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economics questions and answers

Definition of Economics Explained

Reading Time: 2 minutes ECONOMICS   DEFINITION: Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.   ENDS/WANTS   MEANING: Ends are wants or desires that individual consumers, firms or businesses and government are constantly using their scarce resources to satisfy. They are in the form of goods …

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8 Practical Ways to Increase Agricultural Output in Developing Countries

Reading Time: 4 minutes It is entirely possible to increase agricultural output in developing countries. Many developing countries, including those in West Africa and the rest of the continent record poor agricultural output every year. This is in spite of the fact that most of these countries boast of the best natural resources suitable for agricultural production in the …

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Distinguish Between Foreign Aid and Foreign Investment

Reading Time: 1 minute Foreign Aid Foreign Aid is the assistance (in the form of resources or commodities such as foreign currency, equipment, technical skills, food, relief items etc.) mostly given by rich countries (Britain, the USA, Germany, Japan etc.) or international organizations and financial institutions (the World Bank, the I.M.F., Peace Corps, specialized agencies of the UN etc.) …

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Simple Explanation of Key Cost Concepts in Economics

Reading Time: 6 minutes   Do you wish to get a simple understanding of such terms as implicit cost, explicit cost, marginal cost, accounting cost, money cost, opportunity cost, overhead cost, social cost, total variable cost and many others as they are used in matters relating to economics and finance? If your answer is yes then I urge you …

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