JSS1 - SS3 Lesson Notes
Lesson Notes, Audio Lessons, Exam Questions
Lesson Notes, Audio Lessons, Exam Questions
Poverty is often used in conjunction with material possessions that belongs to people. it is defined as a lack of a material possession belonging to a person. According to the world bank, poverty is defined to a situation where ones…
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…
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. …
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…
Economic Growth: A country is said to achieve economic growth when there is an increase in the volume of National output (National Income) arising from an expansion in production. When there is economic growth, it shows in the form of…
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.…
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…
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 various economic activities aimed at the creation of goods and…
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…
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…
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…
RATIONING This is a prevailing economic situation of scarcity of essential commodities in the market in which consumers are allowed to have access to these commodities at specified quantities and at regulated period of times. The scarcity of these essential…
PRICE CONTROL POLICY This is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it is a situation where the government uses the instrument of law to fix the price…
Cross Elasticity of Demand is the degree of responsiveness of quantity demanded of commodity X to a little change in the price of commodity Y. Cross elasticity of demand is applicable mainly to goods that are close substitute as well…
Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a little change in consumer’s income. That is, it measures how changes in income of consumers will affect the quantity of commodities demanded by…
Elasticity of supply can be defined as the degree of responsiveness of change in quantity supplied as a result of change in price. Elasticity of supply measures the extent to which the quantity of a commodity supplied by a producer…
DEFINITION OF ELASTICITY OF DEMAND Elasticity of demand may be defined as the degree of responsiveness of demand as changes in price, income, prices of other commodities etc. Types of Elasticity of Demand Price elasticity of demand Income elasticity…
CHANGE IN QUANTITY DEMANDED A change in quantity demanded, is otherwise known as movement along a particular demand curve that is only influenced by price. When there is a change in the quantity demanded, the demand curve does not shift.…
THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour. It is primarily concerned with how the consumer or household tries to satisfy his/her wants by dividing his/her limited amount of income…
MEASURES OF DISPERSION This also known as measures of spread or variation describes how the data given in any distribution are spread about the ‘Mean’, or the overall spread of the data. These measures are the range, mean – deviation,…