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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.
Development Banks: Definition, Functions & Examples
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.
Capital Market: Definition, Functions & Advantages
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 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.
International Trade: Definition, Features, Importance, Merits & Demerits
International trade is the exchange of goods, capital, and services among different countries because there is a need or want of goods or services.
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.
Commercial Policy in International Trade: Definition, Aims & Objectives
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.
Difference Between Domestic Trade and International Trade
Domestic trade refers to the actions of exchange of goods, both goods and services, between buyers and sellers residing in the same locality, region or nation while International trade is defined as all that economic activity in which people or companies from different countries carry out an exchange of products or services.
Development of Petroleum Industry in Nigeria
Petroleum Industry | Crude oil is the most important of all the mineral resources found in Nigeria. Before oil was discovered, agriculture played the dominant role in Nigeria’s development.
National Income: Definition, Uses, Problems & Limitations
National income is the monetary value of all goods and services produced in a country in a year or the totality of income accruable to all factors of production employed in producing goods and services in the year in the country such as wages, salaries, rents, interests and profits. It is equal to NNP - Indirect Business Taxes.
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.
UNCTAD: Functions, Aims & Objectives of United Nations Conference on Trade and Development
The formation of United Nations Conference on Trade and Development UNCTAD in 1964 was initiated by the less developed nations of the world, the majority of which are members of the United Nations. Its headquarters is located in Geneva, Switzerland. Since its inception in 1964, it has been holding full sessions at least once in every four years.
International Monetary Fund (IMF) – Benefits, Aims & Objectives
The International Monetary Fund (IMF) was established in 1944.
Its financial resources stem mainly from quota subscriptions which are assigned to each member according to its relative size in the world economy. A member’s quota also determines its voting power as well as its access to IMF financing.
International Bank for Reconstruction and Development (IBRD)
The International Bank for Reconstruction and Development (IBRD) otherwise known as the World Bank was established in 1944 with its headquarters in Washington DC.
The European Bank for Reconstruction and Development (EBRD)
European Bank for Reconstruction and Development (EBRD)
The European Bank for Reconstruction and Development was established in 1991.
Aims and Objectives of the European Bank for...
Organization of Petroleum Exporting Countries (OPEC)
OPEC was established in Baghdad, Iraq in September 1960. Like many other international organizations, OPEC was formed by a few founding members, namely, Iran, Iraq, Kuwait, Saudi Arabia and Venezeula.
In the 1960s, five more countries became members: Qatar (1961), Indonesia (1962), Libya (1962), Abu Dhabi (1967) and Algeria (1969). In 1974, the United Arab Emirates of which Abu Dhabi was the dominant member took Abu Dhabi’s place.
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.
Solid Minerals: Definition, Problems & Contribution in Nigeria
Solid minerals are naturally occuring substances derived from the earth which are of great value to man. They include metalic ores, fuel minerals (such as coal. uranium, signet, tar sands), industrial minerals and rocks (such as limestones, marble, etc.) and gemstones/ornamental stones.
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.