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… Read More »CO-OPERATIVE SOCIETIES
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,… Read More »PRIVATE LIMITED LIABILITY COMPANY
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… Read More »BUSINESS ORAGNISATION | TYPES, PUBLIC ENTERPRISES, SOLE – PROPRIETORSHIP
FIRM The firm is an independently administered business unit carrying out production, construction, or distribution activities. Examples of firms in Nigeria are Dangote Cement, Cadbury Nigeria Plc. PLANT This is… Read More »DEFINITION OF FIRM, PLANT AND INDUSTRY FIRM
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… Read More »SCALE OF PRODUCTION | SMALL, MEDIUM & LARGE
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… Read More »DIVISION OF LABOUR: ADVANTAGES, DISADVANTAGES, LIMITATIONS & SPECIALISATION
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… Read More »CAPITAL: TYPES OF CAPITAL, IMPORTANCE OF CAPITAL & ENTREPRENEUR
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… Read More »LABOUR 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… Read More »LAND AS A FACTOR OF 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… Read More »PRODUCTION
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… Read More »DATA COLLECTION AND PRESENTATION
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… Read More »TOOLS OF ECONOMIC ANALYSIS
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… Read More »BASIC ECONOMIC PROBLEMS OF THE SOCIETY
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… Read More »IMPORTANCE OF OPPORTUNITY COST TO INDIVIDUAL
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… Read More »BASIC CONCEPTS OF ECONOMICS
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,… Read More »ECONOMICS AS A SCIENCE, ARTS OR SOCIAL SCIENCE
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… Read More »DEFINITION AND THE SCOPE OF ECONOMICS