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SCOPE AND NATURE OF ECONOMICS

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 : NATURE AND SCOPE OF ECONOMICS Economics like other social subject has no specific definition because there are economists that see the subject from different views., they may be interested in different aspect of Economics such as Monetary Economics, Industrial Economics, Business Economics, Welfare Economics, Micro Economics, Macro Economics e.t.c. They therefore define Economics to reflect their interest. Examples are:  1.Prof. A.C. Piqou: In his book, the economics of welfare, defined economics as the study of human actions in relations to materials or economic welfare.  2.Alfred Marshal: Economics is the study of mankind in other business of life. 3. Adams Smith: He defined economics as an enquiry into the nature and causes of wealth of nations . Adam Smith is regarded as the father of economics theory. 4.H.J Davenport: He said economics is the science that treat phenomena from the standpoint of price”.  6.J.S Mills: In his own contribution, J.S Mills defined economics as a pra

LESSONS FROM THE ASIAN TIGERS

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  ASIAN TIGERS The Asian Tigers are made up of four countries in East Asia e.g South Korea, Taiwan, Singapore and Hong Kong.They all went through rapid growth by going through industrialisation since the year 1960s. They were also referred to as third world countries. The major reason behind their growth is that they found their comparative advantage EG Singapore and Hong Kong is considered as intern kmational finance centre why Taiwan and South Korea are majorly manufacturer of information technology equipment. LESSONS FROM THE ASIAN TIGERS Creation of stable macroeconomics environment they were able to create an environment which is conducive to business E.G they were able to achieve success in the area of budget deficit and external debt.. Government investment in education through universal primary education literacy level reduces and increase on cognitive skill. Introduction of export-oriented policy they introduce various policies on health support free trade was also introduced

POPULATION

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Population is the total number of people; old, young men and women living in a particular place, area, city and country at a given period of time.      Population census is the official head count of all the people of a given country. It is usually carried out every ten years in Nigeria. Definition of terms 1. Birth rate: This is the total number of birth per thousand of people in a particular year 2. Death rate: It is the total number of death per population in a year. 3. Migration: It is the movement of people between regions or country at the e. Inflow and outflow of people from one place to another. 4. Immigration: It is the movement of people into a country. Such people are referred to as immigrants. 5. Immigration: The movement of people f on their country to another country. Such people are referred to to emmigrants 6. Net migration : It is the difference between the immigrants and emmigrants. POPULATION DISTRIBUTION GEOGRAPHICAL DISTRIBUTION This refers to how people are spread

SELECTED QUESTIONS

SELECTED QUESTIONS MCQ 1. Economics is best described as the study of... A. Choice made by successful and Rich individual B. Ways and solution to eliminate scarcity. C. How businessmen maximize their profits. D. How people manage their scarce resources. 2.which all these is most likely a concerned of Economics?. A. The changing weather and season patterns of Western countries. B. The form of government in Iran. C. Factors affecting the volatility of foreign exchange of stock market. D. The effect of fungi on the growth of palm trees. 3. The scarcity definition of economics is credited to A. Adam Smith B. Alfred Marshall C David Ricardo D. Lionel Robinson 4. The father of Economics who formulated the principles of absolute advantage and the invisible hand is. A.Jean-Baptiste Jay B.David Ricardo C.Adam Smith D.Milton Fried Man.  5.The scarcity definition of economics is credited to A. Adam Smith B. Alfred Marshall. C. David Ricardo D. Lionel Robinson. 6. The tools and other equipment emp

ELASTICITY OF DEMAND

ELASTICITY OF DEMAND Elasticity is a measure of the responsiveness of quantity demanded or quantity supplied to one of its determinants. Economists usually refer to the coefficient of elasticity as the price elasticity of demand, a measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in the quantity demanded divided by the percentage change in price. Other coefficients of elasticity may relate to 'income elasticity of demand', 'cross-elasticity of demand', What Is Price Elasticity of Demand? Price elasticity of demand is an economic measure of the change in the quantity demanded or purchased of a product in relation to its price change. Expressed mathematically, it is: Price Elasticity of Demand = % Change in Quantity Demanded / % Change in  price. There are different types of price elasticity of demand i.e. 1) perfectly elastic demand, 2) perfectly inelastic demand, 3) relatively elastic d

What is Production ?

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PRODUCTION Production is the process of making or manufacturing goods and products from raw materials or components. In other words, production takes inputs and uses them to create an output which is fit for consumption. In other words, production is the creation of utilities. Production may be defined as the transformation of raw materials to finished goods and the distribution and provision of goods and services in other to satisfy human wants.   . Concept of Total, Marginal and Average Productivity   • TOTAL PRODUCT : It is the entire quantity of a commodity produced with a given quantity of productive resources. i.e. TP = AP × Q • AVERAGE PRODUCT : This is the total product divided by the amount of variable input used to produce the total output. i.e. AP = TP /Q • MARGINAL PRODUCT : This is the additional unit of the variable input. .e MP = Change in TP/ Change in Q The law of diminishing returns   states that as more of the variable factor is added to other factors wh

Production possibility curve

Production possibility curve   Production possibility curve is also called production frontier, transformation curve, production possibility boundary. It is described as the graph or curve that shows the combination of goods that can be produced in any economy given the available resources and the prevailing state of technology. It is further explained as the choice of commodity that could be produced and the opportunity cost of reallocation between these resourses        A  production–possibility frontier  ( PPF)  or  production possibility curve  ( PPC ) is a curve which shows various combinations of the amounts of two goods which can be produced within the given resources and technological graphical representation showing all the possible options of output for two products that can be produced using all factors of production, where the given resources are fully and efficiently utilized per unit time. A PPF illustrates several economic concepts, such as allocate,efficiency , econom