HOSSANA COLLEGE OF EDUCATION

DEPARTMENT OF ECONOMICS

DISTANCE EDUCATION DIVISON

MARCH 2024 ENTRY

NOTE FOR THE COURSE : SUBJECT AREA METHOD FOR

ECONOMICS I /PGDT421/

BREPARED BY: MULUGETA GABURE (M.Sc.)

HOSSANA, ETHIOPIA

MARCH, 2024 G.C

 ACKNOWLEDGEMENT

These notes are closely based on notes prepared by previous lecturers on the Handbook for
Economics Lecturers, particularly on Subject Area Method for Economics I (PGDT 421) BA
or BSc course. In this regard I would particularly like to acknowledge Dr. Migbar Liyew -
these notes are very close to her Handbook for Economics Lecturers notes. I have also made
use of past notes of R. Srinivasan (Associate Professor), Ambika Gulati, and M.V.Srinivasan
(Assistant Professor).

i
 TABLE OF CONTENT

Content Page

ACKNOWLEDGEMENT..........................................................................................................i

TABLE OF CONTENT.............................................................................................................ii

CHAPTER 1: AN OVER VIEW OF WHY AND HOW WE LEARN ECONOMICS............1

1.1 Introduction......................................................................................................................1

1.2 Significance (Importance) of Learning Economics.........................................................2

1.2.1 Personal Satisfaction.................................................................................................2

1.2.2 Social Benefits..........................................................................................................2

1.2.3 Intellectual Exploration.............................................................................................3

Activity 1.1.........................................................................................................................4

1.3 How is Economics Learnt or Learned?............................................................................4

1.3.1 Learning Economics is a Scientific Activity.............................................................4

1.3.2 Learning Economics by Analysing Economic Aspects............................................5

1.3.3 Learning Economics through Understanding Economic Theories................6

1.3.4 Learning Theories through Basic Economic Assumptions.............................7

1.3.5 Learning Economies through Abstraction................................................................7

1.3.6 Using Logic and Mathematics.............................................................................8

Activity 1.2.......................................................................................................................9

1.4 Precautions in Learning Economics..........................................................................9

Activity 1.3.......................................................................................................................11

1.5 The Importance of Learning Economic Theories..........................................................11

Activity 1.4.......................................................................................................................13

1.6 Summary........................................................................................................................13

REFERENCES.........................................................................................................................15

ii
 CHAPTER 1: AN OVER VIEW OF WHY AND HOW WE LEARN
ECONOMICS

1.1 Introduction

Learning Economics: Some Basic Questions

When we start learning economics, we remember three basic questions in economics,

namely (i) what to produce; (ii) how to produce and (iii) for whom to produce. These
questions then took us to the world of economics knowledge.

Accepting the answers to these fundamental questions forms the basis of economic
understanding:

1. "What to produce?" This question deals with the allocation of resources to

produce different goods and services. It involves decisions on what should be
produced to satisfy the needs and wants of society. This also involves choices
related to the types and quantities of goods and services to produce. Example: A
company must decide whether to produce more smartphones or laptops based on
market demand and profitability.
2. "How to produce?" This question relates to the most efficient ways of producing
goods and services. It involves decisions on the best mix of inputs (such as labor,
capital, and technology) to use in the production process to maximize output
while minimizing costs. - Example: A manufacturing plant must determine the
most efficient production methods for its products, such as using automated
machinery or manual labor.
3. "For whom to produce?" This question addresses the distribution of goods and
services among different members of society. It involves decisions on how the
goods and services produced are allocated and who benefits from them. This
question is closely tied to issues of income distribution and equity. - Example: A
charity organization must decide how to allocate its resources to provide food,
shelter, and medical care to those in need.

These questions are fundamental in guiding economic decision-making and studying

the allocation of resources to meet the unlimited wants and needs of individuals and
society as a whole.

1
As teachers of economics, we are confronted with yet another three broad questions
from students and parents: (i) How do the study of economics improve our
understanding of society and human behaviour? (ii) What employable skills do we
acquire from it? (iii) How is economics learnt? Each one of us gives a different
answer to these relevant questions. As graduates of the subject, we all know the
broad areas in Economics. Enriching ourselves to look for answers to the three
questions would help us in motivating our students to learn better.

