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

economics

CO-OPERATIVE SOCIETIES

A cooperative society is defined as a voluntary business organization in which a group of individuals with common interest pool their resources together to promote the economic welfare of their members in the production, distribution and consumption of goods and services.                            TYPES OF CO-OPERATIVE SOCIETIES CONSUMERS CO-OPERATIVE SOCIETY: A consumers’ cooperative society is an […]

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economics

PRIVATE LIMITED LIABILITY COMPANY

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 its shares and the name of the private liability company must end with the abbreviation

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economics

BUSINESS ORAGNISATION | TYPES, PUBLIC ENTERPRISES, SOLE – PROPRIETORSHIP

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 OF BUSINESS ORGANISATIONS PRIVATE ENTERPRISES: Private enterprises are the enterprises owned and managed by private

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economics

DIVISION OF LABOUR: ADVANTAGES, DISADVANTAGES, LIMITATIONS & SPECIALISATION

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 a major characteristic of present–day economic systems. ADVANTAGES OF DIVISION OF LABOUR Increase in the

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economics

LABOUR AS A FACTOR OF PRODUCTION

Labour may be defined as all forms of human efforts both mental and physical efforts put towards the production of goods and services. It is one of the variables factors of production cannot take place without the utilization of labour. The reward of labour is in the form of wages and salaries.  CHARACTERISTICS OF LABOURS

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economics

LAND AS A FACTOR OF PRODUCTION

LAND: This is nature`s contribution to production. As a free gift of nature and its reward is rent. Land is a free gift of nature which refers to all those resources that are purely provided by nature but are utilized by man during the production process. It includes all resources not made by man e.g.

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economics

PRODUCTION

DEFINITION AND MEANING OF PRODUCTION Production has diverse meaning, but the usage depends on the context in which it is used . Production in economics may be defined as the various economic activities aimed at the creation of goods and services and the distribution of these goods to the final consumers for the satisfaction of

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economics

DATA COLLECTION AND PRESENTATION

FORMULATION OF FREQUENCY TABLE FOR UNGROUPED DATA UNGROUPED DATA: Ungrouped data is one in which the raw data has occurrences or frequencies more than and are without class intervals. In the formulation of frequency table for ungrouped data, two basic steps are taken. Prepare a tally sheet. Prepare a frequency table.   PREPARATION OF A

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economics

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 better understanding of  the relationship between variables. It serves as the most commonly used tool in Economics for economic analysis. FEATURES OF A TABLE It must give an

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economics

BASIC CONCEPTS OF ECONOMICS

CONCEPT OF HUMAN WANTS Wants refer to numerous goods and services which are desired for consumption. In economics, wants are what we are interested in having but without money or willingness to part with money to have it at that point in time. They could be in the form of tangible goods or services. Tangible

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