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EXAMS: JAMB WAEC
Test your knowledge Interesting facts for students What every student should know Quotes for students



What students should know

Below are definitions of demand from the perspective of some notable professors:

The demand for goods is a schedule of the amounts that buyers would be willing to purchase at all possible prices at any one instant of a time.

Professor Mayers

Demand is the various quantities of goods that would be purchased per time period at different prices in a given market.

Professor Hibdon

The demand for anything, at a given price is the amount of it which will be bought per unit of time at the price.

Professor Benham

Generally, demand is defined as the willingness of a person, buyer or consumer to buy a specific quantity of goods or service at a given price and time.

From the above definitions, we can infer that the definition of demand is referenced to three major factors. These are:

  1. Quantity of Goods Demanded

  2. Price

  3. Time

Please read more on the concept of demand here.

Economics

In economics, we have various types of cost. These are:

  • Accounting cost

  • Economic cost

  • Outlay cost

  • Opportinity cost

  • Fixed cost

  • Variable cost

  • Direct cost

  • Indirect cost

  • Sunk cost

  • Incremental cost

  • Private cost

  • Social cost

Please read the explanations on the aforementioned types of cost here

Economics

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Questions for Student

Please check out our Test Your Knowledge page to see all Questions and Answers

In a food chain, the primary consumers are classified under trophic level  _____.

  • A. Zero

  • B. One

  • C. Two

  • D. Three

  • E. Four

  • F. Five

Biology

A legal process through which a citizen of one country gains citizenship into another country is termed _____.

  • A. International pass

  • B. Residential pass

  • C. Nationalization

  • D. Naturalization

  • E. Green card

  • F. Internationalization

Civic Education

A total estimation of a person's character and quality especially by those who know such person is termed _____.

  • A. Identity

  • B. Individual assessment

  • C. Behavior

  • D. Reputation

  • E. Principle

  • F. Cross examination

Civic Education