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… Read More »LABOUR AS A FACTOR OF PRODUCTION
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… Read More »LAND AS A FACTOR OF PRODUCTION
PRODUCTION
DEFINITION AND MEANING OF PRODUCTION Production has diverse meaning, but the usage depends on the context in which it is… Read More »PRODUCTION
DATA COLLECTION AND PRESENTATION
FORMULATION OF FREQUENCY TABLE FOR UNGROUPED DATA UNGROUPED DATA: Ungrouped data is one in which the raw data has occurrences… Read More »DATA COLLECTION AND PRESENTATION
TOOLS OF ECONOMIC ANALYSIS
TABLES OR SCHEDULES A table is a systematic and orderly arrangement of information, facts or data, using rows and columns… Read More »TOOLS OF ECONOMIC ANALYSIS
BASIC ECONOMIC PROBLEMS OF THE SOCIETY
BASIC ECONOMIC PROBLEMS OF THE SOCIETY Every economy, whether capitalist, socialist, mixed economy, developed or developing countries is faced with… Read More »BASIC ECONOMIC PROBLEMS OF THE SOCIETY
IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL
IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL It helps individual to make decision. It helps individual to allocate scarce resources. Judicious… Read More »IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL
BASIC CONCEPTS OF ECONOMICS
CONCEPT OF HUMAN WANTS Wants refer to numerous goods and services which are desired for consumption. In economics, wants are… Read More »BASIC CONCEPTS OF ECONOMICS
ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE
ECONOMICS AS A SOCIAL SCIENCE Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying… Read More »ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE
DEFINITION AND THE SCOPE OF ECONOMICS
DEFINITION AND MEANING OF ECONOMICS Economics as a dynamic subject has very many definitions. It is often said that there… Read More »DEFINITION AND THE SCOPE OF ECONOMICS