Topics in EconomicsFactors affecting population in economics Advantages of Inflation Disadvantages of Inflation Concept of Inflation in Economics Scheme 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
Academic Questions in Economics
Which of the following is not a financial market?
A. Money Market
B. Bond Market
C. Foreign Exchange Market
D. Virtual Market
E. Capital Market
F. Stock Exchange Market
A _____ market provides a platform whereby job seekers link up with employers in an attempt to be hired.
A. Wholesale market
B. Bond market
C. Physical market
D. Virtual market
E. Factor Market
F. Labor Market
Which of the following is not a type of market based on commodities bought and sold?
A. Wholesale market
B. Bond market
C. Physical market
D. Virtual market
E. Factor Market
F. Labor Market
According to economists, a market refers to a/an _____ comprising of various buyers and sellers carrying out business transactions.
C. Entire area
D. Online platform
Primary market is a type of market based on _____.
A. Market structure
D. Commodities bought and sold
E. Channel of distribution
F. Internet and world wide web
The above diagram on the quantity supplied against a change in price is _____.
C. Perfectly Elastic
D. Perfectly Inelastic
E. Zero Elastic
F. Unitary Elastic
The rate at which an increase in the price of a product translate into the product's increased production and availability in the market is termed _____.
C. Demand Elasticity
D. Supply Elasticity
E. Demand Curve
F. Supply Curve
Concerning demand curve, which of the following statement is incorrect?
A. It is a graphical represention of a table showing the price of commodities and quantity demanded
B. It can be an individual demand curve
C. The x-axis shows the price of commodities
D. The price and quantity demanded are expressed on different axis of the graph
E. It can be a market demand curve
F. All the options are correct
In economics, population is defined as the total number of individuals which may consist of a group of people, an entire nation or even the world at large, with these sharing at least a common characteristic.
The population of a region may increase or decrease over a period of time, giving rise to the concept of population growth. An increase in population is associated with a positive population growth while a decrease attributes to a negative population growth. In certain instances, population growth may continually increase at a consistent rate over a period of time. This is termed exponential population growth.
Below are factors that affect population growth either positively or negatively:
Natality rate may also be termed as birth rate or fertility rate. The natality rate of a population expresses the ratio of the number of births in a year to the average total population of that year.
Birth rate is another word for natality rate. It is reflected in the ratio of live births in an area to the population of that area, and is expressed per 1000 population per year.
An increase in birth rate will imply a corresponding increase in a population, provided the death rate decreases. Such increase is favored when the society is dominated by fertile females.
Mortality rate is the ratio of number of deaths in a year to the average total population of that year. This may also be referred to as death rate.
Death rate is the ratio of deaths in an area to the population of that area; expressed per 1000 population per year.
An increase in mortality rate over natality will signify a decrease in population size. In this regard, a pandemic like COVID-19 will decrease the population of people in nations where they are present. Meanwhile, understand that an improvement in the medical facility of a region will decrease mortality rate, thus consequently increase the population size.
Immigration refers to the movement of people from one country to another with the aim to settle as permanent residents in the countries they had moved into.
The population of a country will become increased when immigration exceeds emigration. Countries like America, Canada and United Kingdom have large population due to a net increase in the number of immigrants. Interestingly, the Nigerian people are scattered around different countries of the world, thus bringing about a reduced population of Nigerians living in Nigeria. However, this has made Nigeria the most populous black nation in our world (2022).
Emigration is the movement of people out of their own country to settle permanently in another country.
As an instance, if Alfred moves from Nigeria to the United States, then he can be said to have emigrated from Nigeria. On the other hand, Alfred would have immigrated into the United States of America. It can therefore be stated that emigration reduces the population of a country.
Urbanization is defined as the movement of people from rural areas to urban areas, leading to increase in the population of urban areas and a corresponding decrease in rural areas.
An instance of urbanization is seen in Lagos, a state in Nigeria. It is inhabited by various people who had moved from rural areas in an attempt to earn a good living. In this regard, Lagos has become one of the most populated states in Nigeria (and Africa) regardless its small geographical area.
In summary, urbanization leads to population growth in urban areas.
Advancement in medicine will positively affect population growth. This is true because various contagious and deadly diseases will become contained through their respective vaccines.
Before the discovery of COVID-19 vaccine, millions of lives was lost around the world. However, the development of COVID-19 vaccine has significantly reduced the number of deaths from this disease.
Other vaccines which had helped reduced suffering and deaths include the measles, mumps, and rubella (MMR) vaccine, varicella (chickenpox) vaccine and inactivated polio vaccine (IPV).
Overall, medical advance will increase the population of the world.
War will generally decrease the population growth in an area. An instance is seen in the Russian-Ukraine war. During this war, most Ukrainians moved out of Ukraine into other countries. This brought about a decrease in the population of Ukraine.
Unfortunately, wars often lead to death, causing a decrease in population. It is estimated that about 70 to 85 million people lost their lives in the second world war.
A natural disaster is defined as a natural occurrence that will significantly cause harm to the inhabitants of a community. Such natural occurrence may include flood, earthquakes, tsunamis, hurricanes and so on. They generally have a negative impact on the population since they are often accompanied with the loss of lives and properties.
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Amazing facts in Economics
NOTABLE POINTS IN Economics
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.
Demand is the various quantities of goods that would be purchased per time period at different prices in a given market.
The demand for anything, at a given price is the amount of it which will be bought per unit of time at the price.
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:
Quantity of Goods Demanded
In economics, we have various types of cost. These are:
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.
A black market can also occur on the web for cyber criminals or those who are involved in computer hacking. To achieve their malicious aim, 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.
However, a black market isn't generally considered as bad. Infact, it has its advantages and disadvantages.
Below are some advantages of black market:
Goods and services are sold at a cheaper price.
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.
Some of the proceeds from black market may be utilized towards the economic growth of a nation. For instance, schools and hospitals had been built with money made from black market.
The law of supply states that:
The quantity of the supplied services or goods will increase as the price increases and they will decrease as the price decreases provided all other factors remain constant.
These constant factors are very important when stating the supply law. They include:
The price of input resources
The kind of technology used during production
The number of suppliers
The number of buyers; and so on.
A graph that shows the relationship between the price of a product or service, and its quantity supplied is the supply curve.
Supply curve can be defined as a graphical representation of the direct relationship between the prices of goods and services and the quantity supplied (of such goods and services) within a particular period of time provided all other factors remain constant.