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SS 3 Economics (1st Term)



BALANCE OF TRADE Balance of Trade – This is the comparison of a country’s total visible exports with her total visible imports.  When visible exports with her total visible imports in monetary terms are equal we have Balance of Trade.  A positive or favourable Balance of Trade – means that a country is exporting more in monetary terms than it is importing while a negative or unfavourable balance of trade means that a country is importing more in monetary terms than it is exporting.   BALANCE OF PAYMENT Balance of payment may be defined as a statement or record showing the relationship between a country’s total payments to other countries and its total receipts from them in a year.  A country’s Balance of payment is grouped into three parts. Current Account Capital Account Monetary movement Account   Current Account: The Current Account is made up of receipts and payments for… Read More »DEFICIT BALANCE OF PAYMENT

Data Processing (secondary)


International Trade Advantages International trade generates the exchange of goods and services among the nations of the world to mutual advantages of all participating countries. Promotion of economic development. International trade provides employment opportunities. It enhances international specialization. It leads to increase in world output. International trade promotes friendship among nations of the world. International trade increases the standard of living. It fosters – equitable distribution of national resources. Countries are able to acquire skills and ideas. DISADVANTAGES OF INTERNATIONAL TRADE International trade can lead to dumping of goods into less developed countries by multinational companies from the developed nations. This development above affects infant industries adversely. International trade if not checked can destroy the cultural values of a country. E.g use of mini skirt from America is anti-cultural and against our social norms. Through international trade, harmful or dangerous goods can be imported into a country by unscrupulous business… Read More »INTERNATIONAL TRADE II

Data Processing (secondary)


One way by which we live better on earth today is because international trade permits national, regional or territorial division of labour to be practiced.  International trade also known as foreign trade or external trade involves the exchange of goods and services between two or more countries. TYPES OF INTERNATIONAL TRADE There are two major types of international trade.  These are: Bilateral International Trade – Bilateral international trade is a trade agreement in which two countries exchange goods and services. Multilateral International Trade – Multilateral international trade is a type of trade in which a country trades with many other countries. E.g. Nigeria trades with the USA, Britain and Japan.   REASONS FOR INTERNATIONAL TRADE Uneven distribution of natural resources. While some countries are naturally blessed, others have little or no natural resources. Differences in Climatic Condition – This variation gives rise to growth of different crops, hence the need… Read More »INTERNATIONAL TRADE I

Data Processing (secondary)


Agencies that regulate money market Central Bank of Nigeria (CBN) Nigeria Deposit Insurance Corporation (NDIC)   CENTRAL BANK OF NIGERIA The central bank is the apex financial institution in a country which is responsible for the management, supervision and control of monetary affairs and financial institutions of the country.   Before independence of most of the British colonized countries of West African (Nigeria, Ghana, Sierra Leone, and Gambia), the West African Currency Board (WACB) with its headquarters in London was responsible for all monetary matters.   As soon as each country gained or approached political independence, it established herown central bank. A central bank was established in Ghana in 1957, in Nigeria in 1959, in Sierra Leone in 1964 and in Gambia in 1971.   FUNCTION OF THE CENTRAL BANK It serves as banker to the government: The Central Bank keeps all the revenue accounts of the government and makes… Read More »REGULATORY AGENCIES OF FINANCIAL INSTITUTION

Data Processing (secondary)


SERVICE INDUSTRIES This is also known as the tertiary sector of industry.  It involves the provision of services to business as well as to the final consumers.Service involves doing something for the consumers, which could be personal or indirect services.   EXAMPLES OF SERVICE INDUSTRY Tourism attraction: This is concerned with all the activities of those who engage in creating tourist attractions in different tourist centerseg guides in national park. Warehousing: The people involved are warehouse managers,clerks etc.They areconcerned with ensuring that goods produced are stored until they are needed for consumption. Communication: It includes all activities which promote rapid transmission of messages between sender and receiver or from one place to another eg courier service provided, telephone operator. Transportation: It is concerned with the movement of goods and services to where they are needed. Those engaged in these services include drivers, pilot and sailors. Advertising : It involves the… Read More »SERVICE INDUSTRY

