANDER defined economics as the study of how human beings coordinate their wants and desires,given the decision making mechanisms,social customs and political realities of the society.
    These are just the point of view of few economists and the common basis of their definitions is ” distribution and production of wealth/scarce resources.”
    As an emerging economist, economics is the scientific study of human beings,their wants,needs and desires and how to distribute the scarce resources in other to meet with their various desires and behaviour.

    BEHAVIOURAL ECONOMICS
    As economists started working on real world problems,they saw that coordination mechanisms did not always work on real world problems, they saw that it did not always work as predicted even when they adjusted for institutional realities.
    So mechanisms design economists began to take into account people’s predictable irrationalities when designing coordination mechanisms. In order to do that ,they had to better understand how people’s behaviour deviated from the models predicted behaviour which led to the emergence of “BEHAVIOURAL ECONOMICS”.
    Behavioural economics is the tweaking of existing models and theorems to make them work better according to people’s actual behaviour.
    Behavioural economics argue that because people are social creatures,the coordinating mechanisms that economists design must take into account much more than simple price incentives,it must also include social and moral incentives and the economist’s models must include these additional elements as shadow prices .
    It focuses on people’s predictable irrationality and designs policies that take people’s predictable irrationality into account.peoples choice impacts their decisions a whole lot and so their choices depends on how their choices are framed.
    Modern behavioural economists,for example, will do a lab experiment to see how people behave, and then build their models on the behaviour that they observe.
    In a nutshell,without the study of people’s behaviour,economic decisions will not be able to fit into reality.

  162. Avatar Friday Blessing Samuel, Reg no:20041755HF says:

    Economics is a social science concerned with the production, distribution, consumption of goods or services and scarce means which have alternatives uses. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. … The building blocks of economics are the studies of labor and productivity.
    It is regarded as a social science because it uses scientific methods to build theories that can help explain the behavior of individual groups and organizations.
    Behavioral Economics (BE) is a field of economics that emphasizes the importance of how individuals behave in certain context. In particular, this approach takes into account the results from other disciplines, like Psychology, Sociology, and Computer Science, to improve the analysis of agents’ choices.
    In other words,Behavioral Economics studies the effects of of psychological,cognitive,emotional,cultural and social factors on the decisions of individuals,cultural and factors on the decisions of cultural and social factors on decisions individuals and institutions and how those decisions vary from those implied by classical economic theory.

  163. Avatar Mamah Faith Okwukwe says:

    NAME:MAMAH FAITH OKWUKWE
    DEPARTMENT:ECONOMICS
    REG NO:20644865BF
    EMAIL ADDRESS:www.mamahokwukwe24@gmail.com

    MEANING OF ECONOMICS:
    Overtime, Economics has been defined by so many economists as they try to capture the characteristics of the economists’ way of thinking and also, the study of national income or the price level.
    Some Of The Definitions Are:
    *Economics is a social science that thrives to analyze and describe the production or manufacture, distribution or allocation and consumption or use of wealth, goods and services.
    *Economics is an enquiry into nature and causes of wealth of the nation. (By Adam Smith who is regarded as the father of economics as the discipline).
    *Economics is the study of mankind in the ordinary business of life. (By Alfred Marshall).
    *Economics is a social science which study’s human behaviour as a relationship between ends and scarce means which have alternative uses. (By Professor Lionel Lord Robbins whose definition is regarded as the most acceptable).
    It is ANALYTICAL, SCIENTIFIC and most embracing. In a nutshell, WANTS or ENDS are usually many relative to available resources, so CHOICE has to be made in order to get the best out of available resources. As a result, human wants can be arranged in an ORDER OF PREFERENCE so that the scarce resources can be used in different ways to SATISFY human wants.

    MEANING OF BEHAVIORAL ECONOMICS:
    Behavioral economics studies the effects of conscious mental activities, emotional, social, cultural and psychological factors on the decisions of individuals, institutions or firms and how those decisions differ from those implied by classical economic theory.
    Behavioural economics is a method of economic analysis that combines the study of psychological insights to human behaviour and economics in order to link to the economic decision making processes of people and institutions.
    Richard Thaler was one of the founders of this study and since then, it has been used to tackle the intricacies of human behaviour and decision making, what affects peoples’ choices – be it irrationality, too much options and whatnot – consequences of public choice on market decisions, market prices, returns and so on.
    All these are tackled through the examination of each of these day-to-day public choices resulting in a progressive understanding of human behaviour that combines psychology and economics.

  164. Economics is a social science that I concerned with how scarce resource are efficiently used to maximize satisfaction. It’s a discipline that explains how economic agents (Households, firms, businesses, individuals etc) allocate their resources which are limited to satisfy their needs.
    According to Lionel Robbins, Economics ” is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.

    Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. it draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Notably, it seeks to explain why an individual decided to go for choice A, instead of choice B.

  165. Ukachunwa Ransomed Okechukwu
    Department of Philosophy
    20169043JA
    ransomedisrael@gmail.com

    1.)Economics has been defined in so many ways by various economists as a social science. Going definitions given by some of the experts in the subject like Alfred Marshall, Adam Smith, John Stuart Mill, H. J. Davenport and the most generally acceptable definition by Professor Lionel Robbins, I will define economics as the study of mankind and human behaviour as a cordiality between end and scarce means which have substitute uses. It’s all about acquiring material wealth which improves or eases the welfare of human beings.

    2.)As a Behavioural Economist, defining economics will be primarily concerned with the bounds of rationality agents. The study of behavioural economics includes how market decisions are made and the mechanisms that drive public choice. In other words, it is a study that intersects the teachings of psychology and economics which relates to the economic decision-making process of individuals and institutions.

  166. Economics has been defined in so many ways by various economists as a social science. Going definitions given by some of the experts in the subject like Alfred Marshall, Adam Smith, John Stuart Mill, H. J. Davenport and the most generally acceptable definition by Professor Lionel Robbins, I will define economics as the study of mankind and human behaviour as a cordiality between end and scarce means which have substitute uses. It’s all about acquiring material wealth which improves or eases the welfare of human beings.

    As a Behavioural Economist, defining economics will be primarily concerned with the bounds of rationality agents. The study of behavioural economics includes how market decisions are made and the mechanisms that drive public choice. In other words, it is a study that intersects the teachings of psychology and economics which relates to the economic decision-making process of individuals and institutions.

  167. Avatar ODO PHILIOMINA CHINASA 29803740BA says:

    NAME: ODO PHILOMINA CHINASA
    JAMB REG NO: 29803740BA
    ASSIGNMENT ON ECO 101
    TOPIC: THE MEANING OF ECONOMICS AND AND BEHAVIORAL ECONOMICS
    DEPT: EDUCATION AND ECONOMICS
    Email Address: philominachinasa22@outlook.com
    To a layman’s language or view, economics is a way in which people manage the limited resources to meet up with their daily needs. In this view, economics help people to know how to make choice in order not to make mistake in taking decision in their various expenditure in life.
    Students may regard economics as a critical management of limited resources in making decision in order to solve their daily financial needs or problems. For instance, a student may have the needs of N40,000.00 and is given N35,000.00, he or she will think of a way of solving his or her needs of N40,000.00 with N35,000.00 take for instance decisions to manage the money at hand. He or she may use the money to solve all his or her problems or close to solve all so that the most pressing needs would be met.
    To economists like Alfred Marshall, economics is the study of mankind in the ordinary business of life. In addition, J.S. Mill view it as the practical science of production and distribution of wealth further H.J. Davenport define it as the science that treats phenomena from the stand point of price.
    The most acceptable definition of economics is the one given by professor Lionel.C. Robbins. He defined economics as the science which studies human behaviours as a relationship between ends and scare means which have alternative uses. This definition embraces all the principle of economics such as human behavior, ends, scarce means and alternative uses.
    The Robbins point of view of economics leads us to Behvioural Economics which is the study of psychology as it relates to the economic decision-making processes of individuals and institutions. In ideal world people would always make optimal decisions that provide them with the greatest benefit and satisfaction. For instance, when human beings have various needs to solve when resources are limited or scarce, they would choose the option that maintains their individual satisfaction.
    Behavioural economics provides fair descriptive hypotheses about cognitive abilities and the emotional responses of individuals in economic decision-making, Again, behavioural economics propose to Broaden and improve the traditional idea with decision-making models borrowed from psychology, multidisciplinary approach which it proposes. According to Behavioural Economists people are variously influenced by fear of failure, of remorse and will often give up some benefits, just to avoid a small risk of feeding that they have failed. Then people are often influenced by external cues. For instance Dan Ariely argues that individual interpret things around in relationship with others and do not have autonomy in thought, again they show uncontrolled reactions to certain stimulus such as free or zero, have difficulty in making relational decisions when confronted with situations that require compliance with certain combinations of social standard (favours, friendly applications, affection) and economic norms.

  168. Avatar Egwuchukwu Maryann Chiamaka, 22244035DA says:

    1. As an emerging economist, I believe that economics is a social science that focuses on the unlimited wants of humans and how to satisfy them using the available resources. Since resources available are scarce, economics studies how to use those resources to meet the pressing needs of a person. Economics also studies how individuals, business organisations and government make choices on how to allocate resources for production, distribution and consumption. It focuses on human behaviour and how they react on meeting their needs and maximizing utility. The main goal of economics is to achieve a higher standard of living by making efficient use of the scarce resources and increasing productivity.

    2. Behavioural economics deals with economic decision making of businesses and individuals. The main goal of an economic profession is to maximize utility. To do this involves being able to identify your most pressing needs and making good use of the limited resources to meet them. A behavioural economist, therefore, contributes to this goal by creating a framework to understand how and when people make errors that may not lead them to satisfying their needs. He/she designs, plans, teach, improve and consult about economic policy for a business. They help to weigh choices of individuals and institutions so as to make rational decisions on how to reach the expected utility.

  169. Avatar Egwuchukwu Maryann Chiamaka says:

    1. As an emerging economist, I believe that economics is a social science that focuses on the unlimited wants of humans and how to satisfy them using the available resources. Since resources available are scarce, economics studies how to use those resources to meet the pressing needs of a person. Economics also studies how individuals, business organisations and government make choices on how to allocate resources for production, distribution and consumption. It focuses on human behaviour and how they react on meeting their needs and maximizing utility. The main goal of economics is to achieve a higher standard of living by making efficient use of the scarce resources and increasing productivity.

    2. Behavioural economics deals with economic decision making of businesses and individuals. The main goal of an economic profession is to maximize utility. To do this involves being able to identify your most pressing needs and making good use of the limited resources to meet them. A behavioural economist, therefore, contributes to this goal by creating a framework to understand how and when people make errors that may not lead them to satisfying their needs. He/she designs, plans, teach, improve and consult about economic policy for a business. They help to weigh choices of individuals and institutions so as to make rational decisions on how to reach the expected utility.

  170. Avatar Egwuchukwu Maryann Chiamaka says:

    1. As an emerging economist, I believe that economics is a social science that focuses on the unlimited wants of humans and how to satisfy them using the available resources. Since resources available are scarce, economics studies how to use those resources to meet the pressing needs of a person. Economics also studies how individuals, business organisations and government make choices on how to allocate resources for production, distribution and consumption. It focuses on human behaviour and how they react on meeting their needs and maximizing utility. The main goal of economics is to achieve a higher standard of living by making efficient use of the scarce resources and increasing productivity.
    2. Behavioural economics deals with economic decision making of businesses and individuals. The main goal of an economic profession is to maximize utility. To do this involves being able to identify your most pressing needs and making good use of the limited resources to meet them. A behavioural economist, therefore, contributes to this goal by creating a framework to understand how and when people make errors that may not lead them to satisfying their needs. He/she designs, plans, teach, improve and consult about economic policy for a business. They help to weigh choices of individuals and institutions so as to make rational decisions on how to reach the expected utility.

  171. Avatar ABONYI BLESSING CHINASA says:

    ABONYI BLESSING CHINASA Reg no 20688916GF department of philosophy
    Eco101 quiz 20/8/2021
    The meaning of Economics and Behavioural Economics
    Economics is a social science concerned with the production, distribution, and consumption of goods and services.it studies how individuals, businesses, government and nations make choices about how to allocate resources.in economics there are 5 fundamental questions they are what will be produced, how will goods and services be produced,who will get the out put, how will the system accommodate change and how will the system promote progress etc Behavioural. Economics is the study of Economic decision making by individuals and institutions,
    Behavioural Economics is the study of psychology as it relates to the economic Behavioural Economics attempts to understand the effect of individual psychological processes including emotions,norms and habits on individuals.

  172. Avatar Ugwuanyi Nnaemeka jude says:

    NAME: Ugwuanyi Nnaemeka Jude
    REG: 20683448EF
    DEPARTMENT: PHILOSOPHY
    Email: nnajude6263@gmail.com
    1. MEANING OF ECONOMICS;
    Economics comes from a Greek word “oikonomikos” or “oikonomia”. Its literally defined as the task of managing a house hold.
    According to a Scottish philosopher ADAM SMITH who is also known as the father of modern economist, he defined economics as “An inquiry into the nature and causes of the wealth of nations”.
    Economics is also seen as the general study of mankind in the ordinary business of life.

    2.Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.
    Behavioral economics tackles the intricacies of human behavior and decision-making.
    The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.

  173. Avatar Ayogu Timothy peace says:

    Name: Ayogu Timothy peace reg no:20748847EA department: philosophy(1) what is economic Adam Smith define economic as a social science of wealth so from what I understand economic is a social science that seems analyze and describe the production, distribution and consumption of wealth (2) what are the contribution of a behavioral economist to an economic profession (I)they aid in the studied effect of psychology decision of an individual or institution(iI) they aid in determining whether people make a good or bad choice(iii) they aid whether they could be helped to make better choices (iv)it aid in studies of the effect of emotional, culture factors on the decisions of individual or institution

  174. Name:Aitonje Ehikioya Jude Valentine .O.
    Jamb Reg Number:20632195JF
    Department:Philosophy department
    1.)Economics is a social science that studies human behaviour as a relationship between ends and scarce means which have alternative uses according to Lionel Robbins which is one of the most widely acceptable definitions of Economics. Adam Smith who is considered as the father of Economics defined economics as an inquiry into the nature and the causes of the wealth of nations
    Economics is also defined as the scientific study of the ownership, use, and exchange of scarce resources.

    2.)Behavioural economics is the study of the psychological behaviour of humans
    Behavioural economics is also the study of the effect that psychological factors have on the economic decision-making process of individuals
    So that means behavioural economics contributes to the economic profession in many ways because they study the psychological behaviour of humans, which are ;
    a.)it helps individuals to agree on matters in business, like business contracts between two firms ,an example is a merger of 2 law firms
    b.)it also helps in building every sector of the economy of a country, through good understanding between business advisers and managers of firms/business,which can help build the effectiveness of firm. Another factor here is that in a country, the ministers can advise the president, governors and those in authority on what to do to impact and improve the economy of a country

  175. Avatar IKECHUKWU FEARGOD CHINEDU says:

    NAME: IKECHUKWU FEARGOD CHINEDU
    DEPARTMENT: PHILOSOPHY
    JAMB REG NO. 20629980FF
    EMAIL: BISHOPFEARGOD@GMAIL.COM

    1.Economics is a social science because it deals with one aspect of human behavior (ie) how men deal with the problem of scarcity.
    Samuelson says that Economics is “THE QUEEN OF THE SOCIAL SCIENCE”.

    To me, Economics is a social science concerned with the production, distribution, consumption of goods and services.
    Economics also focuses on the actions of Human beings based on assumption, seeking the most optional level of benefit and utility.

    2. Behavioral Economics in Economics deals with the study of psychological area or aspect of human character.
    Behavioral Economics studies the tendencies and biases that affect the decision that people make to improve traditional economic theory.
    Behavioral Economics studies human mind and why people react the way they do.
    Behavioral Economics deals with Rational Choice.

  176. Avatar Ayogu Timothy peace says:

    Name: Ayogu Timothy peace reg no:20748847EA department: philosophy (1)what is economic Adam Smith (1723-1790)define economic as a social science of wealth,so from what I understand economic is a social science that seems analyze and describe the production, distribution and consumption of wealth. (2) what are the contribution of a behavioral economist to economic profession(I)they aids in the studies of the effect of psychology decision of individual or institution (ii)they aids in determining if people make a good or bad choice (iii)they aids in wether they could be helped to make better decisions (iv)they aid in the studies of the effect of emotion, culture factors on the individual or institution

  177. Avatar Igboji Divinegift Onyinyechi. Reg. No: 20006946IA says:

    Reg no: 20006946IA
    1: As an emerging scholar, I define Economics as the social science that studies human behavior as a relationship between the insatiable wants and limited available means which have alternative uses.
    2: Behavioral economics is the study of mind and behavior of individual and organization on how they allocate their scarce means to satisfy there numerous wants on daily economic activities.

