CARE OF THE EYES, NOSE AND EAR
Care of the eyes Use good light when reading or doing any fine work such as sewing. Poor light strains the eyes. Do not rub the eye when you have something in it. Do...
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...
PUBERTY, PERSONAL HYGIENE AND ADOLESCENCE
At about twelve to fourteen years of age you begin to experience certain changes in your body. These changes are signs of puberty. Adolescence follows puberty. Both boys and girls experience different body changes...
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...
THE IMPACT OF FAMILY VALUES ON LIFE STYLES
Value describes why people act they do. Your values or the values of your family will normally move you to do certain things. Meanings of values and life styles Value is the worth...
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...
STRUCTURES, PARTS AND FUNCTIONS OF THE HUMAN BODY
The human body is made up of different parts. Some parts are inside the body while others are outside. Some parts of the body are the head, eyes, nose, ears, teeth, skin, hands, fingers,...
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...
VALUE OF MONEY AND PRICE LEVEL
Value of money “It is the quantity of goods and services a unit of money can buy in a given period”. In other words, the value of money refers to the purchasing power of...
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...
INTRODUCTION TO THEORY OF CONSUMER BEHAVIOUR
UTILITY In economics, utility means: “Amount of satisfaction which a consumer derives (obtains) from the consumption of a commodity or service rendered at a particular time”. The amount of satisfaction obtained from a commodity...
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...
RELATIONSHIP BETWEEN THE VARIOUS TYPES OF COSTS
Relationship between TFC, TVC and TC The diagram, figure 8, given below shows the graphical relationship between TC, TFC and TVC. TVC curve lies below TC curve because the former is a part of...
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...
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 expenditures made on final goods and services by Individuals, firms and governments as well...
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 is in line with the definition of national income as “the sum of all...
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 value-added method does not calculate the values of goods at different stages of production....
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 with little or no natural resources. Level of technology: A higher technological development will...
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...