Data Processing (secondary)


MANUFACTURING INDUSTRIES Manufacturing refers to the turning of raw material into new products by mechanical or chemical processes at home or in the factory. Manufacturing industry is concerned with the activities of those who engage in processing and turning raw material produced in the primary industries into finished product. Examples shoe making, food processing, plastic processing, textile processing etc   CONSTRUCTION INDUSTRIES Construction Industry is concerned with all the activities of those who engage in assembling of goods manufactured into useable form. Construction Industries engage in activities like construction of roads, bridges, Airports, furniture houses etc.   EVALUATION Define Construction List four examples of construction industries.   CONTRIBUTIONS OF INDUSTRIAL SECTOR TO ECONOMIC DEVELOPMENT Industrial sector has contributed greatly to the economic development of all nations in the following ways; Increase in the Gross National Products (GDP) Provision of Employment opportunities Stimulation of other sectors of the Economy Control Inflation… Read More »MANUFACTURING AND CONSTRUCTION INDUSTRIES

Data Processing (secondary)


Petroleum was discovered in commercial quantity in 1956 by shell BP at Oloibiri in the present River State.  Ever since 1976 till date, petroleum has remained the major source of government revenue in Nigeria.   POSITIVE CONTRIBUTIONS OF PETROLEUM TO NIGERIA ECONOMY Petroleum serves as sources of revenue to the country. Employment generation e.g. petroleum engineers, geologists, chemical engineers etc. Improvement in the infrastructure of the country e.g. flyovers, airports roads development are linked to earning from petroleum. The major foreign exchange earnings in the country is crude oil. Therefore petroleum serves as source of foreign exchange. Development of oil related industries e.g. oil servicing firm, petro chemical industry. Improvement of the living standard of the citizens of the country. Provision of wide range of products. Major source of fuel e.g. petrol, diesel, kerosene etc. Repositioning of the country in the global politics.   NEGATIVE EFFECTS OF PETROLEUM IN NIGERIA… Read More »PETROLEUM AND THE NIGERIAN ECONOMY

Data Processing (secondary)


HUMAN CAPITAL Human Capital refers to the skills, training, experience, education, knowledge, technical know-how and competencies contributed by humans to production process.   Human capital is an important factor of production. It is the value that is added into a company by an employee which can be measured by the employee’s skills and competencies of Human capital.   Characteristics of human capital Human capital is mobile Human capital is skillful Human capital has feelings It requires innovation Human capital is not predictable Human capital is perishable Human capital is not fixed   PHYSICAL CAPITAL Physical Capital refers to asset which themselves have manufactured and are used for production of goods and services. Examples include machinery, equipment, buildings etc.   EVALUATION Define Human capital Define Physical capital   DIFFERENCES BETWEEN HUMAN CAPITAL AND PHYSICAL CAPITAL Human Capital Physical Capital 1.    It is a human asset It is a non-human asset 2.   … Read More »HUMAN CAPITAL DEVELOPMENT



ECONOMIC HISTORY OF THE ASIAN TIGERS AND JAPAN (1960-2000) The term Asian Tiger refers to a group of countries in the south east of Asia which includes Hong Kong which is the administrative zone of China, Taiwan, Singapore, South Korea and Indonesia from 1960 to the year 2000, these Asia Economies did something miraculous hence they are popularly referred to as the Asian Miracles. There was this aggression to develop their economies. The south east Asia states have placed regional economic integration as a top priority. They formed Association of South East Asian Nations (ASEAN) with the ambition of becoming an official Economic Community in 2015.   In that short period of 40 years, those five Economies really became a big part of the workshop of the world. They were not just regional players expanding locally they were expanding globally.   THE JAPANESE MIRACLE The Japanese Miracle refers to Japan’s… Read More »ASIAN TIGERS, JAPAN, EUROPE AND AMERICA

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