  178. Avatar Udensi Martha Chioma says:

    Name : Udensi Martha Chioma
    Reg no: 20022785CA
    Email: udensimartha31@gmail.com

    1). Meaning of Economics..

    Economics at it’s core,is the branch of knowledge that deals with the production, distribution , and transfer of goods and services. Economics deals with the allocation of scarce resources among competing ends.
    Lionel Robbins defined Economics as a social science which studies human behavior as a relationship between ends and scarce means which have their alternative uses. It is about weighing different choices or alternatives in order to satisfy human wants.

    2). Contribution of Behavioural Economist to Economics profession.

    Behavioural Economists draws on psychology and Economics to explore why people sometimes make irrational decisions.
    Behavioural Economists can design,plan,teach and consult about economic policy for a business.
    Behavioural Economists deals with the complexity of human behaviours and decision making.

  179. Avatar Aguh Solomon chibuzor says:

    Name: AGUH SOLOMON CHIBUZOR
    Reg no. 20649135EA
    Email address: solomonchibuzor65@gmail.com
    Department: Philosophy department.

    (1)What is economics? To my own understanding of the term economics, is that it is the study of how people allocate scare resources for production, distribution, and consumption both individually and collectively.
    (2) The contribution of behavioral economist to economics profession is that it draws on psychological and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models because humans are emotional and easily distracted beings. They make decisions that are not in there self interest.
    So therefore, a behavioral economist, designs, teach, improve and consults about economics policy for a business or any economic project.

  180. Avatar Igboanugo jacinta ugochukwu says:

    Name: Igboanugo jacinta ugochukwu
    Department: social science Education
    Reg. Number:20158488JA
    email: jacintaugochkwu@outlook.com

    According to Robbins in 1931 “Economic is the science which studies human behavior as a relationship between unlimited want and scarce resources which have alternative use” It can also the study of human making decisions in the face of scarcity
    The meaning of economic and behavioral Economic:
    Behavioral Economic is the study of psychology as it relates to the economic decisions making process of individual and institution.It can also the study that intersect the teaching of psychology and Economic.

    As an evolving area, what will be the likely contribution of a behavioral economist to economic proffession ?
    A behavioral economist can work in almost every sector and industry An economist will explain the decisions making process for a proper study of the attitude and mechanism of the decisions making process. It expected that this approach of the decisions making process may hinder economic development model but taking into model account all factors involved in how individual make decisions,It will allow a better explanation of the economic problem and find suitable solutions

  181. Avatar Dickson Edith Ezinne says:

    Dickson Edith Ezinne
    JAMB REG: 21296591HF
    Email: ejadickson952@gmail.com

    1. Economics has been defined in many ways by scholars and some are:

    – Professor Lionel C. Robbins whose definition has been the most generally accepted definition, defined Economics has the science which studies human behavior as a relationship between ends and scarce mean which have alternative uses.
    – Alfred Marshal defined Economics as a study of man kind in the ordinary business of life.

    To me, Economics is basically the study of human behaviors, how humans make rational or irrational decisions based on scarcity and the satisfaction derived from using different commodities in relations to their daily economic activities.

    2. A Behavioral Economist is someone whose job entails the use of Psychology and Economics, how and why people do not follow the predictions of Economic principles and models.
    They contribute by designing, planning, teaching, improving and consulting economic policy for a business.

  182. Avatar EZE JULIET SOBECHUKWU. DEPARTMENT OF ECONOMIC. REG NO: 21340625CA says:

    1. According to great scholars, Economics is defined as:
    Adam Smith (the Father of economist 1723-1790) viewed economics as the nature and causes of wealth of the nation.
    Alfred Marshall (1842-1924) viewed it as the study of mankind in the ordinary business of life.
    John Stuart Mill ( 1806-1873) saw it as a practical science of production and distribution of wealth.
    Lionel.C. Robinson (1898-1984) defined economics as the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    After scrutizing of these standard definition of great scholars.
    From my opinion as an upcoming scholar;
    Economics is a social science that uses models and theories to explain the underlaying principles involving how individuals, firms, government and the world at large makes decisions in the world of scarcity. As while as the structure and growth of the economy.

    2.CONTRIBUTION OF BEHAVIORAL ECONOMICS TO ECONOMICS PROFESSION.
    In recent years behavioral economics has increase in popularity.
    *Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, to explain why an individual decided to go for choice A rather than choice B.
    * It has contributed in identifying a range of biases as a result of the way people think and feel.
    *Behavioral economics which is mostly based on normative statement has suggested and also made serious remarks that human behaviors are unpredictable, uncertain and why and how their behavior does not follow the predictions of economics models by economists professional.

  183. Avatar Abonyi Ifebuche Faith says:

    1.. Economics is a social science that studies how people use the limited resources they have in their everyday life in the society.

    2.. Firstly, a behavioural economist is a person who finds out why people do not take some economic decisions expected of them and the effect of such decisions on the economy at large, therefore, a behavioural economist is likely to shed more light on why people make certain choices maybe while being under the influence of some factors like mood, hunger, temperature, etc and help them make better effective economics choices since most of these irrational decisions are not always the best for them.
    Moreover, they can also help firms, companies, industries use this to their advantage to increase or maximize profit.

    Abonyi Ifebuche Faith
    20691720BA
    ifebuchefaith51

  184. Avatar Abosi Peter Osita says:

    Name: Abosi Peter Os it a
    Reg: 20868749hf
    Email: abosiosita@gmail.com

    1) Deriving from scholars and economists perspective economics means different to different people.

    To Adam Smith(1776) father of economics in his book “Wealth of the Nation” defined Economics is an inquiry into the nature which causes the wealth of the Nation.

    To John Stuart Mill (1844) a political economics writer it is seen as practical science of production and distribution of wealth.

    To Alfred Marshall (1890) defined economics as the study of mankind in ordinary business of life.

    However, even Professor Lord Robbins a modem economist defines economics as a science which studies human behavior as a relationship between ends and scarce means which has alternative uses. As embracing as his definition could be it has been criticised by many economists.

    From the foregoing it is clear that there are not only many definition of economics but there more.
    So to me Economics is a social science which studies human and general ethics and behavior, resources allocation, distribution and consumption, capital, investment, financial crisis and of management of production of goods and services which have alternative uses for the welfare of individual, firm and government.

    2) Behavioral Economics has lots of contributions and roles to play in economic profession. But before I go on with the contributions I will explain the term behavioural economics. Behavioral Economics is the study of the effect of psychological, cognitive, emotional, cultural and social factors on the decision of individuals and institution and how those decisions vary from those implied by classical economic theory.

    So with the above definition you will understand that behavioral economists have lots of contributions to make both in individuals, firms, government. Which includes:
    A. Provide economic intelligence from which decision can be made.
    B. Interpret data that has been gathered and provide advice to firm, organization and government on the possible cause of financial crisis.
    C. In terms of macro economics events can challenge existing assumptions and lead to a requirements to revamp existing models or completely replacing them.

  185. Avatar EZE JULIET SOBECHUKWU says:

    1. According to great scholars, Economics is defined as:
    Adam Smith (the Father of economist 1723-1790) viewed economics as the nature and causes of wealth of the nation.
    Alfred Marshall (1842-1924) viewed it as the study of mankind in the ordinary business of life.
    John Stuart Mill ( 1806-1873) saw it as a practical science of production and distribution of wealth.
    Lionel.C. Robinson (1898-1984) defined economics as the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    After scrutizing of these standard definition of great scholars.
    From my opinion as an upcoming scholar;
    Economics is a social science that uses models and theories to explain the underlaying principles involving how individuals, firms, government and the world at large makes decisions in the world of scarcity. As while as the structure and growth of the economy.

    2.CONTRIBUTION OF BEHAVIORAL ECONOMICS TO ECONOMICS PROFESSION.
    In recent years behavioral economics has been increase in popularity.
    *Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, to explain why an individual decided to go for choice A rather than choice B.
    * It has contributed in identifying a range of biases as a result of the way people think and feel.
    *Behavioral economics which is mostly based on normative statement has suggested and also made serious remarks that human behaviors are unpredictable, uncertain and why and how their behavior does not follow the predictions of economics models by economists professional.

  186. Avatar Umeh success precious says:

    Name:umeh success precious
    Department:social science education
    Reg no. 20027052GA
    Email: successprecious41@gmail.com
    No 1.According to many economics has so many definition.
    According to Adam Smith in 1776 economics is an enquiry into the nature and causes of wealth of nations. Economics therefore deals with the process by which natural resources are being discovered, processed and used in making national income.
    John Stuart mill explained more in 1843 where he said that economics is the practical science of the production and distribution of wealth, therefore making economics a process where production and distribution are presented in scientific form; with formulars and theories.
    Then in 1948 Paul A. Samuelson threw more light into it, he said economics is the study of how society use scarce resources to produce valuable commodities and distribute them among different people.economics studies how societies choose with or without the use of money to employ scarce productive resources to produce various commodities over time and distribute for consumption among people and groups.
    Richard Lipsy almost gave the same definition with Paul A. Samuelson when he said economics is the study of the use of scarce resources to satisfy the numerous human wants.
    In 1996 Rutherford shared his thoughts, that economics is a study of the economy. Meaning that classic economy points mainly on how the forces of supply and demand allocates scarce products and service resources.
    Unlike John Stuart who saw economics as a practical science in 1948, in 2001 Harper saw economics as a social science. he explained economics as the social science that analyze the consumption, distribution and production of goods and services. He further explained that economics comes from the Greek “oikonomia” which means management of a household and administration; oikonomia is from two Greek words oikos and nomos; oikos which means house and nomos which means customs or laws.
    Mark Blaug in 2007 explained further, he defined economics as a branch of social science that deals with the manufacturing of goods and services, it’s distribution, consumption and their management. Therefore making economics the social science that examines how people choose to use few resources in attempt to satisfy there numerous wants.
    Drawing inspiration from the perspectives of these scholars and economist, as an emerging scholar I will say that economics means the social science which analyzes various life choices, human accounts, their relationship between ends and scarce means and how it affects the production and distribution of nation’s wealth. By human accounts, economics as a social science deals mainly on man’s activities therefore making it to always look into the human accounts: from their income to the production and distribution of what they consume. By life choices, economics as a science studies and deals with human behaviors thereby making it a social science. It studies the choices of individuals, how scale of preference helps them make rational choices. By ends economics talks about the numerous human wants that is insatiable. By scarce means economics talks about the few available resources that is used to satisfy the numerous and insatiable human wants.

    No 2. As an evolving area what will be the likely contribution of a behavioral economist to the economic profession is: firstly a behavioral economist is one who uses psychology to analyze the decision making behind an economic outcome. These are the contributions: A. They contribute in policy Making, anticipate and plan for potential behavioral response.
    B. They shads light on most everyday activities; why we consume goods the way we do and how courses of action are decided
    C. They are fixers; they help in solving economic problems- problems faced by traders and suggests answers to it.

  187. Avatar Ukeje Nmesoma Claudia 20650901Ef says:

    1. No one has ever succeeded in defining the scope of economics. Many have agreed with Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”. Another widely accepted definition is that of Lionel Robbins. He defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses. However as an emerging economist and scholar, I can say that Economics is social science that seeks to analyze and describe the production, distribution, and consumption of wealth.

    2. Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Decisions such as how much to pay for a cup of coffee, whether to go to graduate school, whether to pursue a healthy lifestyle, how much to contribute towards retirement, etc. are the sorts of decisions that most people make at some point in their lives. Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B.
    Behavioral economics sheds light on most every day activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action. Behavioral economists contribute to the society through;
    – State-dependent preferences:
    One category is short term preference changes – such as hunger, mood, or temperature.
    – Receiving new information:
    On the day-to-day we are receiving a constant stream of new sensory and written information. One tendency we fall bias to is the confirmation bias, which is when we misinterpret ambiguous evidence as supporting our initial favored hypothesis.
    – Insurance and stocks:
    For insurance, people tend to overweight small probabilities, which means people overpay for insurance.

  188. Avatar Okelekwe Chiamaka Mediatrix says:

    Okelekwe Chiamaka Mediatrix
    20716250AF
    cphilomena17@gmail.com
    1. Economics to me is a social science that is concerned with the production, distribution and consumption of goods and services and how all these relates to individuals, firms and the government at large
    2. Firstly, a behavioral economist design, plan, teach, improve and consult about economic policy for a business. They combine both economics and psychology to understand how people make decisions as it is believed that the human mind can be installed when making decisions.
    So seeing this, these behavioral economists guides us in making the right decisions that will sustain us perfectly and bring profits to firms
    Thank you .

  189. Avatar Orajiaku Chidera Princewill says:

    Orajiaku Chidera Princewill
    20713650IF
    1. Economics as a field of study plays a very
    significant role in the society. It is the field of
    study that solves the fundamental problem of
    humans, uncountable wants and limited
    resources. It therefore seeks to manage the
    limited resources through various methods in
    such a way that needs are met. Whether it is in
    families, organizations, nations or the world at
    large, the principles of economics are all
    encompassing and are needed in every
    quarter. Economics is therefore important for
    the survival of mankind.

    2. Behavioural economics is concerned with
    understanding the psychology behind
    consumer behaviour. This is highly relevant to
    economics, as economics studies human
    behavior with relation to wants and scarcity.
    A behavioural economist measures the
    deviation of consumer behaviour from classic
    economic principles, therefore his research
    will contribute immensely to the economics
    profession.

  190. Avatar Iyambo Paschal Chekwubechukwu. Reg no.:20680596FF .Dept. Philosophy. Faculty of Social sciences. Level:100l says:

    🖍️NO 1
    Economics is a branch of social sciences concerned chiefly with description and analysis of the production, distribution and consumption of goods and services.  It studies the ownership, used and exchange of scarce resources.

    🖍️NO 2
    Behavioural economics is the study of human mind. The contribution of the behavioural economist will be that of analyzing the behaviors of the key economic players of the society, which is the : household, government and firms.
    The behavioural economist helps to explain the effects of psychological cognitive emotional, cultural and social factors on the decision of individual and institution as they confront the issues surrounding the efficient management of scarce resources.

  191. Avatar Igbokwe Gloria somtoochukwu says:

    Igbokwe Gloria somtoochukwu
    20690485BA
    igbokwegloria2003@gmail.com

    Economics is a social sciences which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    It is a social science concerned with the production, distribution and consumption of good and services.

    BEHAVIORAL ECONOMICS: is a method of economics analysis that applies psychological insight into human behavior to explain economic decision making.
    it helps to explain why people under- save for retirement.
    it is a method that uses insights from psychology, sociology and increasingly neuroscience to explain people’s decisions.

  192. Avatar Onah Judith Ugochi says:

    As an emerging economist and a scholar, I will define Economics as a social science that studies human behavior in terms of decision making in relationship with scarcity, choices, wants, preferences, needs, and how to satisfy human unlimited needs with limited resources.
    Economics shows how people allocate scarce resources for production, distribution, and consumption both individually and collectively. Also, Economics are of two types namely:
    i) microeconomics which focuses on how individuals, consumers and firms make decisions about resources. And,
    ii) Macroeconomics which studies an overall economy on both national and international level.

    2) A behavioural economist will likely contribute positively to Economics profession cause it helps Economists understand the importance of human behavior as related to decision making process by explaining why individuals make irrational choices and things that influence their decisions psychologically.

    • Avatar Onah Judith Ugochi says:

      Reg no: 20328932CA
      Dept: Economics

      • Avatar Tony Orji says:

        You have not done any assignment. Why will you write your name and reg number only and submit?

        • Avatar NEBO CHIGOZIE JOSEPH says:

          Meaning Of Economics
          Economics is the study scarcity,the study of how people use resources and respond to incentives,or the study of decision-making .It often involves topics like wealth and finance,but it’s not all about money.
          Economics is a broad discipline that helps us understand historical trends ,interpret today’s headlines,and make predictions about the coming years.
          Economics ranges from the very small to the very large.The study of individual decisions is called “microeconomics”.why the study of economy as a whole is called “macroeconomics”.A microeconomics might focus on families medical debt,whereas a macroeconomics might focus on sovereign debt.

