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.
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According to Professor Robbins, Economics may be defined as “a Science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.”
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.
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.
Political participation is the involvement of the people in political activities. It is a process by which the government engaged the people in decision-making or solicit their views on matters that affect them.
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.
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.
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.
Indirect Election | Definition, Features, Characteristics | Advantages and Disadvantages What is an Election? An election is a formal group decision-making process by which a population chooses an individual or multiple individuals to hold public…
Advantages and Disadvantages of 1999 Constitution Of Federal Republic Of Nigeria – 4th Republican Constitution Merits of 1999 Constitution Of Nigeria The major advantages and arguments in favour of the 1999 Constitution include the following:…