Day: March 7, 2023

International Trade; aimed at improving economies through export trade and import trade; further it improves the B.O.P of countries. Emerging trends under international trade include; 1. Globalization; carrying out trade globally / worldwide. Aims; _ build economies especially of the… Read More

Economic Development Planning – is a deliberate government attempt to influence, direct and in some cases control economic choices and activities towards specific objectives over a period of time. It is therefore a deliberate government effort aimed at influencing, directing/controlling… Read More

It refers to trade between different countries. It is a financial transaction that takes place across national political frontiers/boundaries. It is composed of import and export trade and involves movement of goods and services and finances between nations. Benefits of… Read More

A situation where there is persistent rise in the general price level of goods and services in the economy. Types and causes of inflation in an economy General causes of inflation 1. High cost of production/cost push effects It may… Read More

Is a macro-economic discipline which deals with the principles concerning the collection of government revenue and how it is allocated for public expenditures in order to achieve certain objectives and targets in the economy. It is made up of the… Read More

Money – is anything valuable which is generally acceptable for the discharge or settlement or debt or obligation. This therefore means that; whatever is used as money should be immediately and unquestionably acceptable in exchange of goods and services. Money… Read More

Poverty can be defined in two ways: Absolute terms Relative terms Absolute terms – we define poverty by picking a certain period income level (10,000 p.m) and say that any family or individual whose income falls below this level is… Read More

Employment: people are said to be employed if they engage in some economically productive activities with the purposes of earning income/money. Employment can be divided into two types mainly:- Self employment/informal employment Salaried/wage or formal. Self employment/informal Is a situation… Read More

The concept of labour movement is used to refer to trade unions or labour unions, their organization and operations. Types of Labour unions/trade unions Craft Trade union This refers to an association of skilled workers who perform the same kind… Read More

Population: refers to the number of people living in a particular area at a specific period of time. It includes both permanent and temporary residence of a place. Demography: refers to population composition, patterns and structures in terms of age,… Read More