Month: February 2021

Discovery It should be noted that the most important party however is the buyer. All other parties work towards serving or fulfilling the needs of the buyer. This buyer is also called a customer or a consumer. A market has Read More …

Facts The degree of reaction of dependent variables to changes in independent variables is what is called elasticity. An independent variable is a factor that has an influence on another associated factor (that is called a dependent variable). Price of Read More …

Discovery We have so far looked at demand and supply in the previous units. We looked at how quantity demanded and quantity supplied relate to price. We explained how each of the two changes and what happens to the curves Read More …

In the chain of distribution of goods and services, there are different parties and activities involved. The parties involved include the producer/ manufacturer, the wholesaler, the retailer, and then the consumer. Goods are transported from production centres to storages facilities Read More …

In a market place, there are many different groups of people. Each group has its own reason for being into the market. There are those who have brought commodities for sale. There are others who have come with their money Read More …

Examples of linear equations in economics There are several types or examples of linear equations as used in Economics. The main examples are: The production possibility frontier; a graph that shows combinations of goods and services that can be produced Read More …

In this unit, we are concerned with the question: ‘Is Economics an arts subject or a science subject?’ We shall look at the methodologies used by economists to arrive at their conclusions so as to answer this question. The unit Read More …

FUNDAMENTAL PRINCIPLES OF ECONOMICS UNIT Key unit competence: By the end of the unit, you should be able to: (a) Demonstrate a good understanding of the fundamental economic principles. (b) Demonstrate the applicability of the fundamental economic principles in daily Read More …

MEANING, ORIGIN AND SCOPE OF ECONOMICS 1.1.1 Meaning of Economics Activity 1.3 Form groups of five. Let each one of you write down on a piece of paper at least three sentences explaining what you understand by the term Economics. Read More …

FARMING ENTREPRISES QUESTION 1 Explain the circumstances under which an entity should recognise a biological asset or agricultural produce in the context of International Accounting Standard (IAS) 41, Agriculture. An entity controls the asset as a result of past events. Read More …