MEASURES OF CENTRAL TENDENCY These are the values which show the degree to which a given data or any given set of values will converge toward the central point of the data. Measures of central tendency, also called measures of location, is the statistical information that gives the middle or centre or average of a…
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…
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…
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…
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…
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…
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…
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…
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…
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…