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Inflation: Definition, Types, Causes, Effects & Control of Inflation
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.
The New International Economic Order (NIEO)
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.
Nigerian National Petroleum Corporation (NNPC) – Functions & Problems
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: Definition, Example, Problems & Solutions
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.
Economic Integration: Definition, Types, Aims & Objectives
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.
Difference Between Money Income and Real Income
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.
Public Finance: Definition, Features & Objectives
Public Finance is an aspect of economics that state how a government gets and spends the revenue it collects. In a more technical sense, it can be defined as that branch of economics that studies the relationship between the revenue and expenditure patterns of the government.
Development Planning: Definition, Types, Reasons & Problems
Development Planning can be defined as a systematic or carefully formulated course of actions/policies designed to achieve the developmental goals of society.
The Mode – Definition, Features, Merits & Demerits of Modal
Mode is the score that occurs most frequently in a set of scores. For example, the mode of 3, 4, 5, 6, 3, 7, 4 8, 3, 9 and 10 is 3 because it is the figure that occurs most frequently in the set. A set of values can have two modes or bi-modals, e.g. 3, 9, 12, 6, 11, 24, 13, 11, 6.
The European Economic Community (EEC)
The European Economic Community (ECC) now referred to as the Enropean Union (EU) was established in 1958 under the Treaty of Rome of I957. It has a membership of twelve countries at present. The number is likely to grow as the years roll by.
The General Agreement on Tariffs and Trade (GATT) | Aims & Objectives
The General Agreement on Tariffs and Trade (GATT) agreement was signed in Geneva, Switzerland in 1947 with the following basic principles:
Methods of Economic Analysis : Positive & Normative Reasoning
Economic analysis is both theoretical and empirical. Both theoretical and empirical analyses use three types of languages which are verbal, statistical and mathematical.
Centrally Planned Economy: Definition & Features
A centrally planned economy is an economic system in which economic decisions are made by the government of a country through a central economic planning bureau. It is also called a command economy and is associated with a socialist or communist economic system.
Traditional Economic: Definition, Features, Pros & Cons
Traditional economic system is the type of economy system that prevailed in all independent human organization or settlements prior to their contact with the outside world. In Africa, for instance, feudalism and communism predominated before contact with Europeans.
Mixed Economic System: Definition, Features, Pros & Cons
In mixed economic system, decisions regarding what, how and for whom to produce are partly handled by the state and partly by the individuals and private organizations.
Opportunity Cost: Definition, Features & Importance of Alternative Cost
Opportunity cost means the alternative foregone or sacrifice made in order to satisfy another want. It refers to the need that is left unsatisfied in order to satisfy another more pressing need.
Scale of Preference: Definition, Features, Necessity & Importance
Scale of preference refers to a list of individual wants in order of their relative importance. The drawing of scale of, preference will make it easier for choice to be made.
Effective Value – Definition, Features, Concept & Examples
The effective value is that market value obtained through the purchase or sale of a financial asset or right, such as credit instruments or bills of exchange.
In the field of financial and stock market economics, the concept of cash value is frequently used. In practice, it is the value assigned to a financial instrument or right when it is transferred through a sale.
Difference Between Privatization and Commercialization
Privatization is a policy of the government created to afford individuals, corporate bodies, the opportunity to take over ownership and control of government enterprises, companies, etc. while Commercialization is a state policy of making its companies, enterprises, parastatals, etc, more efficient and even more profit oriented. It will also make these organisations come up with efficient management of resources.
Difference Between Privatization and Nationalization
Nationalization is the transfer of a sector of the private economy into the hands of the State, whereas privatization means the sale of partial or total shares of a public company to private capital.