Category: Economics

Division of Labour

If a man working alone undertakes the entire making of an article there is no division of labour. But if the making of this article is broken down into different stages and each stage is undertaken by an individual then there is division of labour. Therefore division of labour can be defined as breaking down […]

Economic Development in Economics

The term “economic development” has been defined as the process whereby the level of national production (that is, national income) or per capita income increases over a period of time. The main objective of economic development is to raise the standard of living and the general well-being of the people in an economy. It involves changes im the […]

Key Point in Budget

Budget in economics refers to a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period; usually a year.  WHAT ARE THE TYPES OF BUDGET IN ECONOMICS Balance Budget: This is when the total estimated revenue is equal to proposed expenditure. Surplus Budget: It is when the total estimated revenue is more […]

Cheque [ Economics ]

A Cheque is an instruction in writing made upon a bank to pay a given sum of money to a named person or bearer, at a specific date. FEATURES OF A CHEQUE 1. The name and the branch of the bank.  2. The date the cheque will be presented for payment.  3. The account number […]

Rewards To Factors of Production

In the production of goods and services, firms combine factors of production in various proportions. The baker, for instance, needs flour, baking powder, sugar, baking equipment, such as an oven and other ingredients for baking. If he operates on commercial scale, he will need to employ workers.   Payments are made to secure these factors. We […]

Events that proved MALTHUS wrong

Malthus in his first essay titled  ” Essay on population 1798 ” stated that, if  human being are not checked in their natural form, that human population will grow at a geometrical progression while food production increases at arithmetical progression. now lets look at the event that proves him wrong           EVENT THAT PROVED MALTHUS […]