LABOUR MARKET
THE CONCEPT OF LABOUR FORCE Labour force can be defined as the total number of people of working age in a country who are gainfully employed and those who fall… Read More »LABOUR MARKET
SS 1 Economics (1st, 2nd & 3rd Term)
THEORIES OF POPULATION – FULL EXPLANATION
THE MALTHUSIAN THEORY OF POPULATION The Malthusian theory of population is the outcome of an essay title ‘An essay on population written in 1798 by Reverend Thomas Robert Malthus, an… Read More »THEORIES OF POPULATION – FULL EXPLANATION
POPULATION CENSUS
A population census refers to the head – count of the people. It is the process by which the number of people living in a country or a given geographical… Read More »POPULATION CENSUS
POPULATION
Population refers to the total number of people living within a geographical area or country at a particular time. FACTORS AFFECTING POPULATION GROWTH There are three major factors which determine… Read More »POPULATION
CO-OPERATIVE SOCIETIES
A co-operative society is defined as a voluntary business organization in which a group of individuals with common interest pool their resources together to promote the economic welfare of their… Read More »CO-OPERATIVE SOCIETIES
PRIVATE LIMITED LIABILITY COMPANY
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,… Read More »PRIVATE LIMITED LIABILITY COMPANY
BUSINESS ORAGNISATION | TYPES, PUBLIC ENTERPRISES, SOLE – PROPRIETORSHIP, PARTNERSHIP
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… Read More »BUSINESS ORAGNISATION | TYPES, PUBLIC ENTERPRISES, SOLE – PROPRIETORSHIP, PARTNERSHIP
DEFINITION OF FIRM, PLANT AND INDUSTRY FIRM
FIRM The firm is an independently administered business unit carrying out production, construction, or distribution activities. Examples of firm in Nigeria are Dangote cement, Cadbury Nigeria Plc. PLANT This is… Read More »DEFINITION OF FIRM, PLANT AND INDUSTRY FIRM
SCALE OF PRODUCTION | SMALL, MEDIUM & LARGE
SCALE OF PRODUCTION: This simply means the size of a firm’s productive capacity. Scale of production also refers to the size of operation adopted by firm. A firm can be… Read More »SCALE OF PRODUCTION | SMALL, MEDIUM & LARGE
DIVISION OF LABOUR: ADVANTAGES, DISADVANTAGES, LIMITATIONS & SPECIALISATION
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… Read More »DIVISION OF LABOUR: ADVANTAGES, DISADVANTAGES, LIMITATIONS & SPECIALISATION
CAPITAL: TYPES OF CAPITAL, IMPORTANCE OF CAPITAL & ENTREPRENEUR
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… Read More »CAPITAL: TYPES OF CAPITAL, IMPORTANCE OF CAPITAL & ENTREPRENEUR
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… Read More »LABOUR AS A FACTOR OF PRODUCTION
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… 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 used . Production in economics may be defined as the… 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 or frequencies more than and are without class intervals. In… 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 for presentation which make it easier for better understanding of… 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 the basic problems of scarcity of resources which serve as… 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 use of resources. Prioritizing our wants. It helps an individual… 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 what we are interested in having but without money or… 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 the mass of data collected into their different relevant areas,… Read More »ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE