DEFINITION OF MINING Mining: is the process of getting coal, gold and other minerals from under the ground by making a deep hole or holes where these minerals are dug. That is, it is an extraction of minerals from under the ground through the process of digging deep holes into the grounds. Mining is one […]
MEANING OF AGRICULTURE Agriculture can be defined as the production of crops, animals, fishes and forest resources for the consumption and other benefit of human. It is a dominant occupation which employs about 65-70% of the total population of West Africa. COMPONENTS OF AGRICULTURE Agriculture is made up of the following- Live stock Fishing Crop
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NATURE OF NIGERIA ECONOMY The study of the structure of an economy is in essence the study of the ‘Anatomy’ of that economy. The structure of Nigerian economy is a system whereby the organizational framework of the economy are inter-related, logically connected through which the activities of the economy are co-ordinated or aligned. The structure
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FREE MARKET ECONOMY A free market is a market in which prices of goods and services are regulated by market forces. This means that prices of commodities in a free market economy are fixed by the interaction (i.e. joint actions) of demand and supply. DETERMINATION OF PRICES IN A FREE MARKET It is possible to
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Supply may be defined as the quantity of goods and services which sellers are willing and able to offer for sale at a particular price, and at a particular period of time. Supply does not mean the entire stock of a commodity in existence or the total quantity of that commodity produced but rather it
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Demand can be defined as the quantity of a commodity (goods and services) that consumers are willing and able to buy at a given price and at a particular place and time. Demand is quite different from wants, need or desire. ‘Effective Demand’ in economics must meet three conditions which are: Ability to pay Willingness
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The middlemen are the wholesalers and the retailers who are in-between the producers and the consumers. They specialize in performing activities relating to purchase and sales of goods in the process of their flow from the manufacturers to the final consumers. The presence of the middlemen in the distributive trade cannot be overlooked as they
Distributive Trade-which is also known as the chain of distribution, refers to the various stages or channels through which finished goods are moved from the manufacturers/producers to the final consumers . That is, it is the process of getting goods from the producer to the final consumers. There are various channels through which goods get
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MERCHANT BANKS (INVESTMENT BANKS) This may be defined as financial institutions that provide medium and long loans, accept large deposits from customers and acts as issuing houses. They deal with high net worth individuals, companies, other financial institutions and government agencies. FUNCTIONS OF MERCHANT BANKS They give medium and long term loans to individuals, organizations
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A negotiable instruments is an instrument whose title (or ownership) on it could be transferred by delivering it to another person with or without endorsement. Examples of negotiable instruments are bills of exchange, cheques, bank drafts, bill of lading, dividend warrants, treasury bills, bank notes and coins promissory notes debentures payable to bearer, bearer bonds,
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