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

The theory of the multiplier– states that an increase in consumer or business investment spending in a country would produce a multiplier effect by raising the level of national income. … Read More »THEORY OF MULTIPLIER

CIRCULAR FLOW OF INCOME Circular flow of income shows the independence or relationship between households and business enterprise. Commodity and money flows between households and firms. It shows the flow… Read More »THEORY OF INCOME DETERMINATION

As individuals and firms keep account of their economic activities such as their annual report which shows all their activities during the past year, countries too like individuals and firms… Read More »NATIONAL INCOME

Capital Market- is a market for medium and long-term loans. The capital market serves the needs of industries and the commercial sectors. It comprises all institutions which are concerned with… Read More »CAPITAL MARKET

A budget may be defined as a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year. FUNCTION /… Read More »BUDGET

Taxation– is defined as the act of imposing a compulsory levy by the government on the income of individuals, firms, and goods and services. That is, it is a compulsory… Read More »TAXATION

Public finance– is defined as an aspect of economics which deals with the financial activities as relate to Income, Expenditure and the National Debts operations, with their overall effects on… Read More »PUBLIC FINANCE

Inflation This is a persistent rise in the general level of price of goods and services.  Inflation occurs when there is an increase in money supply without corresponding increase in… Read More »INFLATION

MONEY MARKET Money market is a market where short term securities are traded in.  The market comprises of institutions or individuals who either have money to lend or wish to… Read More »FINANCIAL INSTITUTIONS

DEMAND FOR MONEY Demand For Money: is the total amount of money which an individual, for various reasons, wish to hold. That is, it is the desire to hold money… Read More »MONEY

Localisation of  industries refers to the concentration of many firms of an industry in a particular area. Advantages And Disadvantages Of Localisation Localisation has both merits and limits. They are… Read More »LOCALISATION OF INDUSTRIES

Location of industry refers to the siting of an industry in a particular place.                       Factors Influencing Industrial Location Generally,… Read More »LOCATION OF INDUSTRY

Meaning Industry An industry consists of a group of firms producing broadly similar commodities. Examples are the shoe industry, the transport industry, the cement industry, etc. The production side of… Read More »INDUSTRIES IN NIGERIA

In a physical sense, a market means a fixed place where people meet to buy and sell goods; that is, a market place. In economics, a market can be defined… Read More »MARKET STRUCTURE

Supply of labour may be defined as the total number of people of working age offered for employment at a particular time and at a given wage rate. This supply… Read More »SUPPLY OF LABOUR

Labour market is defined as a market which workers and employers are brought into contact and conditions of work are decided.  It is made up of people who are looking… Read More »LABOUR MARKET

Revenue refers to the income derived by a producer or firm from business activities or from the sale of his or its products.              … Read More »REVENUE CONCEPT

MEANING OF COST OF PRODUCTION Cost of production can be defined as the sum of total of all the payment to the factors of production used in production of goods… Read More »COST CONCEPT

A production possibility curve (PPC) is a graphical or diagrammatic illustration of all possible bundles or combinations of two types of goods which a society can produce using its present… Read More »PRODUCTION POSSBILITY CURVE