SS 1 Economics (1st Term)

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 It is supplied by human beings. It is highly mobile. It is variable and unpredictable. It cannot be stored. Its ownership and use cannot be separated. TYPES OF LABOUR There are three common types of labour: Unskilled Labour : These are workers with little or no education who use only their physical energy in carrying out their work . e.g. messengers , cleaners, gardeners e.t.c. Semi -Skilled Labour : This category of labour is between unskilled and skilled labour These are workers who have little education and training . They combined both physical and… 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 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. land, sea, river, animals, minerals resources, crude oil, gold, diamond etc. Land is said to be a passive factor for it is useless without the application of human effort CHARACTERISTICS Land is a free gift of nature. It is geographically immobile. It is relatively indestructible. It has no production cost. It’s quality and value varies with its location. It is subject to the law of diminishing returns. THE LAW OF DIMINISHING RETURNS This law is also called the law of variable proportions and it states that as more and more units of a variable factor… 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 the formulation of frequency table for ungrouped data, two basic steps are taken. Prepare a tally sheet. Prepare a frequency table. PREPARATION OF A TALLY SHEET: This is when the variables are taken one after the other with a stroke called tally. The tally of five makes a bundle i.e. PREPARATION OF A FREQUENCY TABLE: The frequency table is simply obtained by adding the tallies together in a separate column referred to as frequency. Example: The following are scores of thirty (30) students of SS 1 in an economics test. 2, 4, 8, 8, 2, 6, 6, 8, 2, 4 8, 0, 8, 6, 0, 10, 2, 2, 0, 10 4, 6, 0, 10, 2, 2, 6, 6, … 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 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 orderly arrangement of data. It must have a title or heading. It must be numbered if many. It must be very simple and easy to understand. The units of measurement used in the table must be stated. USES OR IMPORTANCE OF A TABLE It reveals information at a glance. It avoids repetition. It makes data easy to understand. It allows for easy interpretation of data. It eases comparison between classes of data. EXAMPLES OF A TABLE The table below gives the performance of four students in an entrance examination. Students Eng Maths Econs… 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 the bane of the following problems confronting the nations of the world. What to produce? How to produce? For whom to produce? How to achieve effective use of resources? WHAT TO PRODUCE This is the foremost basic economic problem which is concerned with goods and services to be produced and in commercial quantity is the production to be made. As a problem of resources allocation, what should be produced should depend on the needs and wants of the people which are determined by different factors in different societies. In a capitalist system, what to produce rests in the hands of private individuals and firms who produce goods and services using the price system to determine the price. The government determines… 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 to make wise choice. IMPORTANCE OF OPPORTUNITY COST TO FIRMS Decision making. Helps to decide the method of production. Helps in project execution. Guides policy formulation and implementation. Importance of Opportunity Cost to the Government Resources allocation. Decision making. Preparation of budget. Helps in project execution. EVALUATION List 3 importance of opportunity cost to individual. State 2 importance of opportunity cost to a firm REVISION/ GENERAL EVALUATION List ten renowned Economics in the world. Why is the scale of preference important? Mention five importance of studying economics. Give five definitions of Economics by various prominent Economists. Differentiate between Want and Needs. WEEKEND ASSIGNMENT Opportunity cost is the item…………. (a) left unbought (b) nominal cost (c) bought… 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 willingness to part with money to have it at that point in time. They could be in the form of tangible goods or services. Tangible goods include, goods, houses, television etc; or services such as a driver, cobbler, actor, legal or medical services. Human wants are insatiable, because the means of satisfying them are limited. i.e. scarce Wants are also called ends, desires, aims or objectives. SCARCITY In economics, Scarcity is defined as “Limited in Supply” that is to say, all things being scarce or limited in supply is in relation to the demand for them. This means that before we say something is scarce, we must have compared the available quantity with the present level of demand for it… 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, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to enable the law to hold true at all time. The assumption is, “Ceteris Paribus’’ meaning “All things being equal’’. Economics is basically a social science subject and not an art or pure science due to the following reasons. In pure sciences, such as Chemistry, Physics, Biology, there are observations, selection and classification of relevant materials in making generalization to formulate laws, but in economics its fundamental facts are the daily observation. In pure sciences, observation from laboratory experiments are more precise and can be reproduced exactly, but in economics they are attained from human and… 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 because they see the subject from different point of view. Some definition given by some economists includes: Adam Smith (18th Century British Economist and Called “Father of Economics”) in 1776 defined economics as “an inquiry into the nature and causes of the wealth of nations”. John Stuart Mill in 1843 defined economics as “the practical science of production and distribution of wealth” Alfred Marshal in 1890 defines it as “a study of mankind in the ordinary business of life, earning and enjoying a living”. J. Daven Port defines economics as “a science that treats phenomena from the stand point of price”. Edvins Canon defines economics as “the study of things having to do with man’s material welfares”. A.I. Pigou defines… Read More »DEFINITION AND THE SCOPE OF ECONOMICS

SS 1 Economics (1st Term)

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