          The Contributions Of Behavioural Economist To Economics Profession :
          For a proper study of the attitudes and mechanisms of the decision-making process,one must take into consideration subjective and psychological aspect of Behavioural economics,that move the rational behavior from the traditional terms presented in the classical and neoclassical literature in new coordinates.It is expected that this approach of the decision-making process to hinder economic development models, but taking into account all factors,it will allow a better explanation of the economic problems and finding suitable solutions.

  193. Avatar Okechukwu prosper onyedikachukwu says:

    Okechukwu prosper onyedikachukwu email: onokechukwu202@gmail.com Economics to me is a social science that study human behaviour in relationship to end and scarce means which have alternative uses.It is also the inquiry into the weath of a Nation.
    Behavioural economics is a study that has to do with the attitude of individuals be in a society towards Economic activities.

  194. Avatar Caroline Jessica Okeke says:

    Name: Caroline Jessica Okeke
    Department: sociology and anthropology
    Reg No: 21366414IF
    Email address: carolinejessicaokeke@gmail.com

    WHAT DOES ECONOMICS MEAN TO ME?

    1. Economics is the socio-scientific study of individual behavior during exchange, consumption and ownership of scarce resources.
    Economics focuses on the behavior of individuals based on assumptions that individuals act with rational behavior, seeking the most quintessential level of benefits or utility.
    Since there are many possibilities of human labor and many different methods to acquire resources, it is therapeutic of economics to analyze which methods results to the most suitable outcome.

    WHAT WILL BE LIKELY THE CONTRIBUTION OF A BEHAVIORAL ECONOMIST TO ECONOMIST PROFESSION?

    2. A behavioural economics will help in making quality decisions in respect to buying/distributing/producing a particular good or rendering a particular service.

  195. Avatar Nwizugbe Vitalis Toochukwu says:

    Name: Nwizugbe Vitalis .T
    Reg. No:20157599HA
    Dept : Business Education
    Email: nwizugbevitalis@gmail.com
    I
    1.Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals businesses, government, and nations make choice about how to allocate resources. The building blocks of economics are the studies of labor and trade. Economics can also be defined as a social science that studies human behavior.
    2. To me, a behavioral economist can contribute to the economic profession by using means to study human behavior and also uses psychological experiments to develop theories about human decision making. Behavioral economics aids in determining whether people make good or bad choices and whether they could be helped to make better choices.

  196. Avatar EKEH CHIZOBA SUCCESS. says:

    Name:EKEH CHIZOBA SUCCESS.
    JAMB REG NO: 20682851GA.
    EMAIL: ekehchizoba2020@gmail.com
    QUESTION 1:
    According to some economics scholars:
    (i) LORD ROBINS (1932) : He defined economics as the “science which studies human behaviour as a relationship between ends and scarce means which have other alternative uses”.
    (ii) ALFRED MARSHALL (1890) : He defined economics as the “study of men as they live, move and think in the ordinary business of life”.

    From my understanding: Economics is fundamentally a study of scarcity and of the problems to which scarcity gives rise . Human wants are limitless, humans wish(desire) for wants never end.
    For instance, if food were sufficient, if there were enough capital in business, if there were inexhaustible money and time; there would not have been any need for studying economics.
    Prehistoric people had wants, modern people also have wants.
    QUESTION 2:
    Contribution of behavioral economics to economic profession are:
    (i). Behavioral economics has been able to explain why we ( human beings) consume goods and services the way we do and why we make certain choices about ourselves or others, and how we decide courses of action.
    (ii). Behavioral economics has helped in the economic profession to understand the human mind by applying their skills of description, analysis, model building, prediction to generate knowledge and from this provide advice to households, private and public firms, government and the general public.
    (iii) Behavioral economics helps in determining whether people make good or bad choices and if they could be helped to make to make better choices.

  197. Avatar Ubah Vivian chioma says:

    THE DEFINITION OF ECONOMICS
    (1) Economics as a branch of social science
    is concerned with how people allocate scarce resources for the production, distribution, and consumption of good and services individually or collectively.It studies how individuals, businesses, governments and nation’s make choices about how to allocate resources.
    Finally as an emerging economist I see economics as a social science that focuses on the actions of human beings based on the assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.
    (2) A behavioral economist seeks to study the demand and supply of resources, good and services through the conduct of research, collection and analyzing data, monitor economic trends, and develop forecast. Their research take the form of topics such as energy costs, inflation, interest rates etc.

  198. Economics is a social science that deals with human behavior, analyze business activities, production, distribution and consumption of goods and services as well as using Scientific method in solving economy problem.

    Behavioural Economist is a person that uses economic and psychology measure to develop peoples framework of thinking and making economic decision.
    Behavioural Economist design, plan, teach, improve and consult about economic poilcy and also analyze economic data.
    Behavioural Economist review to obtain information, making sure that a company mission, vision are achieve.

  199. 1. Economics is the scientific study of the ownership, use and exchange of scarce resources. It is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organizations. It attempts to explain economic behavior which arises when scarce resources are exchanged. WHILE

    2. Behavioral economics studies the effect of psychological, cognitive, emotional, cultural and social factors on the economic decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory. It is simply concerned with how human psychology and how market decisions are made and the mechanisms that drive public choice to understand their decisions.

  200. Avatar Orajiaku Chidera Princewill says:

    Orajiaku Chidera Princewill
    20713650IF
    1. Economics as a field of study plays a very significant role in the society. It is the field of study that solves the fundamental problem of humans, uncountable wants and limited resources. It therefore seeks to manage the limited resources through various methods in such a way that needs are met. Whether it is in families, organizations, nation’s or the world at large, the principles of economics are all encompassing and are needed in every quarter. Economics is therefore important for the survival of mankind.
    2. Behavioural economics is concerned with understanding the psychology behind consumer behavior. This is highly relevant to economics, as economics studies human behavior with relation to wants and scarcity. A behavioural economics measures the deviation of consumer behaviour from classic economic thoughts, therefore, his research will contribute immensely to the economics profession.

  201. Avatar Ezurueme Ogechi says:

    Name: Ezurueme Ogechi
    Department: Economics
    Reg No: 2019/251620
    Email: oezurueme@gmail.com

    WHAT IS ECONOMICS
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of benefit or utility.

    WHAT IS BEHAVIORAL ECONOMICS
    Behavioral Economics is the study of psychology as it relates to the economic decision-making processes of individuals and institutions.Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models.

  202. Avatar Igboji Divinegift Onyinyechi says:

    1: As an emerging scholar, I define Economics as a social science that studies human behavior as a relationship between the insatiable wants and limited resources which have alternative uses.
    2: Behavioral economics is defined as the study of the mind and behavior of individuals and institution on on how the make their decisions in their day to day economic activities.

  203. Avatar Agu Juliet Ebube says:

    Name : Agu Juliet Ebube
    Department : philosophy
    Reg no : 20755187HA
    Email : Julietebube2000@gmail.com

    1. Economics is the social science deals with the production ,distribution ,and consumption of goods and services .it studies how individuals, business , institutions , government and nations make choices about how to allocate resources .
    Economics also helps to stabilize scarcity in an economy . the building block of Economics are studies of labour and trade .

    2 . Behavioural Economics studies the effects of psychological ,cognitive , emotional ,cultural and social factor on the decisions of individuals and institutions and how those decisions vary from those implied by classical economic theory.

    In a nutshell Behavioural Economics is the study of psychology as it relates to the economic decision_making process of individuals and institutions .

  204. Avatar Ekennia Chijioke Basil says:

    Jamb Reg: 21276079DF
    Philosophy Department

    1. Lionel Robbins defined economics as the science which studies human behaviour as a relationship between giving ends and scarce means which have alternative uses. Personally I feel economics is a way of life because it has to do with our day-to-day activities, involving the production, distribution and consumption of wealth.

    2. A behavioral economist draws on psychology and economics to explore why people sometimes make irrational decisions. He or she helps to ensure that human behaviour follows the predictions of economic models and also helps in the maximization of utilities.

  205. Avatar Enechukwu Ebube felicitas says:

    Name:Enechukwu Ebubu felicitas
    Reg no:29814432DF
    Department: Economics
    Economics has been defined in several ways by different scholars according to Adam Smith he defined economics as an inquiry into the nature and causes of the wealth of nation.
    According to John Stuart Mill he defined economics as a science dealing with the nature of wealth and the laws of the production and distribution, including, directly or remotely the operation of all the causes by which the condition of mankind or of any society of human beings,in respect of this universal object of human desire is made prosperous or the reverse.
    John Maynard keynes defined economics as a science of thinking in terms of models joined to the art of choosing models which are relevant to the contemporary world.
    Alfred Marshall defined it as the study of mankind in the ordinary business of life.
    To my understanding Economics can be defined as a social science that deals with the production , distribution,and consumption of goods and services and also the study of scarcity and choice.

    Behavioral Economics seeks to explain why an individual decided to go for choice A instead of choice B now talking about the way behavioral economist can contribute to economic profession ,it contributes to the economic profession in the sense that behavioral economist studies the biases, tendencies,and heuristics that affects the decisions that people make to improve,tweak or overhaul traditional economic theory. It helps in determining whether people make good or bad choices and economics studies human behavior and behavioral economics deals with human behavior due to that they help in contributing to the diversity of human behavior in economic profession.

  206. Name: ugwuada Samuel mmadukaihe

    Email: samuelanthonygochurch@gmail.com

    Reg.20689639GA

    Depart: philosophy.
    No 1.
    Economics is defined as a social science course that studies the human behaviour as a relationship between ends and scarce means that have alternative uses.

    2)
    Behavioural economics is the studies of effect of social, cultural, emotional and psychological factors on the descision of individual and Uinstitutions towards economics and how the descision varies.

  207. Avatar MBA IBE says:

    Name: MBA IBE
    Reg number : 20698029AF Department : Philosophy

    1. Economics is a social science that is concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade. In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services. Drawing inspiration from Adam Smith the father of Economics, economics can be likened to food chain that shows the series of processes by which food is grown or produced, sold, and eventually consumed. Economics shows how commodities (food) is produced, distributed and consumed by different sectors of the economy.

    2 Behavioral economics tackles the intricacies of human behavior and decision-making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics. Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest. Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

  208. Avatar Ozioko Wisdom Chibuzor says:

    Name:Ozioko Wisdom Chibuzo
    Reg no:20679993DA
    Dept: Philosophy
    Email:08148825061
    1.Economics can be defined as the scientific study of economic behaviour of human beings on how they manage their product or goods when there is scarcity of such product or not.
    2.The likely contribution is that the behavioural economist should use the scientific observation and deduction to describe the changes in economic variables and measure such changes over time. Eg to measure the interaction in the markets , determine the prices of such diverse product as houses,cars etc and using of index numbers to achieve his or her aims or economic profession.

  209. Avatar MBA IBE says:

    Name: MBA IBE
    Reg number : 20698029AF
    Department : Philosophy
    1
    Economics is a social science that is concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. The building blocks of economics are the studies of labor and trade.
    In its most simple and concise definition, economics is the study of how society uses its limited resources. Economics is a social science that deals with the production, distribution, and consumption of goods and services.
    Drawing inspiration from Adam Smith the father of Economics, economics can be likened to food chain that shows the series of processes by which food is grown or produced, sold, and eventually consumed.
    Economics shows how commodities (food) is produced, distributed and consumed by different sectors of the economy.

    2
    Behavioral economics tackles the intricacies of human behavior and decision-making. The field of behavioral economics examines each of these day-to-day choices, resulting in a progressive understanding of human behavior that combines both psychology and economics.
    Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B. Because humans are emotional and easily distracted beings, they make decisions that are not in their self-interest.
    Behavioural economics studies the biases, tendencies and heuristics that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It aids in determining whether people make good or bad choices and whether they could be helped to make better choices

  210. Avatar Ugwuada Samuel mmadukaihe says:

    Economics is defined as a social science course that studies the human behaviour as a relationship between ends and scarce means that have alternative uses.

    2)
    Behavioural economics is the studies of effect of social, cultural, emotional and psychological factors on the descision of individual and institutions towards economics and how the descision varies.

  211. Avatar Okoroafor Christabel Ebubechukwu says:

    Name :Okoroafor Christabel Ebubechukwu
    Reg no: 20630848IF
    Department: Economics
    (1) Economics, Economy, Economization and Economists are words associated with the “ability to MANAGE/DISTRIBUTE” resources.
    Economics is the study of how people, businesses, societies or nations deal with scarcity. Living in a world of what-ifs, the cause and effect of an action or of no action at all is weighed in to find the most favourable course of action as Economics is concerned with the decision-making, choices and tradeoffs and Economists are expected to think at the margin i.e being able to think if change as being incremental than absolute.
    Hence my definition, I believe that Economics is the study of choice, people, cost and benefits of choices in regards to the available resources and it also studies how people, businesses and the nation try to make the most out of their limited resources in the chaos of unlimited wants. It can also be defined as the study of how and why people, societies, nations and businesses MANAGE/DISTRIBUTE/ALLOCATE resources and its implications on the economy at the micro and macro level.
    Economics is the eighteen (18) year old secondary school student deciding whether to work or to go to the university and how that affects his/her future income. Economics is a tech company deciding whether to produce a smartphone or tablet and how that is influenced by what we consumers want to buy. Economics is the government deciding whether to increase it’s spending when there is a recession and if it is worth going into debt. In general, it involves analyzing cost and benefits of choice and getting the most out of our limited resources.

    (2) In the last few decades, behavioral economics has made a comeback. It has been applied to more fields like marketing, finance, political science and public policy. Economics is a social science but a science nevertheless. As a social science, it studies the human behavior and response to change in the nations economy.
    Behavioral economics is a subfield of economics that focuses on the psychological, social, emotional factors that influence our decision-making process. Like the physical science, physics brought the law of gravity which works in most cases like this orbit of the planets but at a quantum level it is unable to explain the orbit of molecules and the same goes for the “classical” or “traditional” economic theories, it is able to explain the decision-making process from the bigger picture but when placed against the irrationality of the human (individual) decision-making process, things become difficult to understand.
    This is where Behavioral economics is introduced, it seems to understand when and why people behave differently than how the economic models suggest. If people are entirely rational like the classical economic theories would prefer, they would make the same decisions if they were given identical options. While classical economics argues that framing should have relatively little effect on people as it expects that people are rational and intelligent whereas in the real world people often times are irrational, on this note:
    Behavioral economics will help in elaborating on why we consume a particular good or service the way we do and why we make certain choices and how we decide courses of action. Behavioral economics helps us understand the irrationality of the human decision-making process and helps economists to take into account all the factors involved in how individuals make decisions, thereby allowing a better explanation of the economic problems and finding suitable solutions.

  212. Avatar IKPO GLORIA NGOZIKA says:

    IKPO GLORIA NGOZIKA
    20001370DA
    gloriachioma47@gmail.com
    Economics is a social science that deals with the creation of wealth through the production of goods and service, distribution and consumption.
    Economics is regarded as a social science because it uses scientific method to build theories that can explain the behaviour of individuals, group and organisation.
    Economics attempt to explain economic behaviour, which arises when scarce resources are exchange.

    Behavioural Economics is the study of phychology as it relates to economics decision making processes of individuals and institutions.
    Behavioural Economics is often related with normative economics

  213. Avatar Oluchukwu Favour Onyedikachi says:

    OLUCHUKWU FAVOUR ONYEDIKACHI
    20691281CA
    ECONOMICS DEPARTMENT

    • Economics?
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of satisfaction. The stepping stones of economics are the studies of Labor and Trade. Since there are many possible applications of human labor and many ways to acquire resources, it is the study of economics that helps to determine which methods gives the best results.
    The problem of economics is that human beings have unlimited wants and live in an economy of limited means. For this reason, the concepts of efficiency and productivity are the major focus of economists.

    • Behavioral Economics?
    Behavioral Economics is the study of psychology in relation to the economic decision-making processes of Individuals, Firms and Government.
    Behavioral economics draws on psychology and economics to explore and know why people sometimes make irrational decisions, and why and how their behavior does not follow the prediction of economic models. Decisions such as how much to pay for a book, which school to enroll in, which classes to attend, how to spend my salary, etc. are the types of decisions that most people make at some point in their lives. Behavioral economics tries to explain why an individual choose the First, instead of the Second.

