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BASIC ECONOMIC PROBLEMS OF EVERY SOCIETY

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BASIC ECONOMIC PROBLEMS OF EVERY SOCIETY. Every society battles with the following Economic problems. Economic problems of what to produce, how to produce it, for whom to produced, efficient utilization of resourses and future growth of the Economy, WHAT TO PRODUCE It explains what kinds of goods to produce, that is what types of goods to produce and be made available for consumer satisfaction. HOW TO PRODUCE How to produce explains the methods of production to apply in production, is it capital intensive, which involves the use of machine for Mass production and efficiency. Is it labour intensive where manual labour will be applied. Decision will be taken on this. FOR WHOM TO PRODUCE This explains the category of people the production is meant in terms of age and population structure. Are the products meant for the children, adults or the old people. EFFICIENT UTILIZATION OF SCARCE RESOURCES This explains how limited available resources will be managed without waste. No idle resources

How to construct a pie chart

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A PIE CHART  This is a circle divided into sectors whose angles are proportional to the frequencies of the items. They are represented in degrees or percentages. The whole circle is 360 and it is measured by the use of protractor. It is referred to as pie https://youtu.be/rXoHqVWKtr0 SIMILAR CHARTS RELATED TO PIE CHART 1. DOUGHNUT CHART A doughnutut chart (also spelled donut) is a variant of the pie chart, with a blank center allowing for additional information about the data as a whole to be included. Doughnut charts are similar to pie charts in that their aim is to illustrate proportions.[citation needed] This type of circular graph can support multiple statistics at once and it provides a better data intensity ratio to standard pie charts. It does not have to contain information in the center. 2. EXPLODED PIE CHART  This is a chart with one or more sectors separated from the rest of the disk is known as an  exploded pie chart . This effect is used to either highlight a sector, or to

ABNORMAL SUPPLY

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  EXCEPTION TO THE LAW OF SUPPLY Exceptional or Abnormal Supply: is the supply pattern which does not abide by the law of supply, and therefore, gives rise to the reverse of the basic law of supply which states that the higher the price, the higher the quantity of commodity that will be supplied by the producer, and vice-versa. An abnormal supply also called a Regressive or Backward Sloping Supply Curve. Shows that at higher price, less quantity will be supplied. That is a negative situation in which a fall in the price of a commodity leads to an expansion of its supply. Causes of abnormal supply are as itemized below: 👉Existence of some fixed assets whose prices increase without a  corresponding increase in its size, eg Land 👉Rising wages of labour where a worker tends increase his leisure time and reduce his productive working hours at high wage rate 👉A producer with a particular target income may go on supplying the market with his commodities even when prices fall. 👉Monopolisti

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