A labour market is any institution or arrangement which brings job seekers and employers of labour together within a particular geographical region. We can therefore talk of local labour market, national labour market and international labour market.
Market Structure | A market may be defined as any place at a point in time where buyers and sellers meet for the exchange or buying and selling of goods and services.
Population Distribution Definition
Population distribution refers to the structure of the population. The structure includes geographical age, sex and occupational distribution.
Factors Affecting Geographical Distribution
By geographical distribution of population, we mean the dispersion of people throughout the length and breadth of a particular country.
Factors affecting the distribution are:
Availability of agricultural...
What is Labour Mobility?
Labour mobility or mobility of labour means the ease with which labour can move both geographically and occupationally.
That is, labor mobility refers to the flexibility with which the workforce can relocate. This is an important variable for the economic study since work is one of the...
Nigeria Banking History
All started in the nineteenth century when Elder Dempster Company bought in a foreign owned bank into Lagos.
Standard Bank Nigeria Limited (Now First Bank PIC)
In 1894, a British-owned bank opened its office in Nigeria and operated under the name of Bank of British West Africa. This...
Population census is the counting of statistical data on an entire specific population of a group of people. In this way, its characteristics can be precisely known.
The West African Currency Board (WACB)
The West African Currency Board (WACB) was founded in November, 1912 following the recommendations of Lord Emmitts Committee which was appointed by then Colonial Secretary, Mr. Lewis Harcourt to look into the currency situations of British West Africa in 1910.
The WACB committee was set...
A perfect market may be defined as a market where neither the sellers nor buyers can influence the prices of goods and services because they are many in number.
It is also called competitive market or perfect competition. In such a market, identical goods are sold by many sellers at a common price.
An imperfect market may be defined as any market structure where either the buyers or the sellers can influence the prices of goods and services because they are few in number. An imperfect market deals in different products.
In general, price discrimination occurs when a producer sells a commodity to different buyers at different prices for reasons not associated with differences in cost.
For example, doctors, lawyers and engineer sometimes vary their fees according to the incomes of their clients. Cinemas also charge lower admission prices for children.
A bank may be defined as a financial institution set up purposely for safe-keeping of money, valuable goods and documents like wills and others. The existence of banks has been a big boost to business activities theworld over.
Money is any tangible commodity which is generally acceptable as a medium of exchange for goods and services or for purposes of settling debts within a given society/community.
Inflation is a worldwide phenomenon but the rate varies from country to country.
Nigeria has been experiencing a high rate of inflation estimated to be well over 45%. Despite the various measures adopted to control inflation it has defied solutions.
A mortgage bank is specifically set up for the purpose of providing long-term loans for building houses. E.g. Federal Mortgage Bank or Imani Mortgage Finance Ltd.
Perfect Competition may be defined as many small firms manufactures and supplies the same goods (or perfect substitute) to the end-user while Monopolistic Competition is type of market where there are a handful of sellers offer a particular product leading to minimal competition, however, variants and quality of products offered by each seller are slightly different.
What is Financial Institutions?
Financial institutions are business organizations which deal in money, though some may deal in other financial assets such as shaves, letters of credit, bills of exchange etc. With the exception of the Central Bank, they make profits by trading in money; that is, through the process...
Development bank may be defined as a financial institution set up purposely to offer long term loans meant for development projects while commercial bank may be defined as a financial institution which carries out retail banking services, set up for keeping and lending money to people, owned by organisations, individual or governments, for the purpose of making profits.
A Central Bank is a National Government owned apex financial institution which controls and supervises the entire monetary system of a country. It assists, directs and regulates the activities of other financial institutions to make them comply with government monetary and economic policies.