  214. Avatar Oluchukwu Favour Onyedikachi says:

    OLUCHUKWU FAVOUR
    20691281CA
    ECONOMICS

    • Economics?
    Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. Economics focuses on the actions of human beings, based on assumptions that humans act with rational behavior, seeking the most optimal level of satisfaction. The stepping stones of economics are the studies of Labor and Trade. Since there are many possible applications of human labor and many ways to acquire resources, it is the study of economics that helps to determine which methods gives the best results.
    The problem of economics is that human beings have unlimited wants and live in an economy of limited means. For this reason, the concepts of efficiency and productivity are the major focus of economists.

    • Behavioral Economics?
    Behavioral Economics is the study of psychology in relation to the economic decision-making processes of Individuals, Firms and Government.
    Behavioral economics draws on psychology and economics to explore and know why people sometimes make irrational decisions, and why and how their behavior does not follow the prediction of economic models. Decisions such as how much to pay for a book, which school to enroll in, which classes to attend, how to spend my salary, etc. are the types of decisions that most people make at some point in their lives. Behavioral economics tries to explain why an individual choose the First, instead of the Second.

  215. Avatar Ozonwoye Adaeze MaryAnn says:

    Name:Ozonwoye Adaeze MaryAnn
    Reg number:21272383IF
    Email: adaezeozonwoye@gmail.com
    1. Economics as a branch of social science has been given different definitions by different people.According to Adam Smith who is known to be the founding father of economics,he defined economics as an enquiry into the wealth of a Nation. Lionel Robbins,a British Economist also defined economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Also Alfred Marshall,an English Economist, defined economics as the study of mankind in the ordinary business of life.All these above-mentioned definitions and many more were given to economics by different economist but due to the fact that economics is a field of study,there were criticisms found in each of these definitions which makes them incomplete.
    Drawing inspiration from these economist and my research,I would conclude in my own perspective that economics can be seen as a social science which studies human beings as they live,move,think and make decisions pertaining to scarcity or scare resources which could have alternative uses in attempt to satisfy their unlimited wants.

    2. Behavioral economics first of all,is a field in economics;it is the study of psychology as it relates to the economic decision making processes.It draws on psychology and economics to explore why people sometimes make irrational decisions and why and how their behavior does not follow the predictions of economic models.
    Behavioral economist has contributed to economics profession in different ways:they use psychological experimentation to develop theories about human decision making; behavioral economist seek to explain why investors make rash decisions when trading in the capital market;while most of the standard economics theory is normative that means explaining how people behave, behavioral economics is descriptive explaining how people actually behave; when behavioral economist apply behavioral game theory to their field,they run experiments and analyze people’s decisions to make rational choices; also,by incorporating psychological insights into economic theory, behavioral economist helps to explain non-rational behavior and better understand finance, labour market and management practices.

  216. Avatar Ibeh Gift Onyinyechi says:

    IBEH GIFT ONYINYECHI
    21260816gf
    giftibeh04@gmail.com
    1. As I drew inspiration from the perspective of other scholars and economists, I noticed that their definition of economics mostly centered on human behaviour and material wealth.Take for example the definition given by Alfred Marshal: he defined economics as a study of mankind in ordinary business of life .
    Economics to me is the study of scarcity and how people achieve their wants by choosing out a number of alternative (i.e using a scale of preference). It is also the study of resources,the kinds of resources they are and how they are produced and used to satisfy the unlimited desires of the people.
    2. The contribution of behavioural economists in the present economic profession is that they have created an accurate understanding of human behaviour, which is understanding why and how people make decisions when purchasing goods and services to satisfy their unlimited wants.
    b. Behavioural economists also contributed in making one get a better look on how to make logical decisions when producing, distributing or marketing of goods and services to the public.

  217. Avatar Ekwe Okwuchukwu Cletus says:

    1.Drawing inspiration form the perspectives of other scholars such as Adam Smith, Professor Lionel Robbins and J.S. Mill, Economics is a science which deals with wealth creation through production, distribution and consumption of goods and services in an economy.Economics is also a study on how society utilizes scarce resources to satisfy unlimited wants.
    2.Behavioural Economics is a field of Economics that studies psychology as it relates to the decision making processes of individuals and institutions.
    The behavioral economists besiege all sectors of the economy because of their crucial contributions which delas with predictions of human behaviours to economic policies.In Industries/Markets,the behavioural Economists examines how prices and quantities of a commodity affects the demand and the decisions of the consumers.The behavioural Economist at this critical stage gives a suggestion on how to increase the standard of living of consumers without an increase in the cost of living.
    In summary, Behavioural Economists acts like an intermediary between the consumers and other key economic players.

  218. Avatar Ugwuanyi Perpetual Amarachi says:

    REG NO: 21286083IA
    1. As it is well known, Economics has being given a lot of definition by various scholars of old and new. Adam Smith pioneered the “Father of Economics” defined his as the “The inquiry into the nature and causes of wealth of nations”. His definition makes us understand that Economics is a research,study or analysis of what this wealth are and how they can be acquired. It is the proper understanding of the what,how and why’s of the market; from the production to the distribution down to the final consumption of goods and services.
    Another well known and accepted definition is by Professor Lionel Robbins who defined Economics as “The social science which studies human behavior as a relationship between given ends and scarce means which have alternative uses”. This point out that it is the study how individuals, businesses, governments and countries make decisions or choices about how to allocate scarce so as to obtain optimal level of utility. Seeing as our resources are scarce but our wants unlimited, Economics helps to analyse ways in which these scarce resources can give as much utility as possible for both manufacturers and consumers alike. It helps producers make smart decisions on what,how and whom to produce and also helps consumers know what to buy or forego.
    2. Behavioral economics being the study of the effects of psychological, emotional, cultural and social factors on the decisions of individuals and institutions and how their decisions differ from those implied by classical economics theories, behavioral economist will be a very good contribution to the economic profession. The sector of Economics incorporates psychology which aids in the analysis of the decision making behind an economic outcome such as the factors leading to a consumer buying one product instead of another. Behavioral economists designs,plans,teachs,improves and can
    be consulted about economic policies for businesses. They also inform proprietors about the differences between the expected efficient behavior of an investor and the actual behavior of an investor influenced by emotions,habits etc. They can also create strategies and policies through their analysis on economic data and consumers’ behaviors which can be used to attract the right consumers which would lead to the businesses benefiting financially.

  219. Avatar Mpama Onyinyechi ada says:

    1: Meaning of economics
    Economics is the study of how the society use scarce resources to produce valuable commodities and distribute them among different people. It also helps us to examine our choice making.
    2: meaning of behavioral economics
    It is the study of decision making by individuals and institution. It studies consumers choices, market events and human psychology to help understand their decision and to try make more economic models.
    This models were based on the created concept of “homo economisus”(humans motivated by self interest, choosing amongst options in situation of scarcity;for example consumers are often uncertain of what they want. Therefore behavioral economics is entirely revealed differently in consumers behavior.

  220. Several scholars defined Economics in different ways given the thought that it is a wide range of studies.
    According to Adam Smith, a Scottish economist gave a definition of economics dating back to the 1700s in which he regarded economics as the science of wealth. According to him, the objective of the political economics of a country is to increase its wealth and power. This definition attracted criticism of which popular was the fact that the definition was too narrow to cover a broad subject like that (just like we said in the beginning).
    Another economist in the late 1800s named Marshall Welfare opined his own perspective of economics in his book Principles of Economics stating that the subject does not only cover the study of wealth but of men also, as they think, move, and live in the ordinary business life. This definition birthed the aspect of regarding the subject as a social science. Robbins, another economic scholar, debated and criticized Marshal’s definition stating that it only focused on the material welfare of economics but should encompass both material and non-material welfares too. Robbins also cited that Marshal didn’t establish a link between human economic activities and how they affect humans too.
    Thus, Robbins came up with his definition which is now widely accepted to say that “Economics is the science which studies human behavior as a relationship between end and scarce means which have alternative uses”.
    Robbins definition has drawn criticism too from modern economists but drawing a conclusion from the perspective of these scholars, I’d say that Economics is largely associated with the production, distribution, and consumption of goods and services. It focuses on how people ranging from single individuals to the government allocates and are allocated resources. But then, economics is not just studied to know how levels of economic activities work but to optimize and enhance them to generate the best level yield.
    2. Behavioural economics generally refers to the psychology of the human mind when taking rational and irrational economic decisions and how they relate to economic theories. Economics as a social science definitely involves people and the aspect of behavioral economics will help to study the psychological aspect of decision making to enhance certain economic theories. Behavioral economics explains why demands become higher when the price is low or while prices increase when there’s increased circulation of money and other behavioural triggered actions. The finds from these psychological studies can boost and help make economic theories, definitions, and teachings more advanced in the profession of economics.

  221. Avatar Odu Gideon Odu says:

    Name;Odu Gideon Odu
    Dept. Economics
    1. Economics concerned chiefly with the way the society chooses to employ its limited resources which have alternative use to produce goods and services for the resources, for present and future consumption.
    The definition of Economics needs some explanation. First, Economics is a social science. It is a science of human behavior.it deals with man and his activities in the society.
    Secondly, what does it mean to say that society’s resources are limited. This means that people everywhere want more goods and services than there are resources to produce them.
    Third, we say that resources have alternative uses. This implies that every resource can be put into more than one use.
    2. Behavioral Economics The interdisciplinary major in behavioral economics examines social, emotional, and cognitive influences on economic decisions and behavior by modifying standard economic theory for greater psychological realism.

  222. Avatar Udensi Martha Chioma ......20022785CA says:

    Name: Udensi Martha Chioma
    Reg no: 20022785CA
    Email: udensimartha31@gmail.com

    1). Meaning of Economics.

    Economics at it’s core,is the branch of knowledge that deals with the production, distribution , and transfer of goods and services. Economics deals with the allocation of scarce resources among competing ends.
    Lionel Robbins defined Economics as a social science which studies human behavior as a relationship between ends and scarce means which have their alternative uses. It is about weighing different choices or alternatives in order to satisfy human wants.

    2). Contribution of a behavioral Economist to Economics profession.

    Behavioural Economists draws on psychology and Economics to explore why people sometimes make irrational decisions.
    Behavioural Economists can design,plan,teach and consult about economic policy for a business.
    Behavioural Economists deals with the complexity of human behaviours and decision making.

  223. Avatar Nwizugbe Vitalis Tochukwu says:

    Name: Nwizugbe Vitalis .T
    Reg. No:20157599HA
    Dept : Business Education
    Email: nwizugbevitalis@gmail.com
    I
    1.Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals businesses, government, and nations make choice about how to allocate resources. The building blocks of economics are the studies of labor and trade. Economics can also be defined as a social science that studies human behavior.
    2. To me, a behavioral economist can contribute to the economic profession by using means to study human behavior and also uses psychological experiments to develop theories about human decision making. Behavioral economics AIDS in determining whether people make good or bad choices and whether they could be helped to make better choices.

  224. Avatar Udensi Martha Chioma ......20022785CA says:

    1) Meaning of Economics.
    Economics at it’s core,is the branch of knowledge that deals with the production, distribution , and transfer of goods and services. Economics deals with the allocation of scarce resources among competing ends.
    Lionel Robbins defined Economics as a social science which studies human behavior as a relationship between ends and scarce means which have their alternative uses. It is about weighing different choices or alternatives in order to satisfy human wants..

    2) Contribution of a behavioral Economist to Economics profession.
    Behavioural Economists draws on psychology and Economics to explore why people sometimes make irrational decisions.
    Behavioural Economists can design,plan,teach and consult about economic policy for a business.
    Behavioural Economists deals with the complexity of human behaviours and decision making.

  225. Avatar Ezekwem Armstrong says:

    Name: Ezekwem Armstrong

    Reg number: 20856269GA

    Email: armstrongezekwem@gmail.com

    Department: philosophy

    Falculty: social science.

    Level:100l

    (1) What is economics?

    In my understanding, economics simply means the study of scarcity and choice.it is the study of how humans makes decisions in the face of scarcity.it is also describe as a social science that seeks to analyze and describe the production, distribution and consumption of wealth.

    (2)what is the contribution of a behavioural economist?

    (a) a guide- They serve as an incredible lens that exposes our inner basis and approaches to ones decision making.
    (b) behavioural economist studies the effect of psychological, emotional, cultural,and social factors on individuals and institutions and how those discision vary from those implied by classical economic theory.

  226. Avatar OGENYI DEBORAH OLUCHI says:

    NAME: OGENYI DEBORAH OLUCHI
    REG NO:20645428FA

    1) Economics to me is a social science that studies human behavior in respect to value, in particular the production, distribution and consumption of goods and services in relation to their limited resources.

    2) A Behavioural economist studies psychology as it relates to the economic decision making processes of individuals or institutions, so their contribution to economic profession can not be over emphasized as they are in charge of the decision making process, negotiations and are more understanding with their ability to predict human behavior.

  227. Avatar Nweke chinyere gift says:

    Name:Nweke chinyere gift. Course: business education. Reg number:,21669164GF. 1. Economics can be defined as the study of human behavior in relation to ends and scarce which have alternative uses .The ends* can be referred to as the human wants and needs , while the scarce* can be referred to as the limited available resources used in satisfying human wants and needs.. it can also be referred to as the study of mankind in relation to their daily economic activities. 2. Behavioural economics contributes in the effective study of physchological , social and cognitive factors on the decisions of individuals and how those decisions vary. It uses physchological experimentation to develop theories about decision making…. It applies insight into human behavior and analyses the method of economic analysis…..

  228. Avatar Ozioko Nneka Cynthia says:

    Ozioko Nneka Cynthia
    21488077FF
    ozycynthia2000@gmail.com

    Economics is a science that studies how human can derive satisfaction and reactions to each other or their fellow human beings.economics is also the study of scarcity,choice ,scale of preference and opportunity cost are some of the basic concept in economics.

    Behavioral Economics
    behavioural economicsbehavioral economist contributes in solving problems that encompass basic concepts of economics is the study of human beings and mainly contributes to decision making,it gives the idea, leverage and studies consumer choices, market events and human psychology to help understand their decisions and to try to make more accurate behavioral economist contributes in solving problems that encompass basic concepts of economics

  229. Avatar Ukeje Nmesoma Claudia 20650901Ef says:

    1. No one has ever succeeded in neatly defining the scope of economics. Many have agreed with Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”. Another widely accepted definition is that of Lionel Robbins. He defined economics as “the science which studies human behaviour as a relationship between (given) ends and scarce means which have alternative uses. However as an emerging economist and scholar, economics to me can be seen as a social science that seeks to analyze and describe the production, distribution, and consumption of wealth.

    2. Behavioral economics draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models. Decisions such as how much to pay for a cup of coffee, whether to go to graduate school, whether to pursue a healthy lifestyle, how much to contribute towards retirement, etc. are the sorts of decisions that most people make at some point in their lives. Behavioral economics seeks to explain why an individual decided to go for choice A, instead of choice B.
    Behavioral economics sheds light on most every day activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action.
    Behavioral economists contribute to our society in terms of;
    – State-dependent preferences:
    One category is short term preference changes – such as hunger, mood, or temperature
    – Receiving new information:
    On the day-to-day we are receiving a constant stream of new sensory and written information. One tendency we fall bias to is the confirmation bias, which is when we misinterpret ambiguous evidence as supporting our initial favored hypothesis
    – Insurance and stocks:
    For insurance, people tend to overweight small probabilities, which means people overpay for insurance.

  230. Name: Ikechukwu FearGod chinedu
    Reg No.20629980ff
    Philosophy department

    Economics is a social science that studies human behaviors in a relationship between ends and scare means .it also studies how individuals, government and businesses make choice on how to allocate their resources, economics can also be concerned with the the production, distribution and consumption of commodities.

    2: Behavioural economics is the study of judgement and choice, it’s all about decision making.
    Behavioural economics draws on psychology and economics to explore why people sometimes make irrational decision
    Behavioural economics uses experiment to develop theories about human decision making and has indentified a range of baises as a result of the way people think.

  231. Avatar Chigozie Chidera Jennifer says:

    Name: Chigozie chidera Jennifer
    Department: Economics
    Reg no: 21446384ja
    1.) The most acceptable definition of economics is that of Lionel C. Robbins. His definition is most acceptable because he explores the very pressing issue of scarce resources and unlimited wants/needs. He also takes into account, human response or as he calls it, human behavior, in respect to scarce resources.
    From all these mentioned above, I’d like to say that economics to me, is a scientific study of the society and the people in it, with respect to production and consumption of goods and services with limited/scarce resources.

    2. Behavioral economists studies the consequences for market prices, returns, and resource allocation. It focuses on the bounds of rationality of economic agents

    b.behavioral economists analyze psychology and economic findings to determine how and why economic decisions are made.
    C. Using different methods, they help offer better ways to explained people’s decisions and offer better solution to problems affecting us and our society.

  232. Avatar Ekwegbara Everestar Chibugo, 20860808HA says:

    Economics simple means the evaluation of human interactions as it relates to preference and decision making.
    It assesses the relationship between the consumption and production of goods and services in an environment of finite .
    it provides distilled frameworks to analyze complex societal interactions, as in the case of consumer and firm behavior.
    it also allows individual agents to balance expectations.

    (2). behavioral economist focuses on the observable behavior of human and decisions thereby humans are describe as behaving in accordance with “bounded rationality.
    ONTOLOGY
    They make the individual behavior the central unit of analysis. Individual behavior is determined by rules, heuristics, desires, moods, emotions and other things.
    behavioral economist sets out to analyze decisions taken under fundamental uncertainty, where the level of risk remains unknown.
    EPISTEMOLOGY
    behavioral Economist focuses on human behavior in economics (decision making) situations (object driven i.e a specific issue or phenomena is considered to be very important), and at the same time hypotheses are derived from a generalized theorietical framework and applied to many aspects of the economy.
    POLITICAL GOALS
    They inform and politically shape social phenomena (such as investment in private pensions, health care, decision on finance and education).

    • Avatar AMAEFULE RAPHEAL IZUCHUKWU (21353407EF) says:

      MY VIEW OF ECONOMICS
      The effective birth of the phenomenon “Economics” as a separate discipline may be traced to the year 1776,when the Scottish Philosopher,Adams Smith,published “An inquiry into the Nature and Causes of the Wealth of Nations”.In the subsequent years,various scholars have given their own perspectives of “Economics”,which shows that it has no specific definition,therefore proposing theories to back their definitions.
      Having learnt from their numerous definitions,it is coined out that the study of Economics arises from the problem of scarcity and mismanagement of resources. Economics is now defined to be the science of economising,which is the frugal use of resources tending to curb scarcity in disguise. In regards to this, it is observed that “Economics” focuses on the “Behaviour and Interactions” of “Economic Agents” and how the “Economies Work”. This now brings us to the fact that “Economics is a Social Science,which studies human behaviour as a relationship between ends and scarce means which has alternative uses, credits to Professor Lord Lionel Charles Robbins”.
      Arguably, in my course of study,Economists like other Social Scientists are sometimes confronted with the charge that their discipline is not a science. Human behaviour as it is said cannot be analysed with the same objectivity as the behaviour of atoms and molecules. Value judgements, philosophical preconceptions and ideological biases unavoidably interfere with the attempt to derive conclusions that are independently on the particular Economist espousing them. This now brings us to the “Ceteris Paribus Rule”. meaning conclusions from the models gathered by an Economist can be verifiable if all things being equal as regards to the initial experiment.Economics is therefore a science dealing with observations and experimentations, covering all spheres of life.

      CONTRIBUTION OF A BEHAVIOURAL ECONOMIST TO ECONOMICS PROFESSION
      Behavioural Economists have solely contributed to economic profession at large as they deal with the most crucial aspect of Economics “Human Behaviour”. They specialise in a field of study which combines Economics, Sociology , Neuroscience and Psychology to create a micro–economic theory frameworks to understand how Economic Agents make decisions partaking to the economy.In their course of study,they figure out that before a decision is made ,there needs to be a minimum of two options. They study to understand why an option is picked at the expense of the other,some of which may be an irrational decision as regards some factors namely;
      *Mental accounting,whereby an economic agent (a consumer) places different values on the same amount of money based on subjective criteria e.g, the consumer’s willingness to pay more for goods when using credit cards than if paying with cash.
      *Anchoring,whereby an economic agent rely too heavily on the first information they learn e.g, a consumer sees a shoe of $200 and sees another for $50 he or she sees it as being cheap.
      *Herd behaviour, this has to do with following the crowd.
      *Framing effect,in this regards economic agents make decisions based on how they are presented to them.
      *Present bias is the inclination to prefer a smaller present reward to a bigger later reward i.e in the case of a smoker,who knows the aftermath of smoking but continues due to addiction.
      *Gambler’s fallacy also known as Monte Carlo fallacy,reveals that decisions are made based the results of past events. Etc….However,having looked at the reasons why certain decisions are being made by economic agents, it is the sole responsibility of a Behavioural Economist to employ strategies or methods for the solving the problem of irrationalities in decision making process. These strategies are applicable both before and after the decision is being made,which ensures that decisions made are completed by first considering the cost, risk and benefits of making that decision rather than being based on individual desires leading to curtailment of various Economic Problems that may arise,which is the sole aim of the phenomenon Economics.Therefore,it will tend to develop the economy of the country at large.

  233. Avatar Name :Sunday Daniel Chimaobi says:

    1•Economics as a branch of social science, it’s a scientific study according to sir Lionel Robbins, who proposed a highly influential definition of subject matter economics, as a relationship between ends and scarce means which have alternative uses. Economics is something humans cannot do without, it’s a day-to-day operations . According to mine own perspective view. economics simply means a social science or philosophy however that deals with scarce means, production, distribution, interactions of values between producers and consumers in achieving mutual benefits (economy growth ).

    2•Behavior economist draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models .because humans are emotional and easily distracted beings, therefore make decisions that are not in their interest .behavior economics shed light on most everyday activities, and why we consume goods and services the way we do, why we make certain choices about ourselves or others and how we decided courses of actions

  234. Mbibe Martha Queen
    20688432BF
    mbibefrancis8@gmail.com

    What is Economics ??
    Economics is the study of the economy, which can be analysed as a social science concerned with the way the society chooses to employ it’s limited resources, which have alternative uses to produce goods and services for the present and future consumption.
    From the definition of economic, we can see that economics can further be emphasized on.
    First, economics is a “social science”. This simply means that economics is different from experimental science such as; biology, chemistry and physics. This implies that economics is the science of human behavior and his activities in the society.
    Second, ” The society resources are “limited”. This means that people everywhere want more goods and services than there are resources to produce them. Humans are always in need and the economy’s human and material resources are scare, relative to the economy’s wants. And so, in order to solve this limited resources, the society must learn how to use the limited resources available to solve as many wants as possible.
    Thirdly, we say that resources have alternative uses. “This simply implies that one resource can be used for more than one purpose.
    To conclude, we can therefore come to an agreement that, economics is the study of people and how they make decisions, how much they work, what they buy, how much they save and how they invest in their savings. And how people interact with one another.

    What is BEHAVIORAL ECONOMICS?
    Behavior economics is the study of the relationship of human beings, their actions and reactions to each other or their fellow human beings.
    This reactions affects the respective individual, their community and the integrity of nations( Global)
    CONTRIBUTIONS
    The behavior of these behavioral scientist(economist) has a variety of contribution to the study of economics and economist profession.
    1. The behavioral economist contribute to the economic and economic development of the community and the nation in general. This relates to the available resources, its relevance application for the variability of the community and the nation in general.
    2. The economist also organizes the production of goods and services for the overall development of the economy in general. This study, affects principally the raw materials, goods there off, its and its financial values and its effects to the community.
    3. A behavioral economist seeks to explain why an individual decided to go for choice “A” instead of choice “B”. Because humans are emotional and easily distracted beings, they make decisions that are not in their self interest. So an economist contributes here by advising humans on how to make decisions, since humans are not rational and are incapable of making good decisions.
    4. They contribute by trying to make sense of persistent violations of the standard model for economics.

    • Avatar Name: Sunday Daniel chimaobi says:

      Department:philosophy
      Reg no:20122342DF
      Email: mullerjackson344@gmail.com

      1•Economics as a branch of social science, it’s a scientific study according to sir Lionel Robbins, who proposed a highly influential definition of subject matter economics, as a relationship between ends and scarce means which have alternative uses. Economics is something humans cannot do without, it’s a day-to-day operations . According to mine own perspective view. economics simply means a social science or philosophy however that deals with scarce means, production, distribution, interactions of values between producers and consumers in achieving mutual benefits (economy growth ).

      2•Behavioral economist draws on psychology and economics to explore why people sometimes make irrational decisions, and why and how their behavior does not follow the predictions of economic models .because humans are emotional and easily distracted beings, therefore make decisions that are not in their interest .behavioral economics shed light on most everyday activities, and why we consume goods and services the way we do, why we make certain choices about ourselves or others and how we decide courses of actions ,it is an incredible lens that exposes our inner biases and approaches to decision-making.

  235. Avatar Ani Chinenye Christianah says:

    Name: Ani Chinenye Christianah
    Department: Philosophy
    Reg.no 21347085CA

    1.Alfred marshal defined economics as a study of mankind in the ordinary business of life,he sees economics as a study of wealth and study of man.
    Lionel Robbins said economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    John Staurt also defined it as the science of dealing with the nature of wealth and laws of production and distribution while Adam Smith,who is known as the father of economics defined economics as an inquiry into the nature and cause of wealth of a nation..
    From the definitions put up by these economics scholars I will define economics as a social science that deals with human behavior in relation with a nation’s wealth and how individuals or the nation’s limited resources can be used to satisfy it’s unlimited wants.It is also a branch of studies concerned with the production, consumption and transfer of wealth.

    2.Behavioral Economics is the study of psychology as it relates to the economic decision making process of individuals and institutions.Behavioral economics allows economic professionals understand how market decisions are made and the mechanism that drive public choice.

  236. Avatar Okafor Wisdom Amamihechukwu says:

    Department: philosophy
    Reg no. : 20132721BA
    Name: Okafor Wisdom Amamihechukwu
    Email: okaforwisdom2020@yahoo.com

    1) Definition of economics;

    From my understanding economics is very a branch of social sciences which deals with the study of wealth on one side and on the other and more important side , a part of the study of man.

    2) Contribution of a behavioural economist to economics profession :

    Due to the fact that behavioural economics mainly contributes to decision making , it gives that idea, leverage and opportunity to several market research analyst, consultant and policy advisers e.t.c. These are normally areas that have been positively affected by behavioural economists.

  237. NAME :ALOKA ANITA NNEKA
    DEPARTMENT :COMBINED SOCIAL SCIENCE (Economics and Psychology)
    REG NUMBER :20853472IA
    EMAIL ADDRESS :alokaanita@gmail.com
    The general acceptable definition of Economics was given by Sir Lionel Robbin which states that Economics is a Social science thats studies human behavior as a relationship between ends and scarce means which have alternative uses.
    It studies how individuals, businesses, government and nations make choices about how to allocate resources.
    The principle of Economics is that human beings have unlimited wants and occupy a world of limited means, For this reason, the concepts of efficiency and productivity are held paramount by economists.
    Behavioural Economics studies consumer choices, market events and human psychology to help understand their decisions and to try to make more accurate Economic Models.
    It also studies the effects of psychology, cognitive, cultural and social factors on a the decision of individuals and institutions and how those decision vary from those implied by classical Economic theory.
    It principle have major consequences for how we live our lives.

  238. Avatar Charles ThankGod Ekenedilichukwu says:

    Name: Charles ThankGod Ekenedilichukwu ,

    Eco 101 ,

    Reg : 242137 , Department : Business education.

    Email : thank God Charles65@yahoo.cm ,

    1) Meaning of economics : To my own view –

    Economics simply mean, social science that studies, focus on human behavior , allocating limited resources to competing wants or need in order of there relative importance to achieve optimum level of benefit or utility to alternative uses .
    Further more, economics is a social science that studies creation of utility, material welfare which improves or ease the welfare of human being.

    2) . As an emerging economist :
    Behavioral economics is a school of thought that focus on bringing up suggestion, solution faced with the problem of allocating scarce resources to competing unlimited want or need.
    Secondly , behavioral economist contributes in solving problems that encompass basic concepts of economics ( want , scarce resource , allocation, choice ) in house hold level, firms , and government to achieve efficient management of scarce resources.

  239. Avatar Okafor wisdom amamihechukwu says:

    REG NUMBER: 20132721BA
    DEPT. Philosophy
    NAME: Okafor wisdom amamihechukwu
    EMAIL: Okaforwisdom2020@yahoo.com

    1) Definition of economics;

    From my understanding economics is a branch of social sciences which deals with the study of wealth on one side and on the other and more important side , a part of the study of man.

    2) Contribution of a behavioural economist to
    economics profession :

    Due to the fact that behavioural economics mainly contributes to decision making , it gives that idea, leverage and opportunity to several market research analyst, consultant and policy advisers e.t.c. These are normally areas that have been positively affected by behavioural economists.

  240. Avatar Okafor wisdom amamihechukwu says:

    Definition of economics;

    From my understanding economics is a branch of social sciences which deals with the study of wealth on one side and on the other and more important side , a part of the study of man.

    Contribution of a behavioural economist to economics profession :

    Due to the fact that behavioural economics mainly contributes to decision making , it gives that idea, leverage and opportunity to several market research analyst, consultant and policy advisers e.t.c. These are normally areas that have been positively affected by behavioural economists.

  241. Avatar Sylvanus favour chinagorom says:

    Name:sylvanus favour chinagorom
    Reg No:20684403CA
    Email Address:sylvanusfavourchi7@gmail.com
    MEANING OF ECONOMICS
    Economics is a social science subject concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments make choices about how to allocate resources.
    Economics directs heavily on the four factors of production, which are land, labour , capital, enterprise.

    MEANING OF BEHAVIOURAL ECONOMICS

    Behavioural economics is the study of psychology as it relates to the decision -making processes of individuals and institutions. It also studies consumer choice,market events and human psychology to help understand their decisions and try to make more accurate economic models. It describes economic decision- making .
    According to its theories , actual human behaviour is less rational, stable,and selfish than tradition normative theory suggest(see also homo economics)due to bounded rationality,limited self-control,and social preferences.

  242. Avatar Ogbu Philip Chukwuemeka says:

    Name; Ogbu Philip Chukwuemeka
    Reg No; 20681551DA
    Dept; Philosophy

    ( 1 ) Economics as a course of study in my own perspectives means the “study of man and business” this simply means that Economics is the study mankind, business and the economic activities of man.

    Economics as a social science subject is a vehicle used in carrying out man’s business, economic activities and the provision of man’s desires, needs and choices, at which the most pressing needs are satisfied in preference to the less important human wants and desires.

    ( 2 ) The contributions of a behavioural economist assists the government to examine and determine the expected income and expenditure of a given country.

    It enables economists to choose pressing wants among the numerous needs and desires using the scarce resources.

    Behavioural economist helps in the maximization of profits for businessmen by the application of economic principles in the day to day running of their businesses.

  243. Avatar Eke Joshua Okwuchukwu says:

    1 second ago
    NAME: EKE JOSHUA OKWUCHUKWU DEPARTMENT : ECONOMICS JAMB REGISTRATION NUMBER : 20033384DF.
    1. What does Economics mean to me?

    Economics to me is a Social Science which studies and shows how scarce or limited resources in the economy are allocated, managed and used to satisfy unlimited wants. It studies the behaviour of humans as regards to management of scarce resources. It involves the interaction between/amongst the economic agents; producers, consumers or/and the influencers of the capital markets and the economy as a whole. It studies the rationality of individuals/buyers as regards to choice making and satisfaction of their wants as well as their efforts in getting/deriving maximum satisfaction/utility. It also entails the conditions that affects the decision making of consumers/buyers.

    2. As an evolving area, what will be the likely contribution of a Behavioral Economist to Economics Profession?

    It is a known fact that the main focus of the Economics Profession is dependent on the relationship between two major things and they are scarce/limited resources and unlimited wants. Now, a Behavioral Economist has his/ her basis on psychology (study of the human mind) as well as the analysis of consumer behaviour, with relations to these scarce resources and unlimited wants. A Behavioral Economist through his/her analysis of human behaviour, can help to decode or figure out consumer buying pattern, consumer choices and preferences. This can help the Economics Profession in the sense that it answers the questions “what to produce”, “how to produce”, and “for whom to produce”. When the above listed questions are answered, it helps in resources management. Much resources are no longer put in the production of less relevant (unwanted) products/commodities. Also, the needs of the buyers are met because there is the availability of the products that can satisfy their needs. Also, because humans are unpredictable and their behaviours varies and changes over time, a Behavioral Economist makes adjustments to his research pattern to get the desired result. This goes a long way in helping the Economics Profession.
    Repl

  244. Avatar Ogbu Philip Chukwuemeka says:

    Name; Ogbu Philip Chukwuemeka
    Reg No; 20681551DA
    Dept; Philosophy
    Email; ogbuphilipchukwuemeka@gmail.com

    ( 1 ) Economics as a course of study in my own perspectives means the “study of man and business” this simply means that Economics is the study mankind, business and the economic activities of man.

