Tagged: economics

CARE OF THE HAIR

The different parts of the human body are very important for healthy life. These parts require good care and grooming so that they can function properly. You need to understand how to take care...

ENTERTAINMENT IN THE HOME

The family as a group or individual members often receives and entertains visitors or guests in the home, on occasions such as birthdays, child naming ceremonies, parties, etc. These occasions require different kinds of...

FAMILY NEEDS AND RESOURCES

Family needs are many. The resources for meeting these needs are however limited. It is necessary to find ways of using the resources so that the important needs are satisfied. This involves management. Before...

USES OF COSMETICS AND DEODORANTS

Regular use of deodorants is important. Young people however require very little make-up because they still have natural beauty and complexion. They may decide to use make-ups at later age to hide blemishes and...

HEALTHY FEEDING HABITS

The human body is like a machine. It therefore needs fuel to do its work. It also needs good maintenance and regular repair. These needs are met by the food we eat. It is...

EXERCISES

Exercises are very important for body fitness. There are many types of exercises. Some can be focused on certain parts of the body, such as waist, arms and abdomen. Examples of exercises are jumping,...

PERSONAL CLOTHING

Clothes are garments, dresses or articles worn on the body. Clothing is very important for health. It is therefore a basic human need. There are many reasons why we wear clothes. There are also...

FAMILY CRISIS

When changes occur in the family, they affect all members of the family. Family relationships, goals, values and those things necessary for the existence of the family are often affected by the changes. At...

FAMILY CONFLICTS

Conflicts occur between friends, family members, classmates, co-workers, etc. Conflicts are common and usual. Everyone argues with some one from time to time. Conflicts are not always bad. Through conflicts people settle disagreements and...

FATIGUE, REST AND SLEEP

Health is an overall state of well-being. Good health depends on many conditions such as good feeding habits, hygiene, safety practices, exercises, rest and sleep. As individuals work and exercise, they get tired. This...

DECISION MAKING

Every day you make many decisions. Some are very simple while others are complicated. The family also makes many decisions. Some decisions are very important. It is necessary to learn some decision making skills...

GOOD POSTURE

The way you carry your body when you stand, sit, walk or work is very important. This is because it can affect your health, appearance and ease with which you do your work. It...

THE HOME

Every family needs a shelter. A house provides this shelter. There are differences between a house and a home. Certain factors are necessary to convert a house into a home. In some homes domestic...

HOME ECONOMICS AND NATIONAL DEVELOPMENT

Home Economics Career Opportunities Home Economics prepares boys and girls for home making and other careers. Some opportunities offer entry-level job which may require on-the-job training for secondary school leavers. Others will require higher...

INTRODUCTION TO HOME ECONOMICS

Home Economics is a broad field of study. It teaches us how to manage ourselves, our resources and our household. It therefore deals with the management of material and non-material things in the family...

CROSS ELASTICITY OF DEMAND

It is the degree of responsiveness of demand for one commodity as a result of a change in the price of another. It is the measure of effect of a change in demand for...

INCOME ELASTICITY OF DEMAND

“It is the degree of responsiveness of demand for goods to a change in income”. It is the extent to which demand changes as a result of increase or decrease in income. Additional income...

MEASURING PRICE ELASTICITY

If elasticity is zero, demand curve is perfectly inelastic. If elasticity is infinite, demand curve is perfectly elastic. And if elasticity is unitary, demand curve gently slopes downwards. If demand is elastic, consumers react...

ELASTICITY OF DEMAND

Introduction It is necessary to review or recall (repeat) the relationship between demand and price. “Demand has inverse relationship with price”. That is, a rise in price causes a fall in quantity demanded, and...

INDEX

Index is a system that shows level of variable (item) especially price, cost, wages, etc so that they could be compared with previous date.   Index Number It is a number that shows the...

QUANTITY THEORY OF MONEY

It is a theory that shows direct relationship between money supply and the price level. It is a theory that shows that the general price level is proportional to money supply. The above implies...

INDIFFERENCE CURVE CONCEPT

It is a curve that shows various possible combinations of two goods in which a consumer is indifferent. It is a curve that indicates all possible combinations of two goods that give the same...

LAW OF DIMINISHING MARGINAL UTILITY

The law of diminishing marginal utility is based on the following consideration or assumption: “As the amount of a commodity a person possesses or consumes increases, the utility a consumer derives from successive units...

CONCEPTS OF UTILITY

They include the following:- Total Utility. Average Utility. Marginal Utility.   1) Total Utility It is the total amount of utility which a consumer derives (obtains or gets) from consuming many units of a...

SUPPLY OF AND DEMAND FOR MONEY

Introduction Supply of and demand for money are quite distinct concepts (different things) from supply of and demand for goods and services. Supply of goods is influenced (affected) by cost of production and desire...

COST OF PRODUCTION SCHEDULE

All the different cost concepts discussed are interrelated in a number of ways. They can easily be computed or calculated mathematically with the aid of their various formulae. The cost concepts are better interpreted...

SHORT RUN AND LONG RUN COSTS

Short Run Costs (SRCs) Short run costs are costs which a firm incurs during its short run period. And they comprise two major types of cost: Fixed costs. Variable cost. The short-run cost may...

TOTAL, AVERAGE AND MARGINAL COSTS

Total cost is the total (entire or all) expenses incurred in the process of production. It is also defined as the ‘sum of total fixed cost and total variable cost’. Its Curve The combination...

VARIABLE COSTS

Variable costs are costs that vary with output (quantity produced in a period), thus as output increases, variable costs also increase. They are costs incurred in acquiring variable factors of production, e.g. raw materials,...

FIXED COSTS

Fixed cost are costs incurred in acquiring capital goods or fixed factors of production (fixed assets), e.g. machines, parcel of land (premises), vehicles, etc; and they don’t vary with output. They are costs that...

INTRODUCTION TO THEORY OF COST

Cost is a bit elusive (not very easy) to define. Literally, a cost, from the point of view of a producer, is an expense incurred in the process of production of goods or rendering...

LAW OF VARIABLE PROPORTION

Introduction Before we discuss the law of variable proportion or law of diminishing return, we wish to highlight (briefly explain) the following important terms: 1) Fixed factor It is a factor that does not...

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 obtain revenue either from production and sale of goods or rendering of services. While...

PRODUCTION POSSIBILITY BOUNDARY

Definition “Production Possibility Boundary (PPB) is a curve that shows the alternative combination of goods that a country can produce if all her existing resources are fully utilized”. ‘Fully utilized’ means ‘entirely used” “PPB...

WAGES AND SALARY

Wages and Salary are rewards for labour’s services. They are amount of money paid to labour for their involvement in production of goods and rendering of services. Wages are rewards or amount of money...

UNEMPLOYMENT

Introduction Unemployment exists if the number of people who are willing to work and seeking jobs exceeds the number of declared vacancies. That is, supply of labour exceeds demand for labour. Lord Beverage defined...

EMPLOYMENT AND UNDER-EMPLOYMENT

Employment It is an act of giving jobs to people by an institution (company) in return for wages. Employment of labour occurs when jobs are given to applicants or people seeking jobs by an...

DEMAND FOR LABOUR

Introduction Demand for labour is a derived demand. Labour is not needed for his own sake but for the goods and services he can produce. Secondly, the demand for labour is an ‘anticipated demand’....

SUPPLY OF LABOUR

Definition It is the total number of people (members of labour force) who make their services available for employment in a country in a given period. It is the total number of people seeking...