SS 1 Economics (1st Term)

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

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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