Mrs. Essien

economics

ECONOMIC DEVELOPMENT CHALLENGES | POVERTY, HIV/AIDS, CORRUPTION & POWER INADEQUANCY

Poverty is often used in conjunction with material possessions that belongs to people. it is defined as a lack of a material possession belonging to a person. According to the world bank, poverty is defined to a situation where ones income is below two dollars per day. EFFECT OF POVERTY Poverty can lead a person […]

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economics

CURRENT ECONOMIC PLANS | MDGs, NEEDS & VISION 2020 (GOALS, VISIONS & OBJECTIVES)

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:

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economics

INTERNATIONAL ORGANIZATION | ECOWAS, IMF, IBRD, ADB, ECA, UNCTAD, EU

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

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economics

ECONOMIC DEVELOPMENT PLANING

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

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economics

LABOUR AS A FACTOR OF PRODUCTION

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

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economics

LAND AS A FACTOR OF PRODUCTION

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.

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economics

PRODUCTION

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

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economics

TOOLS OF ECONOMIC ANALYSIS

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

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economics

RATIONING AND HOARDING

RATIONING This is a prevailing economic situation of scarcity  of essential commodities in the market in which consumers are allowed to have access to these commodities at specified quantities and at regulated period of times. The scarcity of these essential commodities in the market may be man – made, and which is known as artificial

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economics

PRICE CONTROL/ LEGISLATION

PRICE CONTROL POLICY This is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it is a situation where the government uses the instrument of law to fix the price of certain commodities.  It can be in the form of maximum or minimum price control.

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economics

CROSS ELASTICITY OF DEMAND

Cross Elasticity of Demand is the degree of responsiveness of quantity demanded of commodity X to a little change in the price of commodity Y.  Cross elasticity of  demand is applicable mainly to goods that are close substitute as well as complementary goods.   For example the demand for Milo will increase as a result of

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economics

INCOME ELASTICITY OF DEMAND

Income elasticity of demand is the degree of responsiveness of quantity  demanded of a commodity to a little change in consumer’s income. That is, it measures how changes in income of consumers will affect the quantity of commodities demanded by such consumers. Mathematically, income elasticity of demand is expressed as: % change in Quantity Demanded

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economics

ELASTICITY OF SUPPLY

Elasticity of supply can be defined as the degree of responsiveness of change in quantity supplied as a result of change in price.  Elasticity of supply measures the extent to which the quantity of a commodity supplied by a producer changes as a result of a little change in the price of the commodity.  

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economics

ELASTICITY OF DEMAND

DEFINITION OF ELASTICITY OF DEMAND Elasticity of demand may be defined as the degree of responsiveness of demand as changes in price, income, prices of other commodities etc.   Types of Elasticity of Demand Price elasticity of demand Income elasticity of demand Cross elasticity of demand   EVALUATION Define Elasticity. State three types of Elasticity

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economics

DEMAND AND SUPPLY

CHANGE IN QUANTITY DEMANDED A change in quantity demanded, is otherwise known as movement along a particular demand curve that is only influenced by price. When there is a change in the quantity demanded, the demand curve does not shift. This is because the price of the commodity is the only cause of a change

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economics

THEORY OF CONSUMER BEHAVIOUR

THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour.  It is primarily concerned with how the consumer or household tries to satisfy his/her wants by dividing his/her limited amount of income between the various commodities that give him equal amount of satisfaction.   WHAT IS UTILITY?

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