DATA RESPONSE IN ECONOMICS

FINANCIAL INSTITUTIONS The financial system consist of financial institutions, markets instruments and rules that facilitate and regulate the flow of fund in the economy. A bank is a financial institution in which money and other valuables are kept for safe keeping and loans are given out to the people.  ELECTRONIC BANKING Electonic banking  also known as Electronic Fund Transfer uses computers and electonic technologies as a substitute for cheques and other paper transactions. It simply means twenty-four access to cash through an Automated Teller Machine or direct deposit into accounts. E-BANKING SERVICES Electronic banking provides the following services:  1. Automated Teller Machine: These are electonic terminals that let a customer teansact business anytime. To withdraw or transfer fund, a card will be inserted and pin number entered. 2. Direct deposit: This allows the customer to authorize specific deposit such as social security cheques to his account on a regular basis. Also, di

  SUPPLY Supply is the quantity of goods that the producers or seller are willing and able to offer for sale at a given price and at a particular time. TYPES OF SUPPLY  COMPLEMENTARY (JOINT) SUPPLY: This supply occurs when two or more commodities are produced and supplied from one source. An increase in the production and supply of one will automatically bring about increase in the production and supply of the other commodities that are produced from the same source, eg  an increase in production and supply of petrol from petroleum (crude oil) can lead also to an increase in supply of kerosene and other products from crude oil. COMPETITVE (SUBSTITUTE) SUPPLY : This supply occurs when many commodities are supplied for the satisfaction of a particular want. In other words, it is the supply of two or more commodities that serves as substitute or alternative to one another, eg meat and fish, omo blue detergent and elephant blue detergent, margarine and butter. COMPOSITE SUPPLY : This supp

PUBLIC FINANCE  This is an aspect of economics which relates to income and expenditure of the government. Every government has various project to execute and government has to derive means of generating income.  BUDGET Budget is a financial statement by the government showing revenue and proposed expenditure for the coming financial year.  A budget consist of packaging of proposals regarding revenue which is likely to be derived from various sources and expenditure which is likely to be met on various items TYPES OF BUDGET DEFICIT BUDGET: A deficit budget means that governments planned revenue for the year is greater than the expenditure.  SURPLUS BUDGET: A surplus budget means that the planned government expenditure is less than the estimated government revenue.  BALANCE BUDGET: This is when the planned government expenditure is equal to the estimated government revenu What is Fiscal policy? Fiscal policy involves the use of government income and expenditure instruments to regulate th

  MONEY Money may be defined as  anything which serve as a medium o f exchange.Anything which is generally acceptable can serve as money. Before the introduction of money ,  the method of exchange that took place was  by means of barter wehereby goods were exchange for  goods  EVOLUTION OF MONEY In ancient times, people were self-sufficient and everybody produced commodities needed to meet their personal needs, but with time specialization began to set in and everybody started producing what they could produce best. This led to what is today known as Barter System of Trade i.e. exchange of goods for goods. People exchange what they had for what they want, but the problem that came along with the barter system was so much that people started looking for a way out. The search leads to the following Development of Commodities; to be used as money e.g. cowries, shells, hides and skins, cereals, etc. soon it was discovered that all these things are easy to come and not scarce at all. Soon p

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

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

  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