Economics

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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Tools of Economic Analysis

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 a better understanding of the relationship between variables. It serves as the most commonly used tool in Economics for economic analysis. 5 FEATURES OF A TABLE 1. Orderly

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Data Collection & Presentation

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 type of data does not have predefined class intervals and may consist of discrete values or continuous measurements. Analyzing ungrouped data involves performing certain key

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economics

THEORY OF MULTIPLIER

The theory of the multiplier– states that an increase in consumer or business investment spending in a country would produce a multiplier effect by raising the level of national income.  The multiplier effect can be as a result of changes in consumption expenditure, which is known as consumption multiplier or investment changes, which is known

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economics

THEORY OF INCOME DETERMINATION

CIRCULAR FLOW OF INCOME Circular flow of income shows the independence or relationship between households and business enterprise. Commodity and money flows between households and firms. It shows the flow of payments from business sector to households in exchange for labour and other productive services and the return flow of payments from households to business

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economics

NATIONAL INCOME

As individuals and firms keep account of their economic activities such as their annual report which shows all their activities during the past year, countries too like individuals and firms do record and keep their economic activities.   National Income– is defined as the monetary value of the total volume of goods and services produced

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economics

CAPITAL MARKET

Capital Market- is a market for medium and long-term loans. The capital market serves the needs of industries and the commercial sectors. It comprises all institutions which are concerned with either the supply of or demand for long-term loans. The capital market provides a system by which money for investment is distributed to institutions which

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economics

BUDGET

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 achieve the following objectives It is used as a means of raising revenue It is

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economics

TAXATION

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 the country. It is a compulsory contribution imposed by a government authority on goods, individuals,

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economics

PUBLIC FINANCE

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 of government income and expenditure to achieve government’s policy objectives.  It involves a detailed analysis

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economics

INFLATION

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 Inflation Cost – Push Inflation Hyper-Inflation Creeping Inflation   Demand – Pull Inflation – This

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economics

FINANCIAL INSTITUTIONS

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 MONEY MARKET Treasury Bills Treasury Certificate Bill of exchange Call money funds Treasury Bill –

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economics

MONEY

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 than spending it. The demand for money in economics is known as Liquidity Preference. MOTIVES

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economics

LABOUR FORCE

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 law but have no work to do in a country at a particular period of

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economics

POPULATION CENSUS

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 by the government at regular intervals, usually every ten years. Population census provides information about

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economics

POPULATION

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. These can be summarized in the following formula; r = Birth Rate – Death Rate

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