(i)

- The study of economics helps us understand how supply and demand dynamics
influence pricing and production in society. For example, analyzing consumer
behavior can give insight into how individuals make choices based on their
preferences and constraints.

- Additionally, studying economics can provide a better understanding of how

policies such as taxes, subsidies, and regulations impact economic outcomes and
shape societal behavior.

(ii)

- Critical thinking: Economics teaches individuals how to analyze complex

problems, evaluate evidence, and make informed decisions.

- Data analysis skills: Economics often involves working with large datasets,
conducting statistical analysis, and interpreting economic trends, which can enhance
skills in data analytics.

- Decision-making skills: Understanding economic concepts like opportunity cost

and utility maximization can help individuals make better decisions in both personal
and professional settings.

(iii)

- Economics can be learned through formal education at universities and colleges,

where students take courses in macroeconomics, microeconomics, econometrics, and
other related subjects.

- Individuals can also learn economics through self-study using textbooks, online
courses, and educational resources such as Khan Academy or Coursera.

2
- Some people learn economics through practical experience, such as working in
finance, consulting, or government, where they apply economic principles to real-
world situations.

- Attending workshops, seminars, and conferences related to economics can also help
individuals enhance their understanding of economic theories and applications.

- Economics can be learned through various methods such as attending traditional

lectures, participating in discussions and group projects, and completing assignments
and exams.

- Online courses and tutorials are also popular ways to learn economics, allowing
individuals to study at their own pace and convenience.

- Reading textbooks, academic journals, and economic publications can provide

insight into economic theories, concepts, and real-world applications.

- Engaging in practical experiences such as internships, research projects, and case

studies can further enhance understanding and application of economic principles.

1.2 Significance (Importance) of Learning Economics

The use of learning economics can be seen from three dimensions: (i) personal
satisfaction; (ii) social benefits and (iii) an intellectual exploration.

1.2.1 Personal Satisfaction

Most of the activities carried out in our daily life are economic in nature. As a
member of the family, a student of economics witnesses his parents going to work,
earning their wages or salaries, purchasing goods and services in the market, saving
a part of their income and depositing it in a bank, investing in land, shares and
bonds, borrowing for various purposes, and paying income tax to name only a few
activities. The advantage students of economics have is that they learn a lot about
real life economic activities in a systematic way in schools. This enables them in
understanding various economic activities taking place in their surroundings
compared to those who do not study economics.

For example, every student purchases goods in a market. However, it is a student of

economics who understands the logic behind how much of a good is purchased and
why. This is explained to students in the topic of Consumer's choice in this field. It
introduces students to the concept of satisfaction or benefit that a consumer derives
3
when units of a commodity are consumed along with how much the consumer needs
to pay for the good.

1.2.2 Social Benefits

The study of economics widens our understanding about and adds value to democracy
and good citizenship. As Barbara Wooten says, “No one can claim to be a citizen of
the country unless he or she has the knowledge of economics.” Students of economics get
the opportunity to learn about various economic issues faced by the nation. A large
variety of economics curricular activities help them to critically analyze economic
issues and make suggestions based on economic principles that are studied over the
years. For instance, Economics students can understand some basics on Macroeconomic
principles being used to bail out economies relying under the global financial issues.

Economic theories train students to think like a scientist - to put it rightly - as an

economist - logically and rationally. In the learning process, students are exposed to
the scientific methodology of collecting evidence - facts and figures and analysing
them by using statistical tools and economic theories. For instance, in Economics
students, the statistics project work allows students to demonstrate the following
skills:

 Collection of data - whether primary or secondary

 Interpretation and presentation of data and
 Analysing data to come towards a meaningful conclusion to their findings.

1.2.3 Intellectual Exploration

Learning Economics is an exciting intellectual adventure in that our economy

contains hundreds and thousands of economic activities. There are many
organisations and institutions in both private and public sectors engaged in solving
the basic economic problems of a nation. While trying to understand the economy,
students of economics learn and use various skills that economists need to possess.
Economics students also get excited when they master many facets of the economic
system.

"Learning economics is the real exercise". At first students of economics encounter

economic theories. These theories add to their understanding of the world. Like in
any other discipline, there is a constant interplay between theories and facts in

4
economics, and students learn to think like an economist. Economics offers a
pleasing blend of the purely intellectual and the artistic, for pure economic analysis
has the rigour and symmetry of science and mathematics, whereas the economic
policy partakes more the uncertain character of an art than a science. The policy
maker must develop the skill to relate pure economic analysis to such real world
problems as inflation, unemployment and poverty.

