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

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

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

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

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

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

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

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

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

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

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

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

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

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

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