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 … Read more

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 … Read more

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 … Read more

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 … Read more

Balance of payments

     Balance of payments can be defined as the systematic record or summary statement of accounts of all the major economic or trading transactions between a reporting country and the rest of the world, during a specific period, usually one year. Balance of payments is a summary of receipts (income) and payments (expenditure) of a country in the … Read more

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 … Read more

Introduction to money and trade by barta

Trade by Barter ¬†¬†¬†¬†¬† Trade by barter is the direct exchange of goods for goods, goods for services, or services for services. It was a system of exchange that was in use before the introduction of money. Problems of a trade by barter1) Problem of double ‚Äď coincidence of wants: It was time-consuming and energy-sapping ‚Ķ Read more

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: … Read more

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 … Read more

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 … Read more

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 … Read more

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 … Read more