Activity 1.1

(a) make a pause and analyse any other benefits of learning the Subject: Economics
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
_________________________________________________________________
(b) Briefly describe how Learning Economics help you for career or intellectual
Developments
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
____________________________________________________________________

1.3 How is Economics Learnt or Learned?

Learning a subject differs from subject to subject. Those who learn

mathematics, for instance, study simple arithmetic in the lower classes and
their mathematics world expand as they move to higher classes.

In universities and colleges, they learn mathematical theorems and discover

different ways of proving them or invent a new theorem. Also there are
different ways of learning mathematics. Different tools may be required to
learn different topics.

5
In the same manner, learning economics also involves certain steps and
methods. It requires certain tools. They differ from topic to topic. We shall
now discuss some of the learning requirements of an economics classroom.

1.3.1 Learning Economics is a Scientific Activity

Economics is a social science, distinguished from the physical, biological or

environmental sciences, because it is concerned with the behavior of “human beings
as members of societies”. We all know that human beings do not behave in the way
animals do when kept in laboratories. This poses a greater challenge to economists as
they need to establish hypotheses and assumptions, which are general statements that
formally show the existence of cause and effect relationships between observable
events.

Since people’s behaviors cannot be controlled, while learning and developing

economic theories, students of economics allow for a large element of
unpredictability and even capriciousness in human behaviour. This makes
generalization and predictability difficult in economics. However, since we live in
societies and behave mostly in an orderly manner, behavior can be considered as
predictable. Such orderly behavior is the basis for any generalizations and predictions.

Students of economics use several statistical tools to generalize observable behavioral

patterns. One such tool is the Law of Large Numbers, which states that if the action
or movements of a very large number of individual items is analyzed, the random
movements of the individual items will be found to cancel one another out. This
results in a pattern of behavior, which is similar to a bell-shaped normal distribution
curve. This type of analysis is useful for predicting the behavior of a group when the
behavior of individual entities that makes up the group is governed by many small
factors.

The above discussion highlights the fact that economics is concerned with the
behavior of a group not an individual. Also economic theories do not and cannot tell
us how any individual will react in a particular situation, but they can frequently
predict very accurately the way in which a group reacts under a given set of
circumstances. For example, generally it is considered that a firm selects that level of
output which maximizes its profits. However, a particular firm’s goal may be to
increase its sales, even if it means that its overall profits are not maximized.

6
 1.3.2 Learning Economics by Analysing Economic Aspects

Learning economics requires understanding of economic phenomena

relationship between various economic aspects of an economy. For this, students of
economics gather, measure and analyze information related to various economic
aspects. Since people's economic behavior frequently manifests itself in
measurable ways, the behavior is coded and tabulated. They result in tables and large
sets of numerical data. This data is used by young economists to interpret different
economic situations. For instance, students of an Economics class can collect data
relating to few economic variables for a specific project in social science. They
might collect details of income and employment from households or income,
expenditure and profitability of a particular establishment or enterprise say - a milk
cooperative. These activities help them to not only understand the dynamics of a
particular economic phenomenon of the group of households or an enterprise but also
lays the foundations for learning economics.

Through analysing any economic aspect, Economics students enhance their

understanding of the economy such as analyzing data on the contribution made by
various sectors to the Gross Domestic Product (GDP) of the economy. Based on a
single statistical table, an entire classroom discussion is held on how a nation’s
economy has evolved from being an agrarian economy to being a service oriented
one. The factors that have contributed to what the data highlights, key terms and
concepts are explained, and skills of reading and analyzing time series data is also
introduced to the young learners.

1.3.3 Learning Economics through Understanding Economic Theories

Students of economics are expected to understand various theories / models

developed by economists. Models are nothing but a simplified version of reality.
They are tools used by economists to understand the "way an economic system"
functions or "general behaviour" of people or organisations in an economy.

An economic theory is broadly defined as a "broad statement that embodies a

meaningful relationship between observed economic events." Every economic theory
pertains to the general behaviour of groups and institutions because they reflect elements
common to many specific situations. But the economic theory does not purport to
describe the behaviour of specific persons or institutions.

