Search Results for Opportunity Cost



Opportunity Cost: Definition, Features & Importance of Alternative Cost

Basic Problems of Economics

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.




Difference Between Capitalism and Socialism

Difference Between Capitalism and Socialism

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.


Problem of Population Census in Nigeria

Problem of Population Census in Nigeria

Population Census has always been a controversial issue in Nigeria especially since political independence in 1960. In particular, the population counts have pitched the north against the south and it appears the problem is still far from being solved.


Difference Between Poverty and Inequality

Difference Between Poverty and Inequality

Poverty is the state in which an individual or group can not meet basic human needs to maintain a minimum level of quality of life, while Inequality on the other hand, refers to the unfair or unequal distribution of resources among various people or groups, caused by social, gender, ethnic, religious or other discrimination.