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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.

What is Free Enterprise System? Free enterprises system is an economic system that believes in the efficacy of the interplay of market forces of demand...

Capitalism may be defined as an economic system in which all or most means of production are owned and controlled by private individuals and in which the economic activity of the government is at a minimum while Socialism is an economic system where the state takes the major economic decisions through detailed planning. Countries that adopt this system do not believe in the efficacy of market forces.

Why Economics is a Science? | Economics is called a science subject because it uses scientific measures to explain, observed phenomena and predict the outcome of future events. This scientific method of observation is generally referred to as inductive method.

Basic Problems of Economics | Scarcity and choice are the cardinal problems faced by economists and the society at large. The study of economics is necessitated by scarcity and the problem created by scarcity has led to choice.

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.

E-government is the use of the internet and the world wide web for delivering government information. The focus of e-government should be on the use of information and communication technologies for better government.

The United Nations or UN, also called the United Nations Organization (UNO), is the largest and most important international organization on the planet. Most of the world's recognized nations ascribe to it.

Nigeria became a member of the Non-Aligned Movement at the independence in 1960. The tone for Nigeria’s non-alignment policy was laid by Prime Minister Abubakar Tafawa Balewa in a speech he made at the House of Representatives on 7th October 1960, six days after Nigeria’s independence.

The value of money (TVM) is the perception attributed to money at a given time taking into account economic circumstances that influence it, such as inflation.

Foreign policy is a decision directed by a government to the governments of other states. It is a policy that is meant to influence other states in the international political system. Although foreign policy is an extension of domestic policy, it isformulated to affect other countries.

Globalization is a phenomenon based on the continuous increase in the interconnection between the different nations of the world on the economic, political, social and technological levels. The use of this term has been used since the 80s. That is, since technological advances have facilitated and accelerated international commercial and financial transactions. And for this reason, the phenomenon has as many defenders - such as the International Monetary Fund (IMF) or the World Bank - as detractors.

The Niger Delta refers to the area around the southern tributaries of River Niger and includes states such as Bayelsa, Rivers, Delta, Cross River, Akwa Ibom and parts of Edo and Ondo states. The area is largely in habited by small ethnic groups, and this in itself creates problems of its own and promotes divisiveness and inter-group rivalries.

The Action Group (AG) crisis of 1962 was an intra-party disagreement which ordinarily should have been of little interest to students of Nigerian government and politics conflicts within political parties are normal and sometimes necessary.

Privatisation and commercialisation policies were first introduced under the Structural Adjustment Programme (SAP), which was imposed on the country by the Bretton Woods Institutions (i.e International Monetary Fund (IMF) and the World Bank) in 1986.

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.

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.

Bourgeoisie is a term used to refer to a sector of the middle-class population, which has a good economic income and the possession of material or capital goods, such as property.

Kleptocracy is a form of government which is characterized by the systematic and institutionalized theft of public funds and goods by its elites. In a kleptocracy government, rulers and like-minded elites engage in robbery in a normalized way. To such an extent that there is an institutionalization of corruption. In democracies, theoretically, the income and money obtained after government tax collection is reinvested in the form of public services.

Capitalism is an economic system in which the means of production and distribution are mainly owned and controlled by private individuals and firms. The primary aim of any economic activity in a capitalist state is to make profit.