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.… Read More »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.… Read More »MINING & MINERAL
MEANING OF AGRICULTURE Agriculture can be defined as the production of crops, animals, fishes and forest resources for the consumption and other benefit of human. It is a dominant occupation… Read More »AGRICULTURE: MEANING, COMPONENTS & SYSTEM
NATURE OF NIGERIA ECONOMY The study of the structure of an economy is in essence the study of the ‘Anatomy’ of that economy. The structure of Nigerian economy is a… Read More »NIGERIAN ECONOMY: NATURE, STRUCTURE & CONTRIBUTION
FREE MARKET ECONOMY A free market is a market in which prices of goods and services are regulated by market forces. This means that prices of commodities in a free… Read More »PRICE DETERMINATION IN A FREE MARKET ECONOMY
Supply may be defined as the quantity of goods and services which sellers are willing and able to offer for sale at a particular price, and at a particular period… Read More »SUPPLY: LAW, SCHEDULE, TYPE & FACTORS
Demand can be defined as the quantity of a commodity (goods and services) that consumers are willing and able to buy at a given price and at a particular place… Read More »DEMAND: DEFINITION, LAW, TYPES & FACTORS
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… Read More »THE MIDDLEMEN
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… Read More »DISTRIBUTIVE TRADE
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… Read More »MERCHANT BANKS & DEVELOPMENT BANKS
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… Read More »NEGOTIABLE INSTRUMENTS
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 –… Read More »CHEQUE SYSTEM
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… Read More »COMMERCIAL BANKS: CHARACTERISTICS, FUNCTIONS & TYPES OF BANK ACCOUNTS
The Central Bank is the apex financial institution in a country which is responsible for the management and control of monetary affairs of the country. FEATURES/CHARACTERISTICS OF THE CENTRAL BANK… Read More »CENTRAL BANK: FEATURES, CHARACTERISTICS, FUNCTIONS & MONETARY POLICY
TRADE BY BARTER Before money came to be used, trade was carried out by goods being exchanged directly for other goods. This direct exchange of goods for goods is known… Read More »MONEY: QUALITIES, FUNCTIONS, FORMS, TRADE BY BARTER & COUNTER TRADE
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… Read More »PARTNERSHIP: TYPES, ORDINARY PARTNERSHIP & LIMITED PARTNERSHIP
A partnership is defined as the relationship that exists between two or more (but more than twenty) persons carrying on a business in common for the purpose of making profits.… Read More »PARTNERSHIP: FORMATION, ADVANTAGES, DISADVANTAGES & CHARACTERISTICS
FORMULATION OF FREQUENCY TABLE FOR UNGROUPED DATA Ungrouped data refers to a dataset in which the individual observations or values are presented without any grouping or classification into intervals. This… Read More »Data Collection & Presentation
DEFINITION AND MEANING OF PRODUCTION Production has diverse meanings, but the usage depends on the context in which it is used. Production in economics may be defined as the various… Read More »Production | Meaning, Types, Classification, Factors & Importance
LAND: This is nature`s contribution to production. As a free gift of nature and its reward is rent. The land is a free gift of nature which refers to all… Read More »Land | Characteristics & Importance of Land
WHAT IS LABOR? LABOR, in its broadest sense, encompasses all the multifaceted human endeavors that encompass both mental and physical efforts directed toward the creation and provision of goods and… Read More »Labor | Characteristics, Types, Importance & Factors