Discuss the effectiveness of markets at allocating resources and the role of incentives in guiding behavior. What do you think of the specific examples or illustrations that were used to demonstrate the role of markets and incentives? Are they appropriate and generalizable? A market, in basic terms, is the place of purchase and sale, that encourages or creates an environment where the two opposing parties […]

When wants exceed the resources available we have scarcity. Scarcity occurs because human wants exceed the limits of available resources. Economics deals with the basic fact that scarcity exists in our everyday lives and in our economy. Resources such as raw materials are in finite supply and must be allocated to their best use. Virtually all resources are scarce, meaning that more of them are […]

The focus of all these policies was to bring about economic development and improved quality of life for Seminarians. Regrettably, none of these economic policy documents together with the accompanying annual budgets have succeeded in producing real positive nagging results especially in the area of poverty reduction. A number of factors account for this hence the rampant poverty that has rocked the country today. An […]

Since the sass, the financial services sector has played an Increasingly significant role in the English economy and he City of London is one of the world’s largest financial centers’. Banks. Insurance companies, commodity and futures exchanges are heavily concentrated in the City. The British pound sterling is the official currency of England and the central bank of the United Kingdom, the Bank of England, […]

Important terms to be learnt Macro Economics: – Macroeconomics is the study of aggregate economic variables of an economy. Consumption goods:- Are those which are bought by consumers as final or ultimate goods to satisfy their wants. Egg: Durable goods car, television, radio etc. Non-durable goods and services like fruit, oil, milk, vegetable etc. Semi durable goods such as crockery etc. Capital goods – capital […]

Gun violence touches every part of our life. Weapons make it convenient to kill a human being or a group of people within a short timeframe. It is found in the research that more than two-third of the murders are firearm related (Guis 1687). Normally, common men owing guns for legitimate purposes such as self-defence, hunting, and collecting. Every year 32000 people are killed in […]

What is the commerce and slave trade compromise? This contract was signed during the Constitutional Convention. The aim of the agreement was to protect the slave holders. The compromise included cancelation of the rule to tax the exports of products from any state as well as the rule to act on the slave trade. Economic systems differ according to what two main characteristics? In general, […]

UNIT 17 FEATURES OF THE INDIAN ECONOMY Structure 1 7. 0 Objectives 17. 1 Introduction 17. 2 Features of the Indian Economy 17. 3 Growth and Development 1 7. 4 Mixed Economy 1 7. 5 Demographic Transition 1 7. 6 Sectoral Composition of GDP 1 7. 7 Employment Structure 1 7. 8 Inter-Governmental Fiscal Relations 17. 9 Let Us Sum Up 17. 10 Key Words […]

The Rural Non-farm Economy The nonfat economy includes all economic activities other than production of primary agricultural commodities. Nonfat, thus, includes mining, manufacturing, utilities, construction, commerce, transport and a full gamut of financial, personal and government services. Corresponding – the transformation of raw agricultural products by milling, packaging, bulking or transporting – forms a key component of the rural nonfat economy. A broad definition of […]

The field of economics that is most relevant to the managerial Decision making process is: A. Macroeconomics. B. Microeconomics. C. Labor economics. D. International economics. 4. The profit motive is important because: A. It is the signaling mechanism for the dynamic reallocation of Society’s scarce productive resources. B. It encourages unethical behavior by shareholders. Monopolistic markets. D. It promotes the equitable distribution of income in […]