THE PRODUCTION POSSIBILITY CURVE
Introduction The production possibility curve (PPC) is a curve which shows the maximum combination of two goods say Good X and Good Y that a country or an individual Can produce given its state of technology and the amount of resources in a given period of time. The Production possibility curve can also be known…
INTERNATIONAL TRADE OR FOREIGN TRADE
International trade can be defined as trade that involves the exchange of goods and services between two or more countries. The theory of international trade is based mainly on the economic principle of comparative cost put forward by David Ricardo. International trade different from internal or home or domestic trade in that internal trade is…
FACTORS OF PRODUCTION
The Factors of production are various economic resources used in the production of goods and services (output or commodities). They are also known as economic resources or inputs or agents of production. They are classified into Land, capital, Labour and Entrepreneur. I. LAND: Land refers to all the natural resources availble for production such as…
The Concept of Money
Introduction Money simply refers to any asset which is generally accepted by people of a particular community (society) for the payment of goods and services and for the settlement of debts. However, money is known as a legal tender in the society where it is being used because by law everybody is compelled to accept…
The Concept of industrialisation
Introduction Industrialisation is a terme that involves the delibrate government policy to creat many industries in a country irrespective of the sector of production Definition of Key terms 1. Plant: A plant simply refers to a business establishment. Or still A plant is the actual place where production is being carried out. It could just…
Demand and its Elasticity
Introduction Definition of Demand Demand refers to the quantity of good or service a consumer is willing and able to pay. Or still demand is the desire to obtain a particular commodity backed by the ability to pay for it ie Purchasing power. It should however be noted that demand must always be backed by…
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Présentation personnelle (exemple d’article)
Voici un exemple d’article, publié initialement dans le cadre de la Blogging University. Inscrivez-vous à l’un de nos dix programmes et lancez votre blog. Vous allez publier un article aujourd’hui. Ne vous inquiétez pas pour l’apparence de votre blog. Ne vous inquiétez pas si vous ne lui avez pas encore donné de nom ou si…
Présentation personnelle (exemple d’article)
Voici un exemple d’article, publié initialement dans le cadre de la Blogging University. Inscrivez-vous à l’un de nos dix programmes et lancez votre blog. Vous allez publier un article aujourd’hui. Ne vous inquiétez pas pour l’apparence de votre blog. Ne vous inquiétez pas si vous ne lui avez pas encore donné de nom ou si…
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