Category Economics Lesson Notes For All Classes

A budget may be defined as a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year. FUNCTION / USES / IMPORTANCE OF BUDGETS National budget is used to…

Taxation– is defined as the act of imposing a compulsory levy by the government on the income of individuals, firms, and goods and services. That is, it is a compulsory payment made by each eligible citizen towards the expenditure of…

Public finance– is defined as an aspect of economics which deals with the financial activities as relate to Income, Expenditure and the National Debts operations, with their overall effects on the economy. That is, it is the management and control…

Inflation This is a persistent rise in the general level of price of goods and services.  Inflation occurs when there is an increase in money supply without corresponding increase in volume of production.   TYPES OF INFLATION Demand – Pull…

MONEY MARKET Money market is a market where short term securities are traded in.  The market comprises of institutions or individuals who either have money to lend or wish to borrow on a short-term basis.   INSTRUMENTS USED IN THE…

DEMAND FOR MONEY Demand For Money: is the total amount of money which an individual, for various reasons, wish to hold. That is, it is the desire to hold money in terms of keeping one’s resources in liquid form rather…

THE CONCEPT OF LABOUR FORCE Labour force can be defined as the total number of people of working age in a country who are gainfully employed and those who fall within the age bracket, capable and willing to work by…

THE MALTHUSIAN THEORY OF POPULATION The Malthusian theory of population is the outcome of an essay title ‘An essay on population written in 1798 by Reverend Thomas Robert Malthus, an Anglican clergyman and a well-known political economist.  The essay he…

A population census refers to the head – count of the people. It is the process by which the number of people living in a country or a given geographical area is counted. It developed countries it is carried out…

Population refers to the total number of people living within a geographical area or country at a particular time. FACTORS AFFECTING POPULATION GROWTH There are three major factors which determine the size and rate of growth of a country’s population.…

A private limited liability company is defined as one which by its activities restricts the rights to transfer its shares, limits the number of its shareholders from two to fifty, and prohibits any invitation to the public to subscribe for…

Business organization can be defined as an enterprise set up by an individual or group of individuals, government or its agencies for the main purpose of making profit and providing goods and services for the satisfaction of human wants. TYPES…

FIRM The firm is an independently administered business unit carrying out production, construction, or distribution activities. Examples of firms in Nigeria are Dangote Cement, Cadbury Nigeria Plc. PLANT This is the same as the factory. It consists of the tools,…

SCALE OF PRODUCTION This simply means the size of a firm’s productive capacity. The scale of production also refers to the size of the operation adopted by the firm. A firm can be a small scale or medium scale or…

Division of Labour is defined as a system of breaking down production processes into different stages so that each stage is undertaken or handled by an individual or group of an individual. The principle of the division of labour is…

Capital can be defined as wealth reserved or set aside for the production of further wealth. Capital also refers to all man – made productive assets, that is all man – made wealth or goods used to produce other goods…

Localisation of  industries refers to the concentration of many firms of an industry in a particular area. Advantages And Disadvantages Of Localisation Localisation has both merits and limits. They are enumerated below. Advantages Reputation – The place where an industry…

Location of industry refers to the siting of an industry in a particular place.                       Factors Influencing Industrial Location Generally, the location of industries is influenced by economic considerations though…

Meaning Industry An industry consists of a group of firms producing broadly similar commodities. Examples are the shoe industry, the transport industry, the cement industry, etc. The production side of business activity is referred to as industry. It is a…

An imperfect market may be defined as a market in which prices of goods or services can easily be influenced by the sellers or buyers. In other words, an imperfect market is a market situation in which the force of…