7
Students of economics use economic theories for various purposes. Economic theories,
under given circumstances (ceteris paribus about which you will know later) help
students of economics to predict, forecast and make tentative statements about the
behaviour of an economic system or economic events. For example, in Higher
Secondary Schools, students are introduced to the simple tools of demand and
supply which determine market price for a commodity and how a firm maximises
profits. These principles are used by economists engaged in private companies in
explaining how much output a company should produce in order to maximise its
profits. Similarly, Economics textbooks in a given curriculum introduce students to
the basic components of a government budget and simple Keynesian model of
income and employment determination. Now economists who work for government
departments use macroeconomic theories to reach out to people through planning
and executing developmental activities

1.3.4 Learning Theories through Basic Economic Assumptions

Learning economics requires the understanding of various aspects of economic

theories. For example, economics students are required to understand assumptions or
postulates. While teaching perfect competition, we list out the assumptions of a
perfectly competitive market. Every economic theory is grounded in a set of
assumptions. There are a few assumptions common to any economic model. For
example, the idea of other things being equal, to put it in a popular Latin phrase,
ceteris paribus. It is similar to, as Peterson says, "intellectual equivalence" of
controlled experiments done by physical and biological scientists. However, we are
aware that biologists can hold or regulate physical conditions such as human, soil
type and manure while investigating the growth of plants. Such things are not
possible in economics. This is also one of the reasons why economic theories are
considered less precise and exact as compared to theories of other sciences.

Sometimes economists make assumptions, which are not observed in reality. We

may tend to think that economic theories based on such unrealistic assumptions
are not important. However, economic models based on such unrealistic assumptions
"open door to powerful insights" into the behaviour of the economic system or
economic relationships under study. For instance, a perfectly competitive market
structure does not exist in reality. Yet students of economics require understanding
its features and implications as it is the most efficient market structure. A deep
8
understanding of perfect competition allows students to compare and contrast other
market structures like monopoly, monopolistic competition etc. in terms of price and
output efficiency.

1.3.5 Learning Economies through Abstraction

Economics is introduced to students in lower classes as simple depiction of

economic aspects closer to their real life. However, as students move to higher
classes and particularly when they enter higher secondary and undergraduate
levels, they take up economics as a special course. During this stage, economic
theories are introduced to them in abstract language.

Peterson defines abstraction as the "process of forgetting unimportant details".

Economists construct a theory "to create an oversimplified - or abstract - picture that
will make the complexities of the real world intelligible". Students are expected to
understand the nature and purpose of abstraction in economic analysis. This will help
in mastering the subject. We live in a world, which contains a complex web of
relations between institutions and individuals. The abstraction helps in drawing out
only those elements thought to be of strategic importance for understanding how
things actually work in most parts of the world.

1.3.6 Using Logic and Mathematics

Each economic theory has a logical structure. An analysis of economic theory

involves deriving a set of conclusions from a given set of assumptions through the
process of reasoning. This means economic theories also build their logical structure
from stage to stage. In order to understand the logical structure of economic theories,
students of economics are expected to acquire skills, which enable them to
understand long chains of logical reasoning. Economic professionals suggest that it
is essential to follow an argument several times, step-by-step, until one becomes
familiar with the argument to overcome difficulties in understanding long chains of
reasoning in economic theories. There are two major reasoning approaches:
Inductive and Deductive reasoning approaches which will be discussed in chapter
two in detail.

In recent times, a large section of economists suggest that students should get
familiarised with a few topics in mathematics. We are aware that graphs are used to
derive theoretical results in economics. This is the use of geometry in economics.

9
Economists use mathematical symbols in stating economic theories and assumptions
and use mathematical theorems in the logical reasoning. A.C. Chiang argues that
learning economic theories mathematically has the following advantages: (i) the
'language' used is more concise and precise; (ii) there exists a wealth of mathematical
theorems at our service (for drawing conclusions on the basis of logical
reasoning); (iii) in forcing us to state explicitly all our assumptions as a
prerequisite to the use of mathematical theorems, this approach keeps us from the
pitfall of an unintentional adoption of unwanted implicit assumptions; and (iv) it
allows us to treat the general n-variable case to use or formulate economic
applications.

