Day: February 18, 2021

There are two kinds of Sources of law: material and formal sources. SECTION 1. MATERIAL SOURCE OF LAW The material sources are the sources of inspiration of law. In other words, it is what is at the origin of the Read More …

SECTION 1. MEANING OF THE LAW AND OTHER KEY CONCEPTS DEFINITION OF LAW For a better understanding of the course, some key words need to be defined, the first of these being ‘Law’ itself.  The word ‘Law’ can have several Read More …

HORIZONTAL GROWTH Horizontal growth can be achieved through horizontal integration which is the development into activities which are competitive with, or complimentary to, a company’s present activities. Many companies have realised that there are opportunities in other markets for the Read More …

ECONOMIC INTEGRATION All countries must devise a commercial policy which will govern their trading relationships with other countries.  At an early stage in their economic development, countries might pursue a policy of self-sufficiency with a view to cultivating home industries.  Read More …

NOMINAL, EFFECTIVE AND REAL EXCHANGE RATES An exchange rate is simply the price of one currency in terms of another.  For example, suppose that, however unlikely it might be, RWF1 = $1.50 or RWF1 = Euro 2.50, etc.  These are Read More …

INTERNATIONAL TRADE How can free trade lead to an increase in economic welfare? Countries trade with each other so that their inhabitants can enjoy a higher standard of living.  Very few (if any) countries attempt to supply all their own Read More …

MONEY IN MODERN ECONOMIES Money plays a crucial role in modern economies.  Without money, trade would be based on barter.  In a barter economy, trade requires a double-coincidence of wants – if you have eggs but want cheese you must Read More …

. GOVERNMENT POLICIES AND OBJECTIVES Governments play a major role in all modern economies.  Public procurements – government expenditure on defence, education, health, transport, etc. – represent a major claim on the economic resources of society.  Government expenditure is therefore Read More …

KEYNES AND AGGREGATE DEMAND In the previous chapter, we were concerned with the measurement of economic activity.  In this and subsequent chapters, we will be developing a system of macro-economic analysis to help us investigate why the level of economic Read More …

FROM MICRO TO MACRO ECONOMICS The microeconomic analysis of previous units was concerned with particular markets and the strategies of economic agents in these markets.  The focus was on the behaviour of the firm, the consumer, the worker, the determination Read More …