Measures of Central Tendency is that single value that summarises the mass of data presented in a distribution, it is used mostly when describing a certain property of a population or simple. It is those means/methods of determining the most typical value of the property in a given data. The three types of Measures of …
Tools of economic analysis includes tables, charts and graphs. See detailed info below: TABLES: This is a systematic arrangement of data in columns and rows. The use of tables in Economics help to state out the summary of events with titles and units. Example: RELEVANCE OF TABLES IN ECONOMICS It provides for easy understanding and …
WHAT TO PRODUCE: This implies the determination of what goods and services are to be produced and in what quantity. For instance, should Nigeria embark on producing consumable goods (food stuffs) to feed her hungry citizen or embark on importation of ammunitions? HOW TO PRODUCE: This equally implies the determination of the method or techniques …
There are four main types of economic systems namely: Free Enterprise or Capitalist Economy Centrally planned or Socialist Economy Communal Economy Mixed Economy Free Enterprise or Capitalist Economy Here, government allows private persons/individuals to own the means of production. Examples of countries practicing capitalism are: U.S.A., Nigeria, and U.K. Features of Capitalism Private ownership of …
The study of economics guides individuals, firms and government when dealing with the allocation of scarce resources to different uses — i.e. policy making. The study of economics serves as an aid to business men in taking decisions on how to maximize profit by allocating resources to the activities they think will yield the highest …
Below are the Basic concepts in Economics: Want Want is the needs and desires of individuals, though; it could be tangible (physical goods) or intangible (services) Scarcity: Means the limited nature of resources in supply as to meet up with the wants of people. Scarce resources, therefore, are the insufficiency in supply of resources to …