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
SS 1 Economics (1st Term)
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
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
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 are so many definitions of economics as there are economists… Read More »DEFINITION AND THE SCOPE OF ECONOMICS