SS 1 Economics (1st, 2nd & 3rd Term)

A private limited liability company is defined as one which by its activities restricts the rights to transfer its shares, limits the number of its shareholders from two to fifty, and prohibits any invitation to the public to subscribe for its shares and the name of the private liability company must end with the abbreviation

Business organization can be defined as an enterprise set up by an individual or group of individuals, government or its agencies for the main purpose of making profit and providing goods and services for the satisfaction of human wants. TYPES OF BUSINESS ORGANISATIONS PRIVATE ENTERPRISES: Private enterprises are the enterprises owned and managed by private

FIRM The firm is an independently administered business unit carrying out production, construction, or distribution activities. Examples of firms in Nigeria are Dangote Cement, Cadbury Nigeria Plc. PLANT This is the same as the factory. It consists of the tools, equipment, machines and buildings of a business concern. It is a business establishment or the

SCALE OF PRODUCTION This simply means the size of a firm’s productive capacity. The scale of production also refers to the size of the operation adopted by the firm. A firm can be a small scale or medium scale or large scale depending on its capacity. Small-scale production: This occurs when the productive capacity of

Division of Labour is defined as a system of breaking down production processes into different stages so that each stage is undertaken or handled by an individual or group of an individual. The principle of the division of labour is a major characteristic of present–day economic systems. ADVANTAGES OF DIVISION OF LABOUR Increase in the

Capital can be defined as wealth reserved or set aside for the production of further wealth. Capital also refers to all man – made productive assets, that is all man – made wealth or goods used to produce other goods and services. Examples of capital are machines, tools, factory, buildings, raw material, fuel, money, semi-finish

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

DEFINITION AND MEANING OF ECONOMICS Economics as a dynamic subject has very many definitions.  It is often said that there are so many definitions of economics as there are economists because they see the subject from different point of view. Some definition given by some economists includes: Adam Smith (18th Century British Economist and Called