    Economics as a social science subject is a vehicle used in carrying out man’s business, economic activities and the provision of man’s desires, needs and choices, at which the most pressing needs are satisfied in preference to the less important human wants and desires.

    ( 2 ) The contributions of a behavioural economist assists the government to examine and determine the expected income and expenditure of a given country.

    It enables economists to choose pressing wants among the numerous needs and desires using the scarce resources.

    Behavioural economist helps in the maximization of profits for businessmen by the applications of economic principles in the day to day running of their businesses.

  245. Avatar Orji Chinecherem jacinta says:

    Name: ORJI CHINECHEREM JACINTA
    Reg:20643568EA
    Email: orjichinecherem13@gmail.com

    MEANING OF ECONOMICS
    Economics is the study of scarcity ..it studies human ownership,use and exchange of scarce resources…it studies how people interact with values…the science of material well being.
    According to Adam Smith ..he sees economics as the study of “wealth’.
    Scarcity,choice ,scale of preference, opportunity cost are some of the basic concept in economics.

    MEANING OF BEHAVIORAL ECONOMICS.
    Behavioral economics is the psychological part of economics,the connection between psychology and economics have a long history which have been discussed by many…

    psychology is the study of variables,hence behavioral economics studies human variability in decision making..
    -It studies the psychological dimension of economic decision making.
    -It attempts to understand the effect of individual psychological process, including emotions,norms,and habits on individual decision making in a variety of economic contexts.
    – Behavioral economics has revealed that the unpredictability of consumers will almost certainly maintain an unpredictable market .
    – It studies the effect that psychological factors have on the economic decision making process of individuals.
    – Behavioral economics offers suggestions as to how individuals can be nudged towards more effective decision making.

  246. Avatar john okechukwu james says:

    name: john okechukwu james
    Reg no : 21445019hf
    Department: Social science Education ( Education and Economics)
    Email: sponkybrown3@gmail.com
    Title: meaning of Economics and Behavioral Economics

    According to Samuelson ” Economics is the study of how people and the society choose, with or without the use of money,to employ scarce productive resources which could have alternative use, to produce various commodity over time and distribute them for consumption now and over in the future among various person and Groups of society.
    *Economics is the social science thst studies how people interact with value in particular the production, distribution and consumption of goods and services.Economics focuses on the behavior and interaction of economics agents and how economic works.

    *Behavioral Economics study consumer choices, market events and human phycology to help understand their decision and try to make move accurate economics model
    *Behavioral Economics attempt to unite the field of behavioral phycology and economics.

  247. Avatar Eke Joshua Okwuchukwu says:

    NAME: EKE JOSHUA OKWUCHUKWU
    DEPARTMENT : ECONOMICS
    JAMB REGISTRATION NUMBER : 20033384DF.

    1. What does Economics mean to me?

    Economics to me is a Social Science which studies and shows how scarce or limited resources in the economy are allocated, managed and used to satisfy unlimited wants.
    It studies the behaviour of humans as regards to management of scarce resources.
    It involves the interaction between/amongst the economic agents; producers, consumers or/and the influencers of the capital markets and the economy as a whole.
    It studies the rationality of individuals/buyers as regards to choice making and satisfaction of their wants as well as their efforts in getting/deriving maximum satisfaction/utility.
    It also entails the conditions that affects the decision making of consumers/buyers.

    2. As an evolving area, what will be the likely contribution of a Behavioral Economist to Economics Profession?

    It is a known fact that the main focus of the Economics Profession is dependent on the relationship between two major things and they are scarce/limited resources and unlimited wants.
    Now, a Behavioral Economist has his/ her basis on psychology (study of the human mind) as well as the analysis of consumer behaviour, with relations to these scarce resources and unlimited wants. A Behavioral Economist through his/her analysis of human behaviour, can help to decode or figure out consumer buying pattern, consumer choices and preferences. This can help the Economics Profession in the sense that it answers the questions “what to produce”, “how to produce”, and “for whom to produce”. When the above listed questions are answered, it helps in resources management. Much resources are no longer put in the production of less relevant (unwanted) products/commodities. Also, the needs of the buyers are met because there is the availability of the products that can satisfy their needs.
    Also, because humans are unpredictable and their behaviours varies and changes over time, a Behavioral Economist makes adjustments to his research pattern to get the desired result. This goes a long way in helping the Economics Profession.

  248. Avatar Anusia Goodness Tochukwu says:

    NAME: ANUSIA GOODNESS TOCHUKWU
    DEPARTMENT: BUSINESS EDUCATION
    Reg no:21341284FA

    WHAT IS ECONOMICS?
    Economics, social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Economics is the branch of knowledge concerned with the production, consumption, and transfer of wealth. Economics is also the study of scarcity. It’s how people interact with value. Economics gives you tools to understand how people produce, distribute, and consume goods and services.
    According to Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”—ignoring the fact that sociologists, psychologists, and anthropologists frequently study exactly the same phenomena. Economic theory is referred to a well-reasoned business decisions to better understand competitive force
    Brief history of economics
    Economics thought goes as far back as the ancient Greeks and is known to have been an important topic in the ancient Middle East. Today, Scottish thinker Adam Smith is widely credited for creating the field of economics. However, he was inspired by French writers who shared his hatred of mercantilism. In fact, the first methodical study of how economies work was undertaken by these French physiocrats. Smith took many of their ideas and expanded them into a thesis about how economis should work, as opposed to how they do work.
    There are two branches to the study of economics:
    Micro economics: A firm or individual view of how companies and people make decisions.
    Macro economics: How entire economies (countries) interact and trade, how nations’ economies are structured, and the decision-making of economies writ large.
    WHAT US BEHAVIORAL ECONOMICS AND IT CONTRIBUTIONS?
    Behavioral economics studies the effect of pshycological, congnitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions very from those implied by classical economic theory. Richard Thaler is known as that founding father of Behavioral economics.
    It combines economics and pshycology to create a workframe to understand how and when people make errors.
    Behavioral economicsts make use of pshycologcial experimentation to develop theories about human decision making and has identified a range of biases as a result of the way people think and feel.
    CONTRIBUTIONS OF BEHAVIORAL ECONOMICST TO THE ECONOMY.
    Behavioral economicst handles issues and brings solution to effect management of scarce resources
    They help in analysing the behavior of the key players in the society i.e household, firm and government.
    They create frame work which will lead to the enormous increment of sales and commodities.
    They have the ability to merge economics and pshycology which help them in experimenting when, how and why individuals make irrational decisions.
    They are able to understand the reason why people behave in a particular way toward a choice and this provides them with essential materials to create a commodity that will satisfy both the Economic and pshycologcial aspect of the consumer.

  249. Avatar AJAEGBUEZE BONAVENTURE says:

    NAME:AJAEGBUEZE BONAVENTURE
    REG. NO:29810438FF
    EMAIL ADD.: ajaegbuezebonaventure4@gmail.com
    (1) Economics as a branch of social science means that, Economics is a science that studies human behavior. Sir.Alfred Marshall in 1890 defined economics as a study of mankind in the ordinary business of life .Sir Lionel Robbins in 1932, defined economics as a science which studies human behavior as a relationship between end and scarce means, which have alternative uses.
    Economics can be called a branch of social science because it also uses scientific method to build up theories that can help explain the behavior of economic agents..
    So, Economics is simply the scientific study of the use, ownership, management and exchange of scarce resources.

    (2) Behavioral Economist due to their mastery of both economics and psychology,they create a frame work to understand why,how and when people make errors. They also design,plan,teach,analyze and consult on economic business policies for a business. They also help in financial crisis.

  250. Avatar Ani Emmanuella Ngozi says:

    Name: Ani Emmanuella Ngozi
    Reg no:20633789BA
    Email:aniemmanuella2020@ gmail.com
    Dep: business education
    Economics has many definitions by different economics scholar
    According to Lionel Robbins, in his book nature and significanct of economic science, he states that Economics is the science that study’s human behaviors and actions as a relationship between ends and scarce means which have alternative uses
    2)Behavioral economics help an economist to know people say on a product,ie it is de study of consumer choice,market event And human psychology to help understand their decisions and to make more accurate economic model

  251. Edeh loveth ifeoma
    Department_combined social science
    Reg number_21427904FF
    1 Economic is a wide and dynamic subject which makes it extremely difficult to frame a generally acceptable definition but as a Future economist I will say that economic is a social science concerned with the production distribution and consumption of goods and services.it studies how individual, business, organization, government,and nations makes choice about how to allocate resources
    2 the contribution of a behavioral economist to economic profession is to explain why an individual decide to go for choice A instead of choice B, the reason why they make all this explaination is because humans are emotional and easily distracted beings they make decisions that are not in their self _interest

  252. Avatar Ani Emmanuella Ngozi says:

    Name: Ani Emmanuella Ngozi
    Reg no:20633789BA
    Email:aniemmanuella@ gmail.com
    Dep: business education
    Economics has many definitions by different economics scholar
    According to Lionel Robbins, in his book nature and significanct of economic science, he states that Economics is the science that study’s human behaviors and actions as a relationship between ends Nd scarce means which have alternative uses
    2)Behavioral economics help an economist to know people say on a product,ie it is de study of consumer choices, market event And human psychology to help understand their decisions and to make more accurate economic model

  253. Avatar Okechukwu precious says:

    NAME: OKECHUKWU PRECIOUS C.
    DEPT: BUSINESS EDUCATION
    FACULTY: VTE
    REG: 21362016DF
    Email: okechukwuprecious960@gmail.com

    Questions: 1. Economics as a branch of social sciences means so many things to many people. Drawing inspiration from the perspectives of other scholars, as an emerging economist and a scholar, what does economics mean to you?
    2. As an evolving area, what will be the likely contribution of a Behavioural Economist to Economics Profession?
    Answer:
    1. Economics is a social science that investigates how people interact with value, specifically how goods and services are produced, distributed, and consumed.it deals with the flow/circulation of money and resources in a particular geographical entity and at a given period of time…
    I feel like economics is the pillar of every state: that is because it studies the behavior and interaction of economics agents and how economies work.it is also a subject that helps us understand that human wants are insatiable (never satisfied)..

    2.firstly, behavioural economics refers to the study of psychology in relation to individuals’ and institutions’ economic decision-making processes.
    Behavioral economics investigates how psychological, cognitive, emotional, cultural, and social factors influence individual and institutional decisions, as well as how these decisions differ from those predicted by classical economic theory.
    A behavioral economist plays a vital role in the economic profession by helping clear economic errors and psychologically studying the effect of most economical decisions on citizens/masses… Without the behavioral economist in a given economy, such economy is bound to make mistake. So it’s the work of a behavioral economist is to evaluate and estimate the psychological effect of such decision and proffer solution to it before it gets out of hand

  254. Avatar Ajah Chinaza Precious. says:

    Department: Sociology and anthropology.
    1.The English word”economics” is derived from the ancient Greek word”oikonomia” meaning the management of a family or household. It is thus clear that the subject economics was first studied in ancient Greece.
    According to Greek philosophers like Aristotle, Economics was the study of wealth to the merchants. As time passed, different definitions have been evolved and can be conveniently grouped into three and they are:-
    a)Smith’s wealth definition: According to Adam Smith (1723-1790), Economics can be regarded as the science of wealth which studies the process of production, consumption and accumulation of wealth.
    b) Marshall’s welfare definition: According to Marshall, Economics can be defined as the study of men as they live and move and think in the ordinary business of life. He also said it is the study of wealth on one side and study of man too.
    c) Robbin’s scarcity definition: Robbin defined economics as the science which studys human behavior as a relationship between ends and scarce means which have alternative uses.
    In the view of all these, Economics can be defined as the study of scarcity,its relations to man’s behavior, problems to which scarcity gives rise to and ways to alleviate scarcity temporarily.
    2. LIKELY CONTRIBUTION OF A BEHAVIORAL ECONOMIST TO ECONOMIC PROFESSION
    Behavioral economics is the study of human mind in relation to economics. On relating to the economics profession, behavioral economists seek to explain why an individual opted in for choice A instead of choice B. Therefore they design,plan,teach, improve and consult about economic policy for an individual, business firms, government and also society at large. They also help develop and implement economic theories roooted in psychology.

  255. Avatar Ajah Chinaza Precious. says:

    Name: Ajah Chinaza Precious
    Reg no:20758816HA
    Email: ajahprecious137@gmail.com
    1. The English word”economics” is derived from the ancient Greek word”oikonomia” meaning the management of a family or household. It is thus clear that the subject economics was first studied in ancient Greece.
    According to Greek philosophers like Aristotle, Economics was the study of wealth to the merchants. As time passed, different definitions have been evolved and can be conveniently grouped into three and they are:-
    a)Smith’s wealth definition: According to Adam Smith (1723-1790), Economics can be regarded as the science of wealth which studies the process of production, consumption and accumulation of wealth.
    b) Marshall’s welfare definition: According to Marshall, Economics can be defined as the study of men as they live and move and think in the ordinary business of life. He also said it is the study of wealth on one side and study of man too.
    c) Robbin’s scarcity definition: Robbin defined economics as the science which studys human behavior as a relationship between ends and scarce means which have alternative uses.
    In the view of all these, Economics can be defined as the study of scarcity,its relations to man’s behavior, problems to which scarcity gives rise to and ways to alleviate scarcity temporarily.
    2. LIKELY CONTRIBUTION OF A BEHAVIORAL ECONOMIST TO ECONOMIC PROFESSION
    Behavioral economics is the study of human mind in relation to economics. On relating to the economics profession, behavioral economists seek to explain why an individual opted in for choice A instead of choice B. Therefore they design,plan,teach, improve and consult about economic policy for an individual, business firms, government and also society at large. They also help develop and implement economic theories roooted in psychology.

  256. Avatar Uzodiegwu Deborah chinelo says:

    Name: uzodiegwu Deborah chinelo
    Reg no: 20874513EA
    Department : Sociology and anthropology
    Email: duzodiegwu@gmail.com
    Meaning of economics
    Economics is defined as a science that deals with rational behaviour of human being seeking the most optimal level of benefit and utility

    Meaning of behavioural economics
    Behavioural economics deals with the tendencies that affect the decision that people make to improve tweak or overhaul traditional economic theory

  257. Firstly economics can be defined as a svope of science which studies human behavior and their relationship between ends and scares means which has alternative uses According to lionel robbins 1935 the most renowned father of economics. The ends in this means the needs of humans . the scarcity implies the gap between limited resources and theoretically limitless wants. It requires of how to allocate resources. Then the altetnative uses implies the use of products place of another one to five u same satisfaction for example using detergent .one can use waw in the steadof of klin.
    Economics is a social science because it uses scientific methods, theories and hypothesis used to explain these humans behaviors .
    Adam smith , a Social and economic philosopher also defines economics through science as an inquiry into the nature and causes of nations wealth , smith also defined it as a science of wealth .
    The keynesian macroeconomic theory was based on increased government expenditures and lower taxes to stimulate demand and pull the global economy out of the depression .
    So drawing from other perspective scholarsof economy , i see economy as a broad environmental subject which deals with everything concerning Financially and managerial aspects of human existence and behaviors.
    I also see it as a scope of science which deals in all aspects of human lives especially behaviors, like expenditures , managing of finance , structuring of budgets and stimulate the nations wealth and the existing relationship between them . for example , a man cannot just wake up one day and decides to open a store noo, he has to think it through like what to se and how yo manage that income
    2* firstly evolvement in economics implies that economic process evolve and they economic behavior is determined both by individuals ans society as a whole for example the nature of people living in an economic area , determines how economic productions are to be carried out . for example the use of models
    So as a behavioural economist, to economic proffession , my contributions are likely
    * Drawing from psychologh and economics to explorevwhy people sometimes make irrational decisions and how their behavior does not follow the predictions of economic models: because himans are emotional ams are Easily distracted beings, they makedecisions they are not in their self-interest .
    The ultimate goal of the economist is to predict future behavior. For example by using a demanding and supply model and by putting real data and information about the housing market . economist can show tjat small fall in bank can trigger the behavior that leads to a significant fall in house ownership.
    * Gather theoretical and hypothetical data to put into models . models must be tested to the real world like the happening events in our economic environment which means bringing real events with reassuring statistics . in this instance , a model can be imptoved and revised when necessary.

