The word Agriculture is derived from two Latin words Ager and culture which means field and cultivation respectively. Agriculture therefore, is the tilling of the soil to produce both food and cash crops, livestock, etc.
Farm settlement is another type of farming which was practised by some governments in many countries. The farm settlement has a dual objective of increasing food production and providing gainful employment for the settlers.
Agriculture may be defined as the production of animals, fishes, crops and forest resources for the consumption and other benefits of man. Agriculture is the dominant occupatnon, employing about 50-60 per cent of the total population of West Africa.
Although subsistence agriculture is practised in this part of the world, it will not be an over-statement to say that it is the live-wire of the economies of West African countries.
Unemployment is a state of joblessness. An unemployed person is one who is available for work, is looking for work, but cannot find it. Unemployment means lack of employment. It is a mismatch in the labor market, where the supply of labor (by workers) is greater than the demand for labor (by companies).
The localization of industry refers to the concentration of many firms of an industry (i.e. firms producing similar goods or services) in an area e.g. concentration of many leather craft industries in London.
Effects and Positive Solutions of Industrialization
Meaning of Industrialisation
‘lndustrialization’ is a deliberate policy by governments to create many industries in a country. The process of industrialization involves the production, increasing use of machinery and power tools, as well as the use of improved technology in production, all of which lead...
‘lndustrialization’ is a deliberate policy by governments to create many industries in a country. The process of industrialization involves the production, increasing use of machinery and power tools, as well as the use of improved technology in production, all of which lead to a higher level of output of industrial goods.
Indigenization Policy refers to a deliberate effort/policy of the government to increase the participation of the nationals in the ownership and management of commercial and industrial activities in the country.
The retailer is that person who sells goods in smaller quantities or units to the final consumers. He is the last link in the chain of distribution. He is therefore the middleman between the wholesalerand the consumer.
A trade dispute refers to any discontentment or dissatisfaction arising out of anything connected with the organization that any employee thinks or believes or feels is unfair, unjust or unequitable.
Public enterprises are business organizations that came into existence through appropriate enabling Acts of Parliament, or Decrees or Edicts in a particular country or state. They may be commercially-oriented or public service-oriented.
The wholesaler is that person who obtains goods from the manufacturer in bulk and sells to the retailer in smaller quantities. He is therefore a vital link between the manufacturer and the retailer in the chain of distribution that is, he is the middleman.
A partnership exists when two to twenty persons having similar economic interests come together to set up a business purposely to make profits. This fonn of business organization is very common.
Distribution Trade refers to that aspect of commercnal activities which is responsible for the commerct channelling of commodttles from the producers to the ultimate consumers.
Sole Proprietorship is a one man business organization. It is the simplest unit of business organization though usually not the smallest in all respects. It features prominently in the trades, occupations, agriculture and small scale industrial establishments.
Private Limited Company is a form of business organization that is privately owned by a minimum of two and a maximum of fifty members. By its nature of existence, it cannot offer its shares to the public for subscription.
A co-operative society is an organization or body of people of common interest who come together to protect their interest and utilize this to better the lot of its members by engaging in various economically viable ventures.
A joint stock company or a public limited liability company is that form of business organization in which the liability of the shareholders is limited to the amount of capital they contributed and the unpaid part of the capital allotted to them. It must have a minimum of seven members but no maximum membership is prescribed for it.
