MEANS OF PAYMENT Payment simply means to give over a certain amount of money or something of value in exchange for another thing. Payment is the means of settling any
Factors of production describe the inputs that are used in the production of goods or services in order to make an economic profit. The factors of production include land, labour,
Meaning of Production Production is simply the process of converting raw materials or other inputs such as ideas into finished goods or services. Production is also the process of making
ECONOMIC PROBLEMS OF A SOCIETY In Economics, Economic problems of a society refer to the fundamental economic theoretical principles in the operation of any economy. The principle asserts that there
DEFINITIONS OF DIVISION OF LABOUR DEFINITIONS OF SPECIALISATION ADVANTAGES OF DIVISION OF LABOUR DISADVANTAGES OF DIVISION OF LABOUR What is Division of Labour Division of labour can be defined as
MONEY DEFINITION QUALITIES OF MONEY CHARACTERISTICS OF MONEY PURPOSE AND FUNCTION OF MONEY MONEY DEFINITION Money is anything that is generally acceptable as a means of exchange, and in the
The basic tools for economic analysis are used for the interpretation and analysis of some problems which are often presented in statements that may not be so easy to understand.
DEFINITIONS OF ECONOMICS SCOPE OF ECONOMICS WHY ECONOMICS IS A SOCIAL SCIENCE SUBJECT WHY ECONOMICS IS A SCIENCE BASIC CONCEPTS OF ECONOMICS WHY WE STUDY ECONOMICS What is Economics? Economics