10
 Activity 1.2

(a) Briefly describe the fact that we can learn Economics in a Scientific way
______________________________________________________________
______________________________________________________________
______________________________________________________________
___________________________________________________________
(b) Briefly describe the way how a student of Economics can learn the subject
using different logical arguments.
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
(c) Sometimes economists make assumptions, which are not observed in reality
but important. Comment.
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
______________________________________________________________
________________________________.

1.4 Precautions in Learning Economics

Though learning economics is an exciting experience, students should also guard

themselves from errors in logical reasoning. Three common and important problems
are described below.

I. Fallacy of composition: While learning economics we tend to assume that

things that may be true for the individual entities of the economic system, for
instance, business firms or household, may also be true for the system as a
whole. Let us take one well known concept in macroeconomics: “paradox of
thrift.” This concept states that though it may be good thing for the individual

11
 to save some of his income, it does not necessarily follow that it is always a
good thing for the whole country to save.

II. False analogies: Economics students also tend to use false analogies – generalise
for the country as a whole on the basis of personal or individual experience. For
example, we find an individual who consistently spends more than he earns
becoming bankrupt, but it is wrong to generalise the same if the government spends
more than the revenue that it would go bankrupt. We know that most governments
believe in welfare state principle work with deficit budget. In fact, it is also the
principle which led to birth of Macroeconomics after the Great Depression.

III. Post hoc ergo propter hoc: This fallacy means “after this, therefore, because
of this.” When students of economics are not able to understand the sequence or
the cause and effect of economic events they tend to fall into this fallacy.
Suppose the Government of Ethiopia cuts taxes to increase employment and
stimulate a declining economy. Since this is an appropriate measure, which
leads to a reduction in unemployment and a rise in the gross domestic product,
students may conclude that, the cause of the recovery is the tax cut. But this is
not necessarily true. The forces taking the economy towards recovery might
have gathered momentum prior to the decision of cutting taxes and the timing
of the tax cut in relation to economic recovery may have been purely
coincidental. Very careful analysis of the events is necessary before one can be
sure that a particular event is necessarily the cause of a subsequent event.

12
 Activity 1.3

(a) Describe any other errors that students can commit during learning Economics.
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
______________________________________________________
(b) Give your own example on how students can make a false analogy during learning
Economics other than the one stated in this module.
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________

1.5 The Importance of Learning Economic Theories

The basics of all techniques of learning the field of Economics are the systematic study of the
existing Economic theories. Economic theory or analysis furnishes the economists with a set
of tools which they use to analyze the nature of the observed economic phenomena in the real
world. Economic theory may, therefore, be appropriately defined as a ‘box of tools’ with
which the economists construct economic models in order to study the economic phenomena
which frequently occur in the real world. Although the analytical tools in the kit-bag of an
economist are inadequate to enable him to handle each and every individual economic
occurrence in so far as it reveals its own peculiarities, these nevertheless enable him to
analyze certain common features of individual economic occurrences. Like other
sciences, economic theory also provides us with the general propositions which are employed
in the analysis of economic phenomena within certain limits. The limitations of these
theoretical economic propositions in analyzing the individual economic phenomenon
emanate from the assumptions which form the basis of these propositions. Since the
assumptions forming the bedrock of economic theory are very seldom realistic, economic
theory resembling actual reality is a rare occurrence. To the extent that all economic theories
are based on certain assumptions, these theories abstract from reality.

13
The purpose of economic theory is to develop hypotheses which are abstract from the
essential features of the complex real world. Economic theory should formulate questions
pertaining to an economic phenomenon. It should also indicate the mode of answering these
questions in reality. Economic Theory provides an outlet for research in all areas of
economics based on rigorous theoretical reasoning and on topics in mathematics that are
supported by the analysis of economic problems. Published articles contribute to the
understanding and solution of substantive economic problems. Economic Theories coupled
with models are explanations of how things work that help us understand and predict how
and why economic agents such as consumers, producers, firms, government, and so on
behave the way they do. That is, we use the theories and models to observe how people really
behave.

The roles and functions Economic Theories play can be summarized in the following topics:

I. Cognitive:- Studying and explaining of economic laws and phenomena

II. Practical:- Applying the theories of studied objects in practice establishing the basis
for the economic policy of the state
III. Predictive:- Developing scientific forecasts of economics and society in general
IV. Worldview:- Formation of a certain belief system on society
V. Methodological: - The function which is theoretical and methodological basis for a
system of economic science.

