Economics

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

Localisation of  industries refers to the concentration of many firms of an industry in a particular area. Advantages And Disadvantages Of Localisation Localisation has both merits and limits. They are enumerated below. Advantages Reputation – The place where an industry is localised gains reputation and so do the products produced there. As a consequent, articles

Location of industry refers to the siting of an industry in a particular place.                       Factors Influencing Industrial Location Generally, the location of industries is influenced by economic considerations though certain non-economic considerations also might influence the location of some industries. Maximization of profit which

Meaning Industry An industry consists of a group of firms producing broadly similar commodities. Examples are the shoe industry, the transport industry, the cement industry, etc. The production side of business activity is referred to as industry. It is a business activity, which is related to the raising, producing, processing or manufacturing of products. The

An imperfect market may be defined as a market in which prices of goods or services can easily be influenced by the sellers or buyers. In other words, an imperfect market is a market situation in which the force of demand and supply do not operate freely.                

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