Category SS 1 Economics Notes (1st, 2nd & 3rd Term)

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…

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 system whereby the organizational framework of the economy are inter-related,…

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 market economy are fixed by the interaction (i.e. joint actions)…

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 of time. Supply does not mean the entire stock of…

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 and time. Demand is quite different from wants, need or…

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…

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…

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…

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…

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 –…

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…

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 It is owned by the government It is established through…

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 as barter. Trade by barter is a form of trading…

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.…