14
 Activity 1.4

(a) Briefly describe the benefits of studying economic Theories for an individual in
particular and the society in general
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_______________________________________________________
(b) What type of function is a ‘’ predictive’’ function of Economic Theory? Explain
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
_____________________________________________________________________
____________________________________________________________________

1.6 Summary

Learning Economics as a discipline has many advantages. But we can summarize its benefits
in to three types: Personal benefit, societal benefit and Intellectual benefit. As an Economics
student, we develop our knowledge of economics that help us interpret our daily economic
encounters in the good of our lives including our families. We are able to manage our
personal finance and our individual scarce resources rationally to minimize wastages In
resources.

The study of economics widens our understanding about and adds value to democracy
and good citizenship. As Barbara Wooten says, “No one can claim to be a citizen of
the country unless he / she have the knowledge of economics. Through the proper learning
of the subject economics, we develop our understanding of the social economic values that
help us our understanding of the societal economic status in our society we live in. This in turn

15
promotes the individual in the society to be a good citizen and the rational user of the societal
scarce resources.

The study of the discipline of Economics is also our intellectual basis to grow
professionally. By studying Economics, we will develop our career and
professionalism being a researcher and/or an entrepreneur that contribute to the
growth of the nation.

To be an effective Economics professional or intellectual, however, requires that we

know the basic techniques or ways to learn economics well. Such techniques or ways
that assists our learning of economics include:

 We learn Economics in a Scientific Activity: Students of economics use several

statistical tools to generalize observable behavioural patterns

 We learn Economics through analyzing Economic Aspects: Learning economics

requires the understanding of economic phenomena - relationship between various
economic aspects of an economy.

 Learning through Basic Economic Assumptions: Learning economics requires the

understanding of various aspects of economic theories.

 Learning through Logic and Mathematics: Each economic theory has a logical
structure. An analysis of economic theory involves deriving a set of conclusions from
a given set of assumptions through the process of reasoning

 Learning through Abstraction: Forgetting the unimportant details: constructing a

theory "to create an oversimplified - or abstract - picture that will make the
complexities of the real world intelligible.

 Finally, the leaner of Economics need to explain the critical roles Economic Theories
play in the proper study of the subject. This is because the basics of all techniques of
learning the field of Economics are the systematic study of the existing Economic
theories. Economic theory or analysis furnishes the economists with a set of tools
which they use to analyze the nature of the observed economic phenomena in the real
world.

16
 REFERENCES

Adu, E.O. (2004); An Introduction to economics education. A basic text for tertiary
institution students, Ibadan, ERSG.

Adu, E.O.(2001);Modern Trends in Economics Teaching at the tertiary and

The secondary school level, Teaching strategies for Nigerian secondary schools.
Power house press and publishers pp. 140-148.

Aderson, L.W., & Krathwohl, D.R.,et al. (eds.) (2001), Taxonomy for Learning, Teaching,
and Assessing: A Revision of Bloom’s Taxonomy of Educational Objectives. Boston:
Allyn & Bacon.

Babu Muthuja etal. (2009). Teaching of Economics - II. New Delhi: Centrum Press.

Blaug, Mark( 2003), The Methodology of Economics or How Economists

Explain, Cambridge University Press, Cambridge, Reprint Edition.

Bose, Sukanya and Arvind Sardana (2008), Teaching Economics in Schools,

Economic and Political Weekly, New Jersey.

Heyne, Paul,( 2009), The Economic Way of Thinking: Chigago, Fourth Edition,
Science Research Associates Inc.,

Lipsey Richard G. (2010), An Introduction to Positive Economics, Sixth Edition,

English Language Book Society, London.

Maeger, S.K( 2004), Preparing Instructional Objectives, New Jersey, Illion Inc.

Mujibul Hasan Siddiqui. (2004). Teaching of Economics. New Delhi: Ashish Publishing
House.

Rashmi Sharma(2007), Post Graduate Teacher (Economics), Jawaharlal Nehru University

Campus, New Mehrauli Road, New Delhi.

Rainu Gubta(2003), Teaching of Economics, Meena Bangari, New Delhi, India.

Sivarajan, K & Faziluddin, A. (2003). Methodology of Teaching and Pedagogic Analysis.

Calicut University, Calicut press.

17