Monopoly may be defined as a market situation where there is only one producer or supplier of a particular commodity that has no substitute and who has the power to influence the price of the commodity to his own favour. The commodity sold by a monopolist is usually differentiated.
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 of accepting deposits in several ways e.g. offering technical advice etc.
A merchant bank is a ‘wholesale bank’ which deals in large sums of money and whose main functions are: issuing of shares and dealing in discounting and acceptance of bills.
Insurance Company Meaning
An insurance company is a financial institution whose primary function is to receive premiums and enter into contract with individuals and organizations (the insured) with the purpose of indemnifying (pay compensation to) the insured if they suffer certain losses in future.
What is an Insurance Company?
An insurance company...
A cheque may be defined as 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 only those who operate current accounts in commercial banks make use of cheques.
Trade by barter is the direct exchange of goods for goods, goods for services, or services for services. It was a system of exchange which was in use before the introduction of money.
Inflation refers to a persistent and sustained rise in the general price level. A general phenomenon during a period of inflation is a continuous fall of the value of money in the economy.
Central bank is a financial institution which controls and supervises the entire monetary system of a country 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 development bank is a financial institution specifically established to provide long-term capital investment in specific productive areas of the economy such as Industry, Agriculture and Commer.
The capital market is a financial market for trading in, long-term financial assets. It is a market for long-term loans and investments. It consists of people and organizations who wish to lend out money or to borrow on a long-term basis.
The money market is a financial market for trading in shortterm financial assets. It consists of individuals (and organizations) who wish to lend out money on a short term and those who wish to borrow. It is therefore a market for short-term loans and investment.
International economic is concerned with the effects upon economic activities from international differences in productive resources and consumer preferences and the international institutions that affect them.
The Nigerian National Petroleum Corporation (NNPC) was established in 1977 by the NNPC Act No. 33, through the merger of the Nigerian National Oil Company (NNOC) and the then Ministry of Petroleum Resources.
The main function of the NNPC was primarily operational while the duty of the Ministry was mainly regulatory. The new body NNPC started to perform both operational as well as regulatory functions.
Balance of payments is a 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 payment is a summary of receipts (income) and payments (expenditure) of a country in the international accounts.
The ground work for the formation of ECOWAS can be traced to the efforts of the heads of States of Nigeria and Togo in 1972. They had a series of meetings and sent draft proposals to other heads of States of West African countries.
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.
Money Income in economics is the price of inputs such as fixed supply such as land, the principal or even a unique talent such as a footballer or musicians while Real Income is the amount of goods and services that a person can acquire through their monetary income.
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. Commercial policy aims at regulating trade and protecting the economy.
