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 wrote was influenced greatly by the rate at which the population in Europe at that […]
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TYPES OF PARTNERSHIP There are two main types of partnership business namely: Ordinary Partnership (or General partnership) The Limited Partnership THE ORDINARY PARTNERSHIP (GENERAL PARTNERSHIP) Characteristics or features: Membership/Number of partners: May consist of between 2 to 20 persons. However by the companies Act 1967 this restriction of not more than 20 persons no longer
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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 large scale depending on its capacity. Small-scale production: This occurs when the productive capacity of
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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
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 from the producer to the final consumers. There are various channels through which goods get
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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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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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DEFINITION AND MEANING OF ECONOMICS Economics as a dynamic subject has very many definitions. It is often said that there are so many definitions of economics as there are economists because they see the subject from different point of view. Some definition given by some economists includes: Adam Smith (18th Century British Economist and Called
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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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BASIC ECONOMIC PROBLEMS OF THE SOCIETY Every economy, whether capitalist, socialist, mixed economy, developed or developing countries is faced with the basic problems of scarcity of resources which serve as the bane of the following problems confronting the nations of the world. What to produce? How to produce? For whom to produce? How to achieve
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IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL It helps individual to make decision. It helps individual to allocate scarce resources. Judicious use of resources. Prioritizing our wants. It helps an individual to make wise choice. IMPORTANCE OF OPPORTUNITY COST TO FIRMS Decision making. Helps to decide the method of production. Helps in project execution. Guides
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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
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 AS A SOCIAL SCIENCE Like other pure sciences, economics acquires knowledge (data) through a systematic observation of facts, classifying the mass of data collected into their different relevant areas, using the facts collected for generalization of law, applying the formulated law to analyze new situations with a strong reliance on a certain assumption to
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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 and services. Examples of capital are machines, tools, factory, buildings, raw material, fuel, money, semi-finish
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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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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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