economic growth and development of nations, PERFORMANCE OBJECTIVES, At the end of this chapter, students should be able to; Explain the concept of economic development and distinguish between economic growth and development. Explain the characteristics of an underdeveloped economy.. Explain the factors which influence economic development. DEFINITION OF ECONOMIC DEVELOPMENT growth and development of nation …
CONCEPT OF SAVINGS, concept of savings. Definition of savings: Savings may simply be defined as that part of income which is not spent. In other words, savings refer to all or part of income which are not spent immediately but reserved for future purposes. Money which is saved constitutes a withdrawal from the circular flow …
ELEMENTARY THEORY OF INCOME DETERMINATION PERFORMANCE OBJECTIVE At the end of this chapter, students should be able to: Identify sectors in the national economy and explain the flow of inputs, outputs and income among the sectors. Draw simple diagrams illustrating the circular flow of income, Explain the concepts of savings, investment and consumption and relationship …
NIGER BASIN COMMISSION (NBC), What is Niger Basin Commission? Formation of Niger Basin Commission: Niger Basin Commission (NBC) was established by countries located in the Niger basin to maintain better co-operation on the use of the River Niger. The Treaty establishing the commission was signed by the countries in October,1963. These countries are The Republic …
What is foreign trade? Foreign trade is the buying and selling of goods and services across national boundaries. Foreign trade can also be termed as international trade. A trade between two countries for the purpose of exchanging goods and services can be a free trade, mutual agreement, bilateral or multilateral. How is foreign trade carried …
