[9/17, 3:23 PM] 118 Lens Expo: 5a.)
i.Direct Tax refers to the type of tax imposed directly on income of individual or organization by the government or it agency.
ii.Indirect tax:
This refers to the taxes which are imposed or levied on good and services
5b)
I) It generates income for the country
Ii) it discourages importation of foreign goods.
It) it promotes locally produced goods.
III) it discourages importation of harmful goods into the country.
[9/17, 3:23 PM] 118 Lens Expo: .
8b)
i)Transaction Motive
ii)Speculative Motive
8c)
i)Printing of Currency: If a country prints an excessive amount of currency, more then what it normally would, this can decrease it's currency value.
ii)Current State of the Economy: If a country's economy is not doing well,this can decrease the demand for that country's currency.
iii)Prices of Foreign Goods: Related to the economy, is the prices of foreign goods. If a foreign company sells goods in a country which are cheaper then comparable
products produced in that country, this can hurt the economy of that country.
iv)Political Conditions of a Country: To what degree does political corruption exist within a country
[9/17, 3:23 PM] 118 Lens Expo: 5ai)Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency
5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority
===========================
8ai) What is 'Money Supply'
Money supply is the entire stock of currency and other liquid instruments circulating in a country's economy as of a particular time. Also referred to as money stock, money supply includes safe assets, such as cash, coins, and balances held in checking and savings accounts that businesses and individuals can use to make payments or hold as short-term investments.
8aii) The demand for money is the desired holding of financial assets in the form of money : that is, cash or bank deposits. It can refer to the demand for money narrowly defined as M1 (non-interest-bearing holdings), or for money in the broader sense of M2 or M3.
[9/17, 3:24 PM] 118 Lens Expo: (3a)
(i) Want: want simply means the desire or wish to own goods or services that gives satisfaction
(ii) Scarcity: scarcity refers to the limited available resources used in satisfying the unlimited human want.
(iii) Scale of Preference: this is refer to a list of individual wants in order of their relative importance.
(iv) Opportunity cost: Opportunity cost means the alternative foregone or sacrifice made in order to satisfy another want.
[9/17, 3:24 PM] 118 Lens Expo: 7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
[9/17, 3:24 PM] 118 Lens Expo: 7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
[9/17, 3:24 PM] 118 Lens Expo: 7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
7aiv) Per capita income or average income measures
the average income earned per person in a
given area (city, region, country, etc.) in a
specified year. It is calculated by dividing the
area's total income by its total population.
[9/17, 3:24 PM] 118 Lens Expo: 3a)
-Wants:Wants are desire to own goods and services that gives satitisfaction.Human wants are insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them
-Scarcity:It is the limited supply of reources which are used for satisfaction of unlimited wants>It is the limited in supply or shortage in supply of available resources relative to demand for it.It arises as a result of the inability of available resources to satisfy the unlimited wants of man
-Scale of preference:It is the arragement of wants in order of imporatance.It is a list of individual wants in order of their relative importance makes it easier for choice to be made when we draw scale of preference
-Opportunity cost:It is the expression of cost in relation to the forgone alternative.It is the cost of the alternative forgone
3b)
-Satisfaction of human wants:Economics deals with human being and the satisfaction of their numerous needs with their limited available resources
-Allocation of scarce resource:As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources
-Rational decision:It enable us to take a rational decision pertaining to business and other policy matters
-Economic analysis:It enable us to build up theories and tools of economic analysis
[9/17, 3:24 PM] 118 Lens Expo: 1a)
Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000
1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5
1bii)
Dependency ratio is 0-17
1c)
Percentage of the population that constitute the labour force
Age:
18-49=550
50-60=300
=850
Total population is 2000
% of labour force=850/2000*100%
=42%
1d)
The population decliner because it reduce from the age 1-17 to 60 and above
1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
[9/17, 3:24 PM] 118 Lens Expo: 1a) total population of the country
age 0-17 = 900
18-49 = 550
50-60 = 300
6.1 = 200
=2000
b) under 18 = 900
60md above = 280
the ratio = 900 : 250
18 : 5
bii) dependency ratio is 0-17
c) percentage of the population that constitute the labour force
Age. 18 - 49 = 550
50 - 60 = 300
= 850
Total population is 2000 % of labour force = 850 * 100%
_
2000
=42.5%
d) the population decline because it reduce from the age 1-17 to c1 and above
e) per Capital become
4,000,000
850. = 1,705,882
Approximately 4706
[9/17, 3:24 PM] 118 Lens Expo: (No6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
(No6b)
(i) Money market - central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
(6c)
(i) Provision of loan: Commercial Bank make both short term and medium - term loans and overdrafts available to those involved in economic development.
(ii) Development of International Trade: Commercial banks through issuing of traveller's cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.
[9/17, 3:24 PM] 118 Lens Expo: 7b)
i)Per capita income does not reflect the standard of living of the people.
ii)If per capita income is the measurement,the population problem may be cancealed.
iii)An increase in per capita income may not raise the real standard of living of people.
iv)Although an increase in output
per head is in itself a significant
achievement.
===========
i.Direct Tax refers to the type of tax imposed directly on income of individual or organization by the government or it agency.
ii.Indirect tax:
This refers to the taxes which are imposed or levied on good and services
5b)
I) It generates income for the country
Ii) it discourages importation of foreign goods.
It) it promotes locally produced goods.
III) it discourages importation of harmful goods into the country.
[9/17, 3:23 PM] 118 Lens Expo: .
8b)
i)Transaction Motive
ii)Speculative Motive
8c)
i)Printing of Currency: If a country prints an excessive amount of currency, more then what it normally would, this can decrease it's currency value.
ii)Current State of the Economy: If a country's economy is not doing well,this can decrease the demand for that country's currency.
iii)Prices of Foreign Goods: Related to the economy, is the prices of foreign goods. If a foreign company sells goods in a country which are cheaper then comparable
products produced in that country, this can hurt the economy of that country.
iv)Political Conditions of a Country: To what degree does political corruption exist within a country
[9/17, 3:23 PM] 118 Lens Expo: 5ai)Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency
5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority
===========================
8ai) What is 'Money Supply'
Money supply is the entire stock of currency and other liquid instruments circulating in a country's economy as of a particular time. Also referred to as money stock, money supply includes safe assets, such as cash, coins, and balances held in checking and savings accounts that businesses and individuals can use to make payments or hold as short-term investments.
8aii) The demand for money is the desired holding of financial assets in the form of money : that is, cash or bank deposits. It can refer to the demand for money narrowly defined as M1 (non-interest-bearing holdings), or for money in the broader sense of M2 or M3.
[9/17, 3:24 PM] 118 Lens Expo: (3a)
(i) Want: want simply means the desire or wish to own goods or services that gives satisfaction
(ii) Scarcity: scarcity refers to the limited available resources used in satisfying the unlimited human want.
(iii) Scale of Preference: this is refer to a list of individual wants in order of their relative importance.
(iv) Opportunity cost: Opportunity cost means the alternative foregone or sacrifice made in order to satisfy another want.
[9/17, 3:24 PM] 118 Lens Expo: 7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
[9/17, 3:24 PM] 118 Lens Expo: 7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
[9/17, 3:24 PM] 118 Lens Expo: 7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
7aiv) Per capita income or average income measures
the average income earned per person in a
given area (city, region, country, etc.) in a
specified year. It is calculated by dividing the
area's total income by its total population.
[9/17, 3:24 PM] 118 Lens Expo: 3a)
-Wants:Wants are desire to own goods and services that gives satitisfaction.Human wants are insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them
-Scarcity:It is the limited supply of reources which are used for satisfaction of unlimited wants>It is the limited in supply or shortage in supply of available resources relative to demand for it.It arises as a result of the inability of available resources to satisfy the unlimited wants of man
-Scale of preference:It is the arragement of wants in order of imporatance.It is a list of individual wants in order of their relative importance makes it easier for choice to be made when we draw scale of preference
-Opportunity cost:It is the expression of cost in relation to the forgone alternative.It is the cost of the alternative forgone
3b)
-Satisfaction of human wants:Economics deals with human being and the satisfaction of their numerous needs with their limited available resources
-Allocation of scarce resource:As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources
-Rational decision:It enable us to take a rational decision pertaining to business and other policy matters
-Economic analysis:It enable us to build up theories and tools of economic analysis
[9/17, 3:24 PM] 118 Lens Expo: 1a)
Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000
1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5
1bii)
Dependency ratio is 0-17
1c)
Percentage of the population that constitute the labour force
Age:
18-49=550
50-60=300
=850
Total population is 2000
% of labour force=850/2000*100%
=42%
1d)
The population decliner because it reduce from the age 1-17 to 60 and above
1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
[9/17, 3:24 PM] 118 Lens Expo: 1a) total population of the country
age 0-17 = 900
18-49 = 550
50-60 = 300
6.1 = 200
=2000
b) under 18 = 900
60md above = 280
the ratio = 900 : 250
18 : 5
bii) dependency ratio is 0-17
c) percentage of the population that constitute the labour force
Age. 18 - 49 = 550
50 - 60 = 300
= 850
Total population is 2000 % of labour force = 850 * 100%
_
2000
=42.5%
d) the population decline because it reduce from the age 1-17 to c1 and above
e) per Capital become
4,000,000
850. = 1,705,882
Approximately 4706
[9/17, 3:24 PM] 118 Lens Expo: (No6a)
Money market is a financial market for lending and borrowing of short term loans while capital market is a financial market for the lending and borrowing of long-term loans
(No6b)
(i) Money market - central bank and Commercial Bank
(ii) Capital market: Building societies and the stock exchange.
(6c)
(i) Provision of loan: Commercial Bank make both short term and medium - term loans and overdrafts available to those involved in economic development.
(ii) Development of International Trade: Commercial banks through issuing of traveller's cheques and open of letters of credit help in the development of international trade which contributes to the economic development of Nigeria.
[9/17, 3:24 PM] 118 Lens Expo: 7b)
i)Per capita income does not reflect the standard of living of the people.
ii)If per capita income is the measurement,the population problem may be cancealed.
iii)An increase in per capita income may not raise the real standard of living of people.
iv)Although an increase in output
per head is in itself a significant
achievement.
===========
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