Introduction A wave is a disturbance that travels through space, carrying energy and momentum without the transport of matter. Waves can be produced by a variety of sources, including vibrating objects, changing magnetic fields,...
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...
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...
Production can simply be defined as the creation of utility or production is the creation of goods and services which satisfy human wants. All goods and services produced must possess utility, which means that...
Production refers to all economic activities which result in the creation of goods and services. In other words, production is the process of making or manufacturing goods as well as the process of providing...
There are two major classifications of land based on uses. These are: (a) Agricultural Land: Agricultural land include: Land for crop production. Livestock production. Fisheries. Note: Crop production, livestock production and fisheries can be...
DIVISION OF LABOUR Division of labour is defined as the breaking down of a production process into a number of separate operations, whereby each operation is undertaken or performed by one person or a...
Capitalism can be defined as an economic system in which the means of production, exchange and distribution of goods and services are in the hands of private persons, providing or borrowing the necessary capital...