  258. Avatar Okolie uchenna Anthony says:

    Name : Okolie Uchenna Anthony
    Reg no: 21276005cf
    Dept: Business education

    1.resources are quite limited .Economics ,is the study of how humans uses the the available limited resources .its a social science that discusses how goods are produced , distributed and consumed .it can also be defined as a social science study of human behavior in relation to ends and scarce means which has alternative uses.

    2. Behavioral economics has to to with the study of attitude of persons or group as it relates to economic decision making ,its a method of economic analysis that applies psychological insights into human behaviour to explain economic decision-making.

  259. Avatar Agu Juliet Ebube says:

    1 .Economics : is a social science concerned with the production ,distribution ,and consumption of goods and services. It studies how individuals ,government and nation make choices about how to allocate resources .

    2. Behavioural Economics : is the study of psychology as it relates to the economic decision _making process of individuals and institutions .

  260. Avatar Nweze Kingsley Ifeanyi says:

    Name: Nweze Kingsley Ifeanyi
    Reg no: 20679046BF
    Email: nwezekingsley2020@yahoo.com

    Eco 101 assignment answers
    1. What is the meaning of economics?
    From my own perspective, economics is science that enables human being to make use of the limited available resources in supply to satisfy their unlimited and numerous wants. it’s the study of how we can use scarce resources to satisfy our unlimited wants in the society.
    Almost all our prominent Economists scholars emphasized on resources and human beings while giving there different definitions and meaning of economics.
    According to Lionel Robbins (1932) Economics is a science which studies human behavior as a relationship between ends and scarce mean which have alternative uses.
    J.B.Say (1803) defines Economics as the science of production, distribution and consumption of weath.
    Adams smith the father of economics defined economics as the science of wealth in “The Wealth of Nation”

    2. Behavioral Economics studies the effect of psychological, cognitive, emotional,cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied by classical economics theory.
    It helps to draws on psychology and economics to explore why people sometimes makes irrational decisions, and how and why their behavior does not follow the predictions of economic models.
    It is an incredible lens that exposes our inner biases and approaches to decision making.

  261. Avatar Name: Cono Chinemerem Elizabeth says:

    Jamb reg no.- 29787831EA
    Department- Philosophy

  262. Avatar Uba chibuike victor says:

    Uba chibuike victor
    21459849CF
    Victoruba237@gmail.com

    1. Economic is the social science which studies human behavior as a relationship between ends and scarce means which have alternative uses. It shows how individuals, businesses, government and nations make choice about how to allocate resources.

    2. Behavioral economics is the study of economic decisions-making by individuals and institutions.
    The field of behavioral economics studies and describes economics decisions making, it’s also study the psychology factor on the decision of individuals and institutions and how those decisions vary from those implied

  263. Avatar ODOH MMESOMA JESSICA says:

    NAME: ODOH MMESOMA JESSICA
    DEPARTMENT: COMBINED SOCIAL SCIENCES (ECONOMICS AND PHILOSOPHY)
    JAMB NUMBER: 22001056GF

    MEANING OF ECONOMICS
    Economics according to Lionel Robbins(1932), is a social science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
    However, economics requires people to make decisions about how to allocate resources efficiently in order to satisfy basic needs and as many additional wants as possible.

    MEANING OF BEHAVIOURAL ECONOMICS
    Behavioural economics is a field of economics that emphasizes the importance of how individuals behave in certain context and how those behaviors affect their decision making.
    Behavioural economics is often related with normative economics.

  264. Avatar Cono Chinemerem Elizabeth says:

    1: No one has ever succeeded in neatly defining the scope of economics. Many have agreed with Alfred Marshall, a leading 19th-century English economist, that economics is “a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment, and with the use of the material requisites of wellbeing”. Overlooking the fact that sociologists, psychologists, and anthropologists frequently study exactly the same thing.
    As an emerging economist and a scholar, to me, economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. Economics plays a role in our everyday life. Studying economics enables us to understand past, future and current models, and apply them to societies,governments, businesses and individuals.

    2: A behavioral economist can work in almost every sector and industry. This job combines economics and psychology to create a framework to understand how and when people make errors. You design, plan, teach, improve, and consult about economic policy for a business.
    A behavioural economist sheds light on our every day activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action. They help to expose our inner biases and approaches to decision-making.

  265. Avatar OKorafor Chinonyerem Mgbo says:

    Name: OKorafor Chinonyerem Mgbo
    Jamb Reg: 29779667BA
    Dept: Economics
    1. Economics to me means a social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumers’ unlimited wants and desires. Economics is a value-free, theoretical science of human action (praxeology) under the condition of scarcity.

    2. Behavioral economics is a form of economics contrasting itself with Neo-Classical economic model that considered actors unbounded rationally, with unbounded willpower, and unbounded selfishness. Behavioral economists seek to explain observed data psychologically

  266. Avatar Dike Akuoma Promise says:

    NAME: DIKE AKUOMA PROMISE
    FACULTY: SOCIAL SCIENCES
    DEPARTMENT: ECONOMICS
    REG NUMBER: 20003605GF
    EMAIL ADDRESS: dikeakuoma@gmail.com

    ANSWERS
    1. Economics I know is a branch of social science. So,as an emerging scholar and economist, I can say that “Economics can be defined as a field of study that elaborates on human interaction based on the basic concepts of life. As human beings, Economics has made us to understand that there’s need for a relationship which is the social part of life because without a buyer there can’t be a seller and vice versa and this means there’s need for an interaction for human survival.

    2. First of all, behavioural economics is a branch of economics that relates psychology with economics, both as a field of study. From the definition above, I can say that ” Behavioural Economist who are still evolving will contribute real good to human life because, this aspect of economics will bring human minds to the knowledge that changes(both positive and negative) are likely to occur in any aspect of life ,and those changes can affect schedules and decision makings; so when humans become aware of this,they tend to prepare for such outcome or possibility and also adjust when they arise and still get the satisfaction they desire.

  267. Avatar NNAMANI RONALD CHINEDU says:

    NAME: NNAMANI RONALD CHINEDU.
    REG NO:20643783BA.
    DEPARTMENT: PHILOSOPHY.
    EMAIL: nnamanironaldchinedu@gmail.com

    No1: Economics according to my understanding is a social science that studies how the society, individuals, organizations and government uses it’s scarce or limited resources to satisfy their excessive or unlimited wants. Economics also deals on how goods and services in the society are being produced,distributed and consumed by individuals.

    No2: Behavioral economists contribute greatly to economics profession because they have a clear knowledge of the behavioral status of the society and this helps the economics profession to know the commodities needed by the society and how to utilize it’s limited resources during production.

  268. Avatar Onoka Esther Chika says:

    Name: Onoka Esther Chika
    Reg no:20682691DA
    Department: Combined Social Sciences (Economics and Psychology)

    (1)
    Drawing inspiration from the perspectives of other scholars,as an emerging economist,what does economics mean to you
    As an emerging economist,I will define economics as a school of thought which helps economic agents and economists in making decisions in order to be able to meet up with their numerous needs and wants, avoid wastage of economic resources.
    It is a school of thought because school of thought simply means a way of thinking by a group of people who shares a common ideologies,and economics teaches us how to think.

    (2)
    As an evolving area, what will be the likely contribution of Behavioural Economist in the Economics Profession.
    First and foremost,who is a Behavioral Economist?.A Behavioural Economist is an economist whose utmost duty is to carry out research and provide answers on how economic agents react to different situations and what could be the reason behind the people’s reactions. With the knowledge on who a behavioral economists is,I will say that some of the likely contributions of behavioural economist includes the following
    (1)A behavioral economists will help to study and observe the reasons why economic agents behave and react differently to some situations,they help to create policies on how to maintain a good customer service in an organization.
    (2)A behavioral economists will reduce the rate of resource wastage in the economy.they can help economic agents/government make decisions that will favour them.
    (3)They will help some sectors of the economy such as the manufacturing sector,take decisions that will benefit the economy

  269. Avatar Okondugba-solomon Emmanuella says:

    Name:Okondugba-solomon Emmanuella. T
    Reg no:2018/245786
    Department:Economics
    Email address: ellabeautiful67@gmail.com

    1. First and foremost, Economics has to do with the understanding of an “Economy”. An Economy consists of buyers and sellers. In my own simple words, Economics can simply be defined as a scientific study of Human beings in a geographical area, especially in terms of production and consumption. As similar as human beings are (physically), every human being also possess different characteristics. Economics is that science that studies these various human behaviours.

    2.As a future professional Economists, carefully studying the economy in order to know and understand the “common” wants and needs of various human beings, and how best to ensure it’s availability and affordability for them, in ways that would benefit at least 90% of them, would be one of my major contributions to the Economic profession.
    Like I said earlier, people in an economy vary in so many ways and aspects of life. But one also needs to understand that in an economy, where wants and needs are unlimited, and even in the presence of scarcity, these same people might also share a common interest on particular commodities or services, but not all can afford these things. Still also doesn’t change the fact that they actually need it…
    If Economists could figure out ways to ensure that these necessities are not just available, but are also affordable to alot of people, irrespective of their financial status, and also in ways that would be beneficial to both buyers and sellers in an economy, I believe it wouldn’t be extremely difficult to survive.

  270. Avatar Name ; Agu Juliet Ebube says:

    Economics is the social science cocerned with the production distribution and consumption of goods and services. It studies how individuals , business, government and nations make choices about how to allocate resources.

    Behavioural Economics studies the psychological cognitive ,emotional, cultural and social factors on the decisions of individuals and institutions and how does decisions vary those implied by classical economic theory .

  271. Avatar Obidinma Samuel Reg no. 20717726df says:

    1.Economics is the study of mankind in the ordinary business of life. It is is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
    It studies how individuals, businesses, governments, and nations make choices about how to allocate resources.
    2. I think,Behavioral economics sheds light on most every day activities and why we consume goods and services the way we do, why we make certain choices about ourselves or others, and how we decide courses of action. It is an incredible lens that exposes our inner biases and approaches to decision-making.

  272. Avatar Charles ThankGod Ekenedilichukwu says:

    Name : Charles ThankGod Ekenedilichukwu
    ECO 101
    Reg : 242137
    Email : thankgodcharles65@yahoo.com
    Department : Business education

    1).
    Meaning of economics : to my own view
    Economics simply mean, social science that studies , focus on human behavior, allocating limited resources to competing wants or need in order of there relative importance to achieve optimum level of benefit or utility to alternative uses.
    Further more , economics is a social science that studies creation of utility , material welfare which improves or ease the welfare of human being .

    2) As an emerging economist:
    Behavioral economics is a school of thought that focus on bringing up suggestion, solution faced with the problem of allocating scarce resources to competing unlimited want or need.
    Secondly , behavioral economist contributes in solving problems that encompass basic concepts of economics ( want, scarce resources, allocation , choice ) ; in house hold level, firms , government to achieve efficient management of scarce resources.

  273. Avatar Okoh Matthew Chibuike says:

    Name: Okoh Mathew Chibuike
    Reg. number: 20680385GF
    Dept : Philosophy

    1) The word economics comes from the ancient Greek (Oikonomia) means management of household, administration.
    But, according to Harper, it is the social science that analyzes the production, distribution and consumption of goods and services. In the words and definitions according to a great ancient economist, Adam Smith, it is an inquiry into the nature and causes of natures.
    In my opinion, economics is the scientific application of knowledge to the ownership, judicious use and exchange of insufficient materials among, and to the economics unit.

    2) Firstly, what is behavioural economics?
    It is the area of economics that studies the effects of psychological, cognitive, emotional, cultural and social factors on the decisions of individuals and institutions and how those decisions vary from those implied and classical economic theory.
    As a behavioural economist, you start by studying the nature of the evolving area critically and intensively. As well advising the government on how to sagaciously distribute the welfare to the average economics unit (the poor masses) and as well on the development of the country in all sectors, economically, educationally, politically. Hardly will I forget, even in health sector. For the promotions of lives, for a healthy man is a wealthy man. Thanks!

  274. Avatar Okondugba-solomon Emmanuella .T. ...Reg no:2018/245786....Department:Economics says:

    1. First and foremost, Economics has to do with the understanding of an “Economy”. An Economy consists of buyers and sellers. In my own simple words, Economics can simply be defined as a scientific study of Human beings in a geographical area, especially in terms of production and consumption. As similar as human beings are (physically), every human being also possess different characteristics. Economics is that science that studies these various human behaviours.

    2.As a future professional Economists, carefully studying the economy in order to know and understand the “common” wants and needs of various human beings, and how best to ensure it’s availability and affordability for them, in ways that would benefit at least 90% of them, would be one of my major contributions to the Economic profession.
    Like I said earlier, people in an economy vary in so many ways and aspects of life. But one also needs to understand that in an economy, where wants and needs are unlimited, and even in the presence of scarcity, these same people might also share a common interest on particular commodities or services, but not all can afford these things. Still also doesn’t change the fact that they actually need it…
    If Economists could figure out ways to ensure that these necessities are not just available, but are also affordable to alot of people, irrespective of their financial status, and also in ways that would be beneficial to both buyers and sellers in an economy, I believe it wouldn’t be extremely difficult to survive.

  275. Avatar Ugwuoke mmesoma joy says:

    Ugwuoke mmesoma joy
    20162590AF
    Joyugwuoke704@yahoo.com
    Definition of economics: Economics can be defined as the study of how people allocate to satisfy unlimited desires.lt is also the study of how people make choices.lt is concerned with the production, distribution and consumption of goods and services.Economics includes the study of labour,land and production, and of tasks and government expenditure
    Behavioral economics is the study of psychological, cultural, emotional and how decision and attitude vary from those economic theorem.Behavioral economic can create a framework to understand how and when people make errors.lts improve,design and consult about policy for business.

  276. Avatar Attamah juliet chinaza .reg no 29758713ja says:

    Behavioral economic is the study of economic decision making by individuals and institutions.it studies consumers choice, market event and human psychology to help understand their decisions and to try to make make more accurate economics attempts to unite the fields of behavioral psychology and economics. Behavioral economics is primarily concerned with the bounds of rationality of economic agents. How market decisions are made and the mechanisms that drive public choice .

  277. Avatar Okafor Chioma Nancy says:

    Okafor Chioma Nancy
    JAMB Reg. No: 21422810GF
    Email: nancyokafor2000@gmail.com

    1. what does economics mean to you?
    Economics to me, has to do with the study of how scarce resources are efficiently allocated among the various economic units so as to achieve a considerate balance between demand and supply. Economics looks at or studies the human behavior in reaction to certain changes in their economy such as increase in in the prices of goods and services, fluctuations in interest rates and so on.
    Through the study of economics, we are able to understand better, economic decisions taken, the reason for taking them and the consequences of said decisions.

    2. what will be the contribution of behavioural economists to the economic profession?
    A behavioural economist is a specialist that studies the effect of psychological, emotional, cultural and even social factors on the economic decisions of individuals and institutions. In other words, he looks at how market decisions are made and the mechanism that influences public choice.
    With the introduction of behavioural economics, the conventional assumption that all human beings make rational choices aimed at maximizing profit will be slowly rectified as more and more researches show that people tend to make decisions based on their emotions, that is, how they feel.
    Behavioural economists through the concept of nudging will be able to make effective economic policies that bring about desired outcomes in the economy. With their knowledge on psychology and neuroscience, they know how to manipulate the mind in order to achieve their aim. As economists, we look for ways to achieve equitable distribution of wealth and this can be done through implementation of good policies which in turn shows the need of behavioural economists.

  278. Avatar Name ; Agu Juliet Ebube says:

    Economic

  279. Avatar Okeke Juliet says:

    Okeke Juliet
    Reg no: 21331434JA
    Email: mhizjuliette24@gmail.com

    1. Economics is a social science that studies human behavior as a relationship between ends and scarce means. Economics is the study of scarcity and choice, how our scarce resources are used in satisfying our numerous and unlimited wants and also the choices we make due to our limited resources.

    2. A behavioral economist is likely to propound theories about human decision making and judgement which will help economics profession.

  280. Avatar Attamah juliet chinaza .reg no 29758713ja says:

    Definition of Economic by Adam Smith regarded economics as a science of wealth which studies the process of production, consumption and accumulation of wealth. To him, wealth may be defined as those goods and services which command Value -in -exchange. Definition of Economic by English word.Economic is derived from ancient Greek word oikonomia -meaning the management of a family or a household. Definition of Economic by Cairncross economics is a social science studying how people attempt to accommodate scarcity to their wants and how these attempts interact through exchange ,By linking ” exchange” with “scarcity “.

