Topics in EconomicsScheme of work for Economics, SS1, First Term Scheme of work for Economics, SS1, Second Term Scheme of Work for Economics, SS1, Third Term Functions of the Wholesaler Advantages and Disadvantages of the Wholesaler Wholesale Market: Who is a Wholesaler? Characteristics of the Wholesaler Retail Market: Who is a Retailer and Examples of Retailers Market: Types of Market Market - What is a Market in Economics? Elasticity of Supply: Types of Supply Elasticity Supply Elasticity: Elasticity of Supply explained Demand Schedule - Types of Demand Schedule Demand: What is Demand? Law of Demand Concept and Types of Cost Supply, Supply Curve and Law of Supply What is a Black Market, Its advantages and disadvantages Supply Curve, Graphical representation of Supply Curve Scale of Preference and Opportunity Cost
Academic Questions in Economics
The following statements are true concerning explicit opportunity cost except _____.
A. They are recorded in the accounts book
B. It is a type of cost
C. They may also be referred to as 'out of pocket' cost
D. They are utilized as factors of production
E. Money spent on wages, salaries and raw materials are examples of explicit opportunity cost
F. Explicit opportunity cost are always utilized for investment
Needs / Wants
Which of the following statement is incorrect concerning the table?
A. Ipod is the least important need of the individual
B. If the individual has 200,000 Naira at hand, then the laptop, iPad, smart watch and iPod will all be considered as opportunity cost
C. If the individual has 480,000 Naira, he or she will purchase all the items in the table
D. Console game is the most important need of the individual
E. The table shows a scale of preference
F. The individual needs an ipod
Which of the following statement is false concerning scale of preference?
A. It is brought about by the insatiability of human wants
B. It is brought about by the limitation of cash at hand
C. It is a list of a person's needs or wants written in an order of importance
D. Scale of preference cost is the value of the best alternative a person could have achieved but did not achieve it after the best choice had been made
E. Opportunity cost is a term associated with scale of preference
F. None of the above
Eonomies of scale in economics means _____.
A. The prices of goods will remain the same because producers manufacture similar goods
B. The prices of goods will fall because producers manufacture more goods
C. The prices of goods will rise because producers manufacture less goods
D. The prices of goods will rise and producers will manufacture more goods
E. The prices of goods will fall and producers will manufacture less goods
F. Equilibrium is achieved in the economy
Budget deficit refers to the amount by which _____.
What are infant industries in Economics?
Which of the theory did Malthus became popular for?
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A Black market is said to take place when there is illegal buying and selling of goods and services.
Black markets usually take place outside the government's rader and without government's knowledge so as to avoid tax or any other government regulations.
Black market presents the avenue for government prohibited goods like hard drugs, war weapons and firearms to be bought by criminals.
Certain producers and consumers depend on black market to buy the raw materials for their business. An instance is the illegal "oil bunkering" (hacking into pipelines to steal government owned crude oil).
The stolen crude oil can be sold directly to production companies or refined and sold to certain consumers through the black market. This activity has negatively impacted Nigeria's economy and has caused a decline in the Nation's treasury.
A black market can also occur on the web for cyber criminals or those who are involved in computer hacking. These individuals will go into the dark web and purchase or rent their respective hacking tools for a fee. Normally, payments are made in crypto currencies.
Unfortunately, black markets can also result in human trafficking and selling of human organs, for example, the Kidneys.
Research had suggested that black market will occur more in nations with a very strict currency control.
Note: Black market is sometimes referred to as a shadow market or an underground economy.
There is a high chance defrauding and scamming buyers in the black market.
There is an increased probability of buying fake or counterfeit goods and products with no warrantee. (The adverse effect could be massive when medications are involved).
Please read on the Disadvantages of Money here.
Illegal drugs and weapons are moved easily into and outside a country.
It can result in some persons (especially young women) been traded as prostitutes. (These young women will live and work in other countries as prostitutes).
The chances of criminal activities are increased through the black market system.
The Black market system can serve as a pathway on the execution of terrorist attacks against a Nation. This is true because certain people may sell classified National security information to terrorists through the black market
Black market can lead to the reduction of a Nation's revenue. As an instance, the illegal oil bunkering in the South-South region of Nigeria has negative affected its National revenue.
Please read on Balance of Trade and Balance of Payments here.
Despite all the negatives that surround the black market, The black market still has some pros.
Let's consider the advantages of black market below:
Goods and services are sold at a cheaper price.
Please read on Supply, Law of Supply and Elasticity of Supply here.
It helps some people make plenty of money.
The Illegal sales of human organs, for example, the sale of human kidneys have aided in saving some lives.
Some people actually depend on black market for their daily bread.
Please read on the Meaning, Causes, Consequences and Solutions to Illiteracy here.
Some of the proceeds from black market have been utilized towards the economic growth of a Nation. For instance, schools and hospitals are built from money made from black market.
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Amazing facts in Economics
NOTABLE POINTS IN Economics
Scale of Preference can be defined as the list of a person's needs or wants written in an order of importance. 📜✍️
When you have a limited amount of money and could only buy some of the items on your list (the top items on the list); then the remaining items that you didn't buy will be generally considered as your opportunity cost.
Opportunity cost can be defined as the value of the best alternative that a person could have achieved or bought but couldn't achieve after the best choice had been achieved.
Opportunity cost are of two types. They are:
Economics isn't just about money. It isn't just about economizing or efficiency or prudence at management.
In simple terms, Economics is a science that deals with the study of scarcity and choice.
Economics have 2 main branches. They are: