World Population
What is Population?
Population refers to the total number of people living in a particular area at a given time. That is, population involves three major things: People, Place and Time.
Industry
Definition of Manufacturing Industries:
Manufacturing industries are those that engage in the transformation of goods, materials or substances into new products. The transformational process can be physical, chemical or mechanical. Manufacturers often have plants, mills or factories that produce goods for public consumption.
Population of Nigeria
Some common terms related to human population are population explosion, mortality rate, death rate, birth rate, etc.
Population explosion is the rapid increase in numbers of a particular species, especially in the world’s human population since the end of World War II, attributed to an accelerating birthrate, a decrease in infant mortality, and an increase in life expectancy.
Firms and Industry
Definition of an Industry:
An industry is a group of related firms classified according to the type of goods and services produced. It is a group of firms producing similar commodities or offering similar services.
Channels of Distribution
Problem involved in the distribution of goods in West Africa:
1. Large number of middlemen makes distribution complex. Consumers are made to pay high prices because of profit mark-up by numerous middlemen.
2. Inadequate capital/credit facilities make distributive trade to be mostly on small scale.
3. Poor storage facilities make it difficult for distributors to even-out supply. This usually leads to high product prices at certain periods.
4. Hoarding of goods to create artificial scarcity.
Economics – Meaning and Basic Concepts
According to Professor Robbins’ definition of Economics, it is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
That is, human behaviour in terms of what people do to earn a living. Also, the available choices to earn a living.
Labour Market
Definition of Labour Force:
Labour force may be defined as the proportion of the total population of a country who are currently employed or are actively seeking employment.
Agriculture
Subsistence farming is a system of farming in which crops and livestock are raised for the farmer’s family consumption and not for sale.
Crop farming is the cultivation of both food crops such as plantain, cassava and cash crops such as cocoa, oil palm, etc.
Population
What is Population?
Population refers to the total number of people living in a particular area at a given time. That is, population involves three major things: People, Place and Time.
National Income
State the meaning of National Income.
National income refers to the sum total of the money value of all the goods and services produced in a country within a specific period of time, usually a year.
In other words, it is the sum total of all the incomes received by the factors of production in a country within a period of time.