Economics

In a physical sense, a market means a fixed place where people meet to buy and sell goods; that is, a market place. In economics, a market can be defined as any arrangement, system or organization whereby buyers and sellers of goods are services are brought into contact with one another for the purpose of […]

Supply of labour may be defined as the total number of people of working age offered for employment at a particular time and at a given wage rate. This supply of labour also relates to the quantity of labour.                            FACTORS AFFECTING SUPPLY OF LABOUR The size of population and population growth The age structure

Labour market is defined as a market which workers and employers are brought into contact and conditions of work are decided.  It is made up of people who are looking for job, employers and government. THE CONCEPT OF LABOUR FORCE Labour force can be defined as the total number of people of working age in

Revenue refers to the income derived by a producer or firm from business activities or from the sale of his or its products.                                           TYPES OF REVENUE TOTA REVENUE (TR): This refers to the total

MEANING OF COST OF PRODUCTION Cost of production can be defined as the sum of total of all the payment to the factors of production used in production of goods and services. For goods and services to be produced, all the four factors of production, which are land, capital, labour and entrepreneur, must work together.

A production possibility curve (PPC) is a graphical or diagrammatic illustration of all possible bundles or combinations of two types of goods which a society can produce using its present level of resources and given the existing level of technology. The idea behind the production possibility curve is that in order to produce a particular

Before June 2004, there were 89 banks in Nigeria with 3,382 branches network.  The banking sector was characterized with structural and operational weaknesses such as: Low capital base: Dominance of a few banks. Insolvency and illiquidity Over dependence on public sector deposit and foreign exchange trading. Poor asset quality. Weak corporate governance – A system

The millennium development plans are eight international development goals that were officially established following the millennium summit of the United Nations in 2000. OBJECTIVE OF MDGs Goal 1: Eradicate extreme poverty and hunger. Target 1: Half of the population between 1990 -2015 whose income is less than one dollar a day be reduced. Target 2:

What is ECOWAS?: The Economic Community of West African States was founded on May 28th 1975 in Lagos, Nigeria.  It comprised all the 16 independent nations of West African.  Abuja and Lome serve as the administrative and fund headquarter respectively.  The body was formed under the leadership of General Yakubu Gowon and President Eyadena.  MEMBERSHIP

As discussed in Week 2 and 3 respectively that economic development is an essential feature of any country. In achieving this, there is need to influence some principal economic variables such as production, distribution, inflation, import and export in order to achieve a predetermined goal and objectives.  Then Economic planning can be simply defined as

Economic Growth: A country is said to achieve economic growth when there is an increase in the volume of National output (National Income) arising from an expansion in production.  When there is economic growth, it shows in the form of an increase in income level, an expansion in the labour force, an increase in the

Labour may be defined as all forms of human efforts both mental and physical efforts put towards the production of goods and services. It is one of the variables factors of production cannot take place without the utilization of labour. The reward of labour is in the form of wages and salaries.  CHARACTERISTICS OF LABOURS

LAND: This is nature`s contribution to production. As a free gift of nature and its reward is rent. Land is a free gift of nature which refers to all those resources that are purely provided by nature but are utilized by man during the production process. It includes all resources not made by man e.g.

DEFINITION AND MEANING OF PRODUCTION Production has diverse meaning, but the usage depends on the context in which it is used . Production in economics may be defined as the various economic activities aimed at the creation of goods and services and the distribution of these goods to the final consumers for the satisfaction of

FORMULATION OF FREQUENCY TABLE FOR UNGROUPED DATA UNGROUPED DATA: Ungrouped data is one in which the raw data has occurrences or frequencies more than and are without class intervals. In the formulation of frequency table for ungrouped data, two basic steps are taken. Prepare a tally sheet. Prepare a frequency table.   PREPARATION OF A

TABLES OR SCHEDULES A table is a systematic and orderly arrangement of information, facts or data, using rows and columns for presentation which make it easier for better understanding of  the relationship between variables. It serves as the most commonly used tool in Economics for economic analysis. FEATURES OF A TABLE It must give an

BASIC ECONOMIC PROBLEMS OF THE SOCIETY Every economy, whether capitalist, socialist,  mixed economy, developed or developing countries is faced with the basic problems of scarcity of resources which serve as the bane of the following problems confronting the nations of the world. What to produce? How to produce? For whom to produce? How to achieve

IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL It helps individual to make decision. It helps individual to allocate scarce resources. Judicious use of resources. Prioritizing our wants. It helps an individual to make wise choice.   IMPORTANCE OF OPPORTUNITY COST TO FIRMS Decision making. Helps to decide the method of production. Helps in project execution. Guides

CONCEPT OF HUMAN WANTS Wants refer to numerous goods and services which are desired for consumption. In economics, wants are what we are interested in having but without money or willingness to part with money to have it at that point in time. They could be in the form of tangible goods or services. Tangible

ECONOMICS AS A SOCIAL SCIENCE Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to