Fisheries Economics

1.1.1 Introduction

Economics is perhaps one of the most important branches of science for it is concerned with human wellbeing. The term economics was derived from two Latin words ‘eikos’ and ‘nemein’ which means ‘to manage household’. It is often said that if there are ten economists, there are eleven views. Although there are several definitions of economics, four are considered relevant and important. They are

· Wealth definition,

· Welfare definition,

· Scarcity definition and

· Growth definition.