ECONOMICS

LAW OF VARIABLE PROPORTION

LAW OF VARIABLE PROPORTION

Introduction Before we discuss the law of variable proportion or law of diminishing return, we wish to highlight (briefly explain) ...
REVENUE CONCEPTS AND RETURNS TO SCALE

REVENUE CONCEPTS AND RETURNS TO SCALE

Definition Revenue is amount of money which individual, firm or government realizes (obtains) in a given period, Individuals and firms ...
PRODUCTION POSSIBILITY BOUNDARY

PRODUCTION POSSIBILITY BOUNDARY

Definition "Production Possibility Boundary (PPB) is a curve that shows the alternative combination of goods that a country can produce ...
EXPENDITURE METHOD OF MEASUREMENT OF NATIONAL INCOME

EXPENDITURE METHOD OF MEASUREMENT OF NATIONAL INCOME

'The sum of expenditures of individuals, firms, governments and foreigners gives the expenditure calculated GDP.' It involves calculation of all ...
INCOME METHOD OF MEASUREMENT OF NATIONAL INCOME

INCOME METHOD OF MEASUREMENT OF NATIONAL INCOME

'The sum of rent, salary, interest and profit gives the lion share of the income -calculated GNP' The income method ...
OUTPUT METHOD OF MEASUREMENT OF NATIONAL INCOME

OUTPUT METHOD OF MEASUREMENT OF NATIONAL INCOME

"The sum of values of goods and services created in the economy gives the output calculated GDP." The output or ...
FACTORS THAT DETERMINE THE NATIONAL INCOME OF A COUNTRY

FACTORS THAT DETERMINE THE NATIONAL INCOME OF A COUNTRY

Availability of natural resources: A country with abundance of natural resources will experience increase in national income than a country ...
WAGES AND SALARY

WAGES AND SALARY

Wages and Salary are rewards for labour's services. They are amount of money paid to labour for their involvement in ...
UNEMPLOYMENT

UNEMPLOYMENT

Introduction Unemployment exists if the number of people who are willing to work and seeking jobs exceeds the number of ...
EMPLOYMENT AND UNDER-EMPLOYMENT

EMPLOYMENT AND UNDER-EMPLOYMENT

Employment It is an act of giving jobs to people by an institution (company) in return for wages. Employment of ...
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