Utility maximization is a concept that is frequently used in economics to analyze the behaviour of consumers and producers. It involves the optimization of the satisfaction or utility derived from the consumption of goods and services, subject to a set of constraints. Utility maximization theory forms the basis of microeconomics, as it is used to …
Marginal utility. In economics, the concept of utility refers to the satisfaction or benefit derived from consuming a good or service. The principle of diminishing utility, also known as the law of diminishing marginal utility, states that as the consumption of a good or service increases, the additional utility or satisfaction derived from each additional …
The law of diminishing marginal utility states that as a consumer consumes successive units of a commodity, a point is eventually reached where consumption of an additional unit yields less satisfaction. The Law of Diminishing Marginal Utility is an economic concept that states that as a person consumes more units of a good or service, …
DIGNITY OF LABOUR The dignity of labour is a clause which states that all job types are equally respectable and no occupation is superior to another. It emphasizes the virtue of equality and lack of condensation. The dignity of labour insists that it is better to be employed than stay idle. The concept of the …
JOB CREATION. Job creation is a deliberate effort made by individuals, corporate bodies and the government to generate employment of different types for the unemployed citizens in the economy. The concept of job creation is an important issue that affects individuals, businesses, and society as a whole. It refers to the process of creating employment …
Starting a new business can be an exciting venture, but it\’s also a daunting one. There are many things to consider before taking the plunge, and one of the most important is how to fund your new venture. In this blog post, we\’ll cover some key considerations for starting a new business and explore different …
Self-employment is a form of work where an individual works for themselves instead of working for an employer. The concept of self-employment has gained popularity in recent years due to the increasing number of people who desire to work for themselves and have more control over their work-life balance. Self-employment provides individuals with the opportunity …
Wages are the amount of money paid to employees in exchange for their work or services. The level of wages can vary depending on a range of factors. These factors can include economic conditions, industry, education and experience, and geographic location. Understanding these factors is important for employees, employers, and policymakers. Economic Conditions Which affects …
CONCEPT OF UNEMPLOYMENT, Definition of unemployment. Unemployment is defined as a situation in which persons of working age, and willing to work are unable to find employment. Unemployment is a persistent issue that has plagued societies throughout history. It is a phenomenon that occurs when individuals who are willing and able to work are unable …
WHAT ARE THE ACTIVITIES OF TRADE UNIONS? Definition of trade union: A trade union is an association of workers formed to enable the members to take collective, rather than individual, action against their employers in matters relating to their welfare and conditions of work. Trade unions are an important component of the Nigerian labour market. …
