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.… Read More »MINING & MINERAL

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

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… Read More »LABOUR FORCE

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… Read More »THEORIES OF POPULATION – FULL EXPLANATION

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… Read More »POPULATION CENSUS

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… Read More »POPULATION