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Importance of natural resources in Nigeria.
Natural resources refer to the materials or substances with which a nation has been endowed by nature and which are necessary for the production of human wants. They are mostly associated with land in all its ramifications. Examples of natural resources are the minerals in the ground and vegetation. Natural…
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Meaning of Agriculture
Agriculture is derived from two Latin words ager and culture which means field and cultivation respectively. Agriculture is the tilling of the soil to produce both food and cash crops, livestock, etc. COMPONENTS OF AGRICULTUREThe main components of agriculture are: (i) Crop production (ii) Livestock farming (iii) Forestry (iv) Fishery Crop productionCrop production is in two…
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Meaning of industry and Industrialization
Definition of Industry and Industrialization Industry: The term industry refers to a group of firms that produce broadly similar goods or offer broadly similar services e.g. all the firms producing cement belongs to the cement industry. The firm on the other hand refers to an independently administered business unit that carries out production, construction, or distribution…
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What inflation means in economics
MEANING OF INFLATION Inflation refers to a persistent and sustainable rise in the general price level. A general phenomenon during a period of inflation is the continuous fall of the value of money in the economy. PRICE…
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Definition of financial institutions
FINANCIAL INSTITUTIONS Financial Institutions can be defined as the business organizations that deal in money, though some may deal in other financial assets such as shares, letters of credit, bills of exchange, etc. Except for the Central Bank, they make profits by trading in money; that is, through the process…
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Meaning of Bank: Different Types of Banks
Banks are financial institutions that are licensed to accept deposits and loans. Banks may also offer financial services such as wealth management, currency exchange, and safe deposit boxes. There are different types of banks, including Development banks, Commercial bank, Merchant banks, and Mortgage banks etc. In most countries, banks are regulated by the national government…
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Business Organization
A business organization is any form of establishment that undertakes the production of goods or rendering of services demanded by the consumers. The primary objectives of any business or organization are to make a profit. Types of Business Organizations Business organizations can be classified into two major types. These are private enterprises and…
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Differences between domestic trade and international trade
DIFFERENCES BETWEEN DOMESTIC TRADE AND INTERNATIONAL TRADE Domestic trade is also known as internal trade. It involves the exchange of goods and services within the national boundary. International trade is also known as foreign trade or external trade and it involves the exchange of goods and services…
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Commercial policy in international trading
COMMERCIAL POLICY IN INTERNATIONAL TRADING Commercial policy in international trade refers to deliberate efforts on the part of a government to intervene in the country’s trade relations with other countries. The commercial policy aims at regulating trade and protecting the economy. INSTRUMENTS OF COMMERCIAL POLICY Several commercial policy instruments are used. These include: (i) Tariffs:…
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Economic Integration
WHAT IS ECONOMIC INTEGRATION? Economic integration is a condition of international trade in which all trade barriers and restrictions are removed. There is perfect capital mobility, complete freedom of migration, complete freedom of establishment of businesses, and unhindered flow of information and technology. As stated above, economic integration is…