  281. Avatar Charles ThankGod Ekenedilichukwu says:

    1). Eco 101 .
    Meaning of economics : To my own view .
    Economics simply mean , social science that studies, focus on human behavior , allocating limited resources to competing wants or need in order of there relative importance to achieve optimum level of benefit or utility to alternative uses .
    Further more , economics is a social science that studies creation of utility , material welfare which improves or ease the welfare of human beings .

    2) As an emerging economist :
    Behavioral economics is a school of thought that focus on bringing up suggestion, solution faced with the problem of allocating scarce resources to competing unlimited want or need .
    Secondly , behavioral economist contributes in solving problems that encompass basic concepts of economics ( want , scarce resources, allocation , choice ) ; in house hold level , firm , and government to achieve efficient management of scarce resources .

  282. Avatar Magbo Chidimma Joy says:

    Name: Magbo Chidimma Joy. Reg No: 20633631EA Department: Education Economics. Email: joychidimma961@gmail.com 1. Economics is the branch of knowledge concerned with the production consumption and transfer of wealth. It is also a social science concerned with distributionof goods and services, it’s studies how individuals, business government and Nations make choices about how to allocate resources. The building blocks of Economic are the study of labour and trade. 2 Behavioural Economics is a method of Economic analysis that applies psychological insights into human behaviour to explain Economics decision making. It is also the study of psychology as it relates to the Economics decision making process of individuals and institutions. Behavioural Economics is often related with Normative Economics. 3.Contribution of behavioural Economics to Economics profession are: iThey explain why individuals make decisions e.g To explain why an individual decided to go for choice A instead of choice B. ii Behavioural Economics sheds light on most everyday activities and why we consume goods and services the way we do and how we decide courses of actions. It is an incredible lens that exposes our inner biases and approaches to decision making.

  283. Avatar Orji David kenechukwu says:

    Name: Orji David kenechukwu
    Reg no :20173928DA
    Email: davidorji2002@gmail.com
    Department : Economics

    Question 1: Economics as a branch of social sciences means so many things to many people drawing inspiration from the perspective of other scholars as an emerging economist and a scholar, what does economics means to you ?
    Answer :
    Economics has many definitions. It is sometimes said that there are as many definitions of Economics as there are economists. Many scholars such as Adam Smith who is regarded as ‘the father of Economics’ ,Davenport, J.S.Mill, A.C.Pigou , Alfred Marshall ,Professor Lionel Robbins e.t.c defined economics from their own different point of view. The most widely accepted definition of economics is that of Professor Lionel Robbins which he defined as a social science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Drawing inspiration from the perspective of other scholars , I can define Economics as a social science which adapt scientific method to study human behavior relating it to the limited resources and how they (limited resources) can be properly utilized to ensure maximum satisfaction. Unlike other pure sciences which it’s experiments are measured being controlled that of economics are not being controlled because it involves human behavior which is unpredictable.

    Question 2: As an evolving area ,what will be the likely contribution of a behavioural Economist to Economics profession
    Answer : Behavioural economics is primarily concerned with the bounds of rationality of economic agents. Behavioural models typically integrate insights from Psychology, Neuroscience and Microeconomics theory. The study of behavioural economics includes how market decision are made and the mechanisms that drive public choice.
    Behavioural economics studies how individual social, cognitive and emotional biases influence economic decisions.
    Policy makers often suggest that providing more information to consumers will help them make better decisions and avoid those impediments.

  284. Avatar Ezemma Honest Chinaza says:

    EZEMMA HONEST CHINAZA
    DEPARTMENT: COMBINED SOCIAL SCIENCE ( ECONOMICS AND PSYCHOLOGY)
    REG NO: 21536287CA

    1.Economics is the study of how a society uses it’s limited resources. Economics is a social science that deals with the production, distribution and consumption of goods and services. Economics focuses heavily on the four factors of production, which are land, labour, capital and Enterprise. These are the four ingredients that make up economic activity in our world today and can each be studied individually. So according to what I said earlier, it has been defined by many contemporary classical and neo – classical schoolers. But according to my definition, it deals mainly on scarcity.

    2. Behavioral economics tackles the intricacies of human behavior and decision – making. The field of behavioral economics examines each of these day – to – day choices, resulting in a progress understanding of human behaviour that combines both Psychology and Economics.

  285. Avatar Amara marvelous Ezeilo says:

    NAME:AMARA MARVELOUS EZEILO
    REG NUMBER: 21981573BA
    E-MAIL:marvellousamara88 @gmail. com.
    1.DEFINITION OF ECONOMICS.
    Economics originated from a Greek word ECO and NOMO meaning HOME and ACCOUNT.For the past years many scholars have defined economics in different ways for example
    * ADAM SMITH defined it as the study of wealth and wealth of a nation.
    *FRITZ MACTULP also said economics comes in whenever more of one thing means less of another.
    Me as a scholar defines economics as how individuals in their variability allocate their resources, invest their capital and manage their consumption with the different factors surrounding production.How they are able to differentiate their needs from wants and vise versa with an alternative means.
    2.The contribution of a behavioural economist:
    Behavioural economist helps to elaborate on the minds and choice of the people. they go beyond the scope of economics, it becomes more of psychology in economics. people tend to have different wants and needs so behavioural economist tends to create a stable market,production and satisfaction of the people wants and needs.

  286. Avatar Umeh chukwuebuka valentine says:

    Name: Umeh chukwuebuka Valentine
    Jamb reg num 20171227EF
    Email Valentinemighty35@gmail.com

    1 Economics is a social science subject concerned with the production distribution and consumption of goods and services.economics studies how individuals, government, businesses and Nations make choices about how to allocate resources.Economics focuses on the human act with a rational behaviour seeking the most optimal level of benefit or utility
    2 Behavioral economics can also be called the study of human mind (psychology).Behavioral economics seek to explain why an individual decided to go for choice C , instead of choice B and the knowledge of behavioral economics helps individual in making the right choice.

  287. Avatar Isife Sopuruchukwu Esther says:

    Name:Isife Sopuruchukwu Esther
    Reg no: 21273370JA
    Dept: Philosophy

    Economics so far has been referred to so many things by many economists.Economics can be defined as a social science that studies human behaviour.It is a social science because it deals with human behaviour and how man deal with problems of scarcity.
    It can also be referred to as a social science that’s concerned with the production , distribution and consumption of goods and services.
    According to Alfred Marshall he describe economics as the science which studies human behaviour as a relationship between ends and scarce means which has alternative uses. As social sciences evolved over the last 100 years ,they became increasingly spealised.
    Therefore economics can be said to explain economic behaviour,which arises when scarce resources are exchanged.
    2.Behavioral economics studies effects of psychology, cognitive,emotional, cultural,and social factors on the decisions of individuals and institutions and how those decisions vary from these implied by classical economic.
    However,the likely contribution of a behavioral economist has a great effect on how public policy are made especially with the wake on financial crises.
    Also,a behavioral economist thinks of diverse means on how to manage scarcity and they also help understand how and why exchange take place and how exchange create benefits for the participants.

  288. Avatar OKorafor Chinonyerem Mgbo says:

    Name: OKorafor Chinonyerem Mgbo
    Jamb Reg: 29779667BA
    Dept: Economics
    1. Economics to me means a social science that studies the allocation of limited resources to the production of goods and services used to satisfy consumers’ unlimited wants and desires. Economics is a value-free, theoretical science of human action (praxeology) under the condition of scarcity.

    2. Behavioral economics is a form of economics contrasting itself with Neo-Classical economic model that considered actors unbounded rationally, with unbounded willpower, and unbounded selfishness. Behavioral economists seek to explain observed data psychologically

  289. Avatar NWANOSIKE CHINONSO AMOS says:

    NAME:NWANOSIKE CHINONSO AMOS DEPARTMENT: ECONOMICS
    LEVEL : 100 LEVEL
    COURSE CODE:ECO 101
    COURSE TITLE: PRINCIPLES OF ECONOMICS
    REG NUMBER:20122981HA
    According to I Nwanosike Chinonso, Economics is defined as the study of how the Economic units reacts to each other in coalition with how scarce resources are being utilised in production of goods and services that is used in satisfying human wants. BEHAVIOURAL ECONOMICS : This is the study of Economic decision making process of individual, firms and government in other words it tends to study reactions of individual and their responses to any change on any economic activity. It also studies the accurateness of laws of economics with human reaction example; the first law of demand and supply which states that, All things being equal, the higher the price, the lower the quantity of goods demanded, so they study the law to see if actually it is in line with human behaviour as stipulated by the law.

  290. Avatar NWANOSIKE CHINONSO AMOS says:

    NAME:NWANOSIKE CHINONSO AMOS
    DEPARTMENT: ECONOMICS
    LEVEL : 100 LEVEL
    COURSE CODE:
    COURSE TITLE: PRINCIPLES OF ECONOMICS
    According to I Nwanosike Chinonso, Economics is defined as the study of how the Economic units reacts to each other in coalition with how scarce resources are being utilised in production of goods and services that is used in satisfying human wants.

    BEHAVIOURAL ECONOMICS : This is the study of Economic decision making process of individual, firms and government in other words it tends to study reactions of individual and their responses to any change on any economic activity. It also studies the accurateness of laws of economics with human reaction example; the first law of demand and supply which states that, All things being equal, the higher the price, the lower the quantity of goods demanded, so they study the law to see if actually it is in line with human behaviour as stipulated by the law.

  291. Avatar Orji uzoamaka .J. says:

    NAME: Orji uzoamaka .J.
    JAMB REG NUMBER: 20487004GA
    Department: Economics

    1) Economics is a social science which deals with Wealth creation as well as the production of goods and services, it’s distribution and consumption. it can also be considered as the study of man and how he thinks lives moves and makes rational choices.

    2) In economics, behavioral Economist can contribute to the field of economics by developing a self explained frame work that helps to understand the variables facing economic agents and how they make rational choices in politics, business etc.

  292. Avatar Jonathan Tracy Amarachi says:

    Name :Jonathan Tracy Amarachi
    Reg no: 22054992JA
    Email address : tessyblank123@gmail.com
    Department : philosophy
    1 Economic has many definitions as defined by many people. According to Richard lipsey economist is the study of scare resources to satisfy unlimited human wants.
    George Bernard shaw said that economist is the art of making most of life.
    Fritz machlup said economics means whatever more of one thing means less of the other.
    Also Adam smith, john Stuart mill and all Nassau William senior all said that economics is the study of productions, consumption and accumulation of wealth.
    Finally economist to me means the study of how scares resources are managed so as to reach the vast population of a country so as to promote wealth and power as well as to enrich the mind of business men in relating to one another in the business that concerns life.

    2 Behaviour economic is a principle that helps us to shape our reality to a better one.
    Therefore a Behaviour economist has the psychology state of mind, the sociology way of interacting and the economist view with this he/she can be able to have an insight on the errors of the problems of men and how to fix them. For instance if we were to have a Behaviour economist in our country Nigeria, the problems of allocation of resources will be fixed as well as wrong estimation of census.
    Also a Behaviour economist called Kathleen vohs is known for her achievement in teaching of self control, the hidden cost of decision making, the psychology of money. She also wrote 250 books on behaviour economist. Which is all about mankind behaviour, which has serve as a turning point to countless lives in the society.

  293. Avatar Ichie Joy Chinazaekpere says:

    NAME: ICHIE JOY CHINAZAEKPERE
    REG NUMBER: 22100069EF
    Email ADDRESS: ogbonnaichie85@gmail.com
    1. Drawing inspiration from the perspective of other economic scholars:
    Economics can be seen as a social science which studies human behavior as it relates to ends and scarce means with alternative uses. Economics also studies opportunity cost and choice and the effect of any decision made in an economy.
    Economics is generally the study of how people allocate their limited resources in order satisfy unlimited desires.
    Economics is a study aimed at solving the problem of scarcity.
    2. Contribution of Behavioral Economist to Economic Profession:
    Behavioral Economics draw on psychology and Economics to explore why people sometimes make irrational decisions and why and how their behavior does not follow the prediction of Economic models.
    The contribution of a behavioral Economist to Economic Profession includes:
    1. Behavioral Economist study the irrationality of consumers and try to formulate policies that will aid the maximization of scarce resources.
    2. They explore ways in which cognitive bias and other behavioral effects impact financial market structure, performance and returns on investments

  294. Avatar Uzoetoh Chinaecherem Clara says:

    Economics according to Lionel Robbins is the science which studies human behavior as a relationship between given ends and scarce means which have alternative uses. Economics is a system of logical deduction from first principles (the idea is to break down complicated problems into basic elements and then reassemble them from the ground up).
    John Stuart Mill defined economics as a science of production and distribution of wealth.
    Richard Lipsey defined economics as the study of the use of scarce resources to satisfy unlimited human wants.
    To me economics is a social science concerned with the description and analysis of the production, distribution and consumption of goods and services.

    Behavioral economics means the effects of the psychological, emotional and social factors on the decision of individuals and institutions and how those decisions vary from those implied by classical economic theory. It tries to change the way economists think about people’s perceptions of value and expressed preferences.
    It studies the biases, tendencies that affect the decisions that people make to improve, tweak or overhaul traditional economic theory. It includes how market decisions are made and the mechanisms that drive public choice.

    Name: Uzoetoh Chinaecherem Clara
    Department: Economics
    Reg. Number: 20022678IA
    Blog: Uzoetohclara.blogspot.com
    Email address: festusclara2@gmail.com

  295. Avatar Chidiebere Favour Chiwemmeri says:

    Chidiebere Favour Chiwemmeri.
    20010588BF.
    chidifavor2004@gmail.com.
    Eco101.
    Online Discussion Quiz.
    Question: Meaning of Economics and Behavioural Economics.
    Answer: Meaning of Economics.
    “Economics is a social science that studies human behaviour in relationship with ends and scarce means which have alternative uses”. The above definition is the generally accepted definition of economics as it was given by Professor Lionel Robbins(1932).
    Economics has so many definitions as it has numerous economists.
    Economics was also defined by its well renowned father, Adams Smith, as ” an inquiry into the nature and causes of wealth of nations”(1776).
    In Robbin’s definition of economics, he introduced the major concepts in economics: wants, scarcity, choice and efficient use of resources. These he represented using keywords such as: ‘scarce’, ‘ends,’ ‘means’ and ‘alternative uses’. ‘Ends’ in his definition, means the unlimited and insatiable human wants. ‘Scarce’ represents the limited resources that are needed and used for the satisfaction of individual wants. It portrays the concept of scarcity. ‘Means’ here refer to the means of satisfying these wants ie. the efficient use of limited resources.
    Lionel Robbins tried to make known from his definition of economics that, it aims at satisfying human wants and proferring best solutions to economic problems through the application of it’s theories.
    Finally, I would say that economics is the study of scarcity and its implications for the use of resources, production of goods and services, growth of production and welfare over time.

    Meaning of Behavioural Economics.
    Behavioural Economics is the study that intersects with psychology as it relates to the economic decision making processes of individuals and institutions. It combines both economics and psychology to create a framework to understand how and when people make errors.
    Behavioural Economics studies and analyzes the effect of cognitive, emotional, cultural and social factors, on the decision making processes of individuals and institutions. It is a very realistic aspect of economics as it contradicts the theories of traditional economics. Behavioural Economics allows for irrational behaviour and attempts to understand why the case may be, because, it views humans as irrational and emotional beings who are being influenced when making decisions. It uses insight from psychology, sociology and increasingly neuroscience to explain how and why people make economic decisions.
    In an ideal world, people would always make optimal decisions that provide them with the greatest benefit and satisfaction. Behavioural Economics however, contradicts the theory of rational choice which states that when humans are presented with various options under the condition of scarcity, they would choose the option that maximizes their individual potential. In this case, unlike in the behavioural economics, the rational person is unmoved by external factors and emotions.
    Behavioural Economics explains that because humans are emotional and easily distracted, they make decisions that are not in their self interest. More reason why companies are increasingly incorporating behavioural economics to increase sales of their products. For example, consider a soap manufacturer who produces the same soap but markets them into two different packages to appeal to multiple target groups. One package advertises the soap for all soap users, the other for prevention of infections. The latter target would not have been purchased if the package didn’t specify the product for prevention of infections. Consumers opt for the soap with prevention of infection label even though it’s the same product in the general package.
    Alas, behavioural economics draws on psychology to explore why people sometimes, make irrational decisions and why and how their behaviour doesn’t follow the prediction of economic models.

  296. Avatar Anyanwu Chinazaekpere Mavis says: