Topics in Economics
Types of capital market: Primary market and secondary market Capital market explained with its functions Basic tools for economic analysis: Graphs explained with its characteristics and importance Basic tools for economic analysis: Tables explained with its characteristics and importance Factors affecting population in economics Advantages of Inflation Disadvantages of Inflation Concept of Inflation in Economics Scheme of work for Economics, SS1, First Term Scheme of work for Economics, SS1, Second Term Scheme of Work for Economics, SS1, Third Term Functions of the Wholesaler Advantages and Disadvantages of the Wholesaler Wholesale Market: Who is a Wholesaler? Characteristics of the Wholesaler Retail Market: Who is a Retailer and Examples of Retailers Market: Types of Market What is a Market in Economics? Elasticity of supply explained with its types Supply Elasticity: Elasticity of Supply explainedAcademic Questions in Economics
_____ is defined as a gradual and sustained rise in price level of goods and services in relation to their availability.
A. Basis Point Rate
B. Hike Rate
C. Elastic Supply
D. Elasticity of Price
E. Price Inflation
F. Aggregate Supply
The wholesalers can bring about an economy of scale.
A. True
B. False
Which of the following statement isn't a characteristics of the wholesaler?
A. They may have to operate in specific areas or regions accorded them by the producer
B. They are often popular in the line of goods they supply
C. They are not risk bearers
D. They have good storage facilities
E. They often pay for goods supplied by the manufacturers in advance
F. They usually have business agents or brokers
The wholesalers act as the middlemen in supply chain.
A. True
B. False
Large retailers who buy directly from manufacturers are termed as _____.
A. Wholesale Retailers
B. Certified Retailers
C. Codified Retailers
D. Commodity Retailers
E. Manufacturers Retailer
F. Conspicuous Retailers
_____ is a market whereby the sellers buy goods in lesser quantities from the wholesalers and sells in bits to the final consumers.
A. Commodity
B. Retail
C. Wholesale
D. Labour
E. Common
F. General
Which of the following is not a financial market?
A. Money Market
B. Bond Market
C. Foreign Exchange Market
D. Virtual Market
E. Capital Market
F. Stock Exchange Market
A _____ market provides a platform whereby job seekers link up with employers in an attempt to be hired.
A. Wholesale market
B. Bond market
C. Physical market
D. Virtual market
E. Factor Market
F. Labor Market
In economics, population is defined as the total number of individuals which may consist of a group of people, an entire nation or even the world at large, with these sharing at least a common characteristic.
The population of a region may increase or decrease over a period of time, giving rise to the concept of population growth. An increase in population is associated with a positive population growth while a decrease attributes to a negative population growth. In certain instances, population growth may continually increase at a consistent rate over a period of time. This is termed exponential population growth.
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Below are factors that affect population growth either positively or negatively:
Natality rate may also be termed as birth rate or fertility rate. The natality rate of a population expresses the ratio of the number of births in a year to the average total population of that year.
Birth rate is another word for natality rate. It is reflected in the ratio of live births in an area to the population of that area, and is expressed per 1000 population per year.
An increase in birth rate will imply a corresponding increase in a population, provided the death rate decreases. Such increase is favored when the society is dominated by fertile females.
You can read on scale of preference and opportunity cost here
Mortality rate is the ratio of number of deaths in a year to the average total population of that year. This may also be referred to as death rate.
Death rate is the ratio of deaths in an area to the population of that area; expressed per 1000 population per year.
An increase in mortality rate over natality will signify a decrease in population size. In this regard, a pandemic like COVID-19 will decrease the population of people in nations where they are present. Meanwhile, understand that an improvement in the medical facility of a region will decrease mortality rate, thus consequently increase the population size.
You can read the concept of demand here
Immigration refers to the movement of people from one country to another with the aim to settle as permanent residents in the countries they had moved into.
The population of a country will become increased when immigration exceeds emigration. Countries like America, Canada and United Kingdom have large population due to a net increase in the number of immigrants. Interestingly, the Nigerian people are scattered around different countries of the world, thus bringing about a reduced population of Nigerians living in Nigeria. However, this has made Nigeria the most populous black nation in our world (2022).
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Emigration is the movement of people out of their own country to settle permanently in another country.
As an instance, if Alfred moves from Nigeria to the United States, then he can be said to have emigrated from Nigeria. On the other hand, Alfred would have immigrated into the United States of America. It can therefore be stated that emigration reduces the population of a country.
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Urbanization is defined as the movement of people from rural areas to urban areas, leading to increase in the population of urban areas and a corresponding decrease in rural areas.
An instance of urbanization is seen in Lagos, a state in Nigeria. It is inhabited by various people who had moved from rural areas in an attempt to earn a good living. In this regard, Lagos has become one of the most populated states in Nigeria (and Africa) regardless its small geographical area.
In summary, urbanization leads to population growth in urban areas.
Please read on the concept of inflation in economics here
Advancement in medicine will positively affect population growth. This is true because various contagious and deadly diseases will become contained through their respective vaccines.
Before the discovery of COVID-19 vaccine, millions of lives was lost around the world. However, the development of COVID-19 vaccine has significantly reduced the number of deaths from this disease.
Other vaccines which had helped reduced suffering and deaths include the measles, mumps, and rubella (MMR) vaccine, varicella (chickenpox) vaccine and inactivated polio vaccine (IPV).
Overall, medical advance will increase the population of the world.
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War will generally decrease the population growth in an area. An instance is seen in the Russian-Ukraine war. During this war, most Ukrainians moved out of Ukraine into other countries. This brought about a decrease in the population of Ukraine.
Unfortunately, wars often lead to death, causing a decrease in population. It is estimated that about 70 to 85 million people lost their lives in the second world war.
You can read on the consequences of Adam and Eve's disobedience here
A natural disaster is defined as a natural occurrence that will significantly cause harm to the inhabitants of a community. Such natural occurrence may include flood, earthquakes, tsunamis, hurricanes and so on. They generally have a negative impact on the population since they are often accompanied with the loss of lives and properties.
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Amazing facts in Economics
Notable points in Economics
A unitary elasticity of supply is seen when a change in price brings about a corresponding and proportional change in the quantity of goods or services supplied.
The graph below shows a unit elasticity of supply:
Below is an instance of a unitary elasticity of supply:
If a 100% increase in the price of wheat translates into a 100% increase in the production and supply of wheat, then the supply elasticity is said to be unitary elastic and its value is equal to 1.
Unitary elasticity is always equal to 1, that is: Es = 1
The supply curve runs diagonally and will pass through the center.
Supply elasticity is defined as the rate at which an increase in price of goods translates into its increased production and availability in the market. Supply elasticity is also termed as price elasticity of supply.
Consider the statements below:
If a 100% increase in the price of rice translates into a 100% increase in the production and supply of rice, the supply elasticity is said to be unitary elastic and its value is equal to 1.
If a 100% increase in the price of rice translates into a 50% increase in the production and supply (quantity) of rice, the supply elasticity is said to be inelastic and its value will be greater than zero and less than 1. In this case, the exact value is 0.5: (value of change in the quantity of rice divided by value of change in price of rice = 50/100 = 0.5).
The individual demand schedule is a table that shows the demand of a commodity that an individual (consumer) purchased at various prices, and at a particular time.
The table below shows an individual demand schedule:
|
Price in Naira (of a tuber of yam) |
Quantity demanded (per week) |
|
500 |
5 |
|
400 |
10 |
|
300 |
15 |
|
200 |
20 |
|
100 |
25 |
The market demand schedule is also referred to as an aggregate demand schedule, total demand schedule or composite demand schedule.
This is a table that shows the different commodities purchased by all the consumers or customers in the market.
The market demand schedule is the summation of the individual demand schedules, showing the demand of different customers for a commodity at a particular price. It is shown in the table below:
|
Unit price of commodity (Naira) |
Quantity demanded by consumer A (QA) |
Quantity demanded by consumer A (QB) |
Market demand (QA + QB) |
|
50 |
20 |
15 |
35 |
|
40 |
40 |
30 |
70 |
|
30 |
60 |
45 |
105 |
|
20 |
80 |
60 |
140 |
|
10 |
100 |
75 |
175 |
From the above table, notice that when the unit price of the commodity was 50 Naira, consumer A demanded 20 quantities while consumer B demanded 15 quantities.
Below are definitions of demand from the perspective of some notable professors:
The demand for goods is a schedule of the amounts that buyers would be willing to purchase at all possible prices at any one instant of a time.
Professor Mayers
Demand is the various quantities of goods that would be purchased per time period at different prices in a given market.
Professor Hibdon
The demand for anything, at a given price is the amount of it which will be bought per unit of time at the price.
Professor Benham
Generally, demand is defined as the willingness of a person, buyer or consumer to buy a specific quantity of goods or service at a given price and time.
From the above definitions, we can infer that the definition of demand is referenced to three major factors. These are:
Quantity of Goods Demanded
Price
Time