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Economics

economics

MINING & MINERAL

DEFINITION OF MINING Mining: is the process of getting coal, gold and other minerals from under the ground by making a deep hole or holes where these minerals are dug. That is, it is an extraction of minerals from under the ground through the process of digging deep holes into the grounds. Mining is one […]

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economics

THE MIDDLEMEN

The middlemen are the wholesalers and the retailers who are in-between the producers and the consumers. They specialize in performing activities relating to purchase and sales of goods in the process of their flow from the manufacturers to the final consumers. The presence of the middlemen in the distributive trade cannot be overlooked as they

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economics

DISTRIBUTIVE TRADE

Distributive Trade-which is also known as the chain of distribution, refers to the various stages or channels through which finished goods are moved from the manufacturers/producers to the final consumers . That is, it is the process of getting goods from the producer to the final consumers. There are various channels through which goods get

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Commerce (SS)

MERCHANT BANKS & DEVELOPMENT BANKS

MERCHANT BANKS (INVESTMENT BANKS) This may be defined as financial institutions that provide medium and long loans, accept large deposits from customers and acts as issuing houses. They deal with high net worth individuals, companies, other financial institutions and government agencies. FUNCTIONS OF MERCHANT BANKS They give medium and long term loans to individuals, organizations

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Commerce (SS)

NEGOTIABLE INSTRUMENTS

A negotiable instruments is an instrument whose title (or ownership) on it could be transferred by delivering it to another person with or without endorsement. Examples of negotiable instruments are bills of exchange, cheques, bank drafts, bill of lading, dividend warrants, treasury bills, bank notes and coins promissory notes debentures payable to bearer, bearer bonds,

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Commerce (SS)

CHEQUE SYSTEM

A cheque is a bill of exchange drawn on a banker payable on demand PARTIES TO A CHEQUE There are three parties involved with a cheque namely: The Drawer – .i.e. the person who issues the cheque The Drawee – .i.e. the bank being instructed to pay the money The Payee – .i.e. the person

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Commerce (SS)

COMMERCIAL BANKS: CHARACTERISTICS, FUNCTIONS & TYPES OF BANK ACCOUNTS

COMMERCIAL BANKS A commercial bank is a financial institution which accept deposits and other valuables from the public for safe-keeping lend money to people and firms and perform other auxiliary services with the sole aim of making profit. A commercial bank is owned by private individual organizations or government. It is a limited liability company.

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Commerce (SS)

PARTNERSHIP: TYPES, ORDINARY PARTNERSHIP & LIMITED PARTNERSHIP

TYPES OF PARTNERSHIP There are two main types of partnership business namely: Ordinary Partnership (or General partnership) The Limited Partnership THE ORDINARY PARTNERSHIP (GENERAL PARTNERSHIP) Characteristics or features: Membership/Number of partners: May consist of between 2 to 20 persons. However by the companies Act 1967 this restriction of not more than 20 persons no longer

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Economics | Science, Arts & Social Science

Economics, as a social science subject, employs scientific methods in its study of human behavior and interactions within the economic system. These methods include systematic observation, data collection, and the formulation of laws based on generalizations. While there are some distinctions between pure sciences and economics, the application of scientific principles to economic analysis justifies its classification as a science subject. Here’s an expansion on these points:

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Concepts of Economics

THE CONCEPT OF HUMAN WANTS Wants, in the context of economics, represent an infinite array of desires for various goods and services that individuals seek to consume to fulfill their needs and enhance their well-being. These wants can be as diverse as the people who harbor them and encompass both tangible goods and intangible services.

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Opportunity Cost

Opportunity cost is a fundamental economic concept that refers to the potential benefits or values an individual or business forgoes when choosing one alternative over another. In simpler terms, it’s the cost of not choosing the next best alternative when making a decision.

When faced with multiple options or choices, choosing one option often means sacrificing the benefits that could have been gained from choosing another option. These potential benefits foregone are the opportunity costs.

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