SS 1 ECONOMICS

14/09/2020

Lesson Eighteen

I WANT TO USE THIS MEDIUM TO APPRECIATE GOD THE GIVER OF ALL GOOD THINGS FOR HE SAW US THROUGH THE PERIOD OF THE PANDEMIC TO THIS PLACE WHERE WE ARE ALREADY COUNTING DAYS TO OUR RESUMPTION. IT CAN ONLY BE GOD AND WE RETURN ALL THE GLORY BACK TO HIM.

TO  ALL THAT DID THEIR WORK CONSISTENTLY, I SAY A BIG THANK YOU. GOD BLESS YOU REAL GOOD. A BIG THANK YOU TOO TO OUR DEAR PARENTS FOR THEIR LOVE, PATIENCE  AND THE MONEY FOR THE DATA.

I PRAY THAT IT SHALL BE A GLORIOUS SESSION BY THE GRACE OF GOD. THE LORD WILL BE OUR SUN AND SHIELD. HE WILL GIVE US GRACE AND GLORY. HE WILL NOT WITHHOLD ANYTHING GOOD FROM US IN JESUS NAME. HE WILL SUPPLY ALL OUR NEEDS  FOR THIS SESSION AND BEYOND ACCORDING TO HIS RICHES IN GLORY THROUGH CHRIST JESUS. WE SHALL NOT LACK ANYTHING GOOD BUT RATHER LAUGH AT FAMINE AND DESTRUCTION IN JESUS NAME.

LOVE YOU ALL, SEE YOU NEXT WEEK BY THE GRACE OF GOD.

( S.S.2 REALLY LOOKS GOOD ON YOU)

ENJOY YOUR DAY AS YOU READ ON THE HISTORICAL DEVELOPMENT OF MONEY AND SUMMARISE IN A PAGE.   

07/09/2020

Lesson Seventeen

Good day to you all. My prayer this new month is that the Lord will preserve our souls, preserve us from all evil and preserve our going out and coming in from this time forth and ever more in Jesus name. We will surely laugh at famine and destruction for they will not come near us in Jesus name. I pray that the Lord will equip you spirit, soul and body for the challenges of the new session. Remain blessed and connected to your maker.

COOPERATIVE SOCIETIES

 It can be defined as a business organization in which a group of individuals with common interest mutually agree to come together to establish a business that would be of interest to every member of the group.

Features of Cooperative Societies

  1. Cooperative societies are owned by two (2) persons to any number.
  2. Membership is opened to those who fulfill the conditions stipulated by the society.
  3. The motive of formation is to promote the welfare of the members.
  4. If profit is made, it is shared on the basis of patronage.
  5. They apply the principle of democracy whereby each member has one voting right irrespective of the amount contributed.
  6. Capital is raised through shares and loans.  In any co operative society, the initial capital is raised through. In any cooperative societies, the initial capital is raised through sale of shares and there is a minimum shareholding to any members.
  7. The members have unlimited liability
  8. No separate  legal entity

Types of cooperative Societies

  1. Consumers Cooperative Society: As the name indicates, it is a cooperative society in which consumers pull their resources together in order to buy goods in bulk from the manufacturers and then share amongst the members. This brings about reduction in the prices of goods and more quantity.
  2. Producer Cooperative Society: This is the association of producers of similar products who have come together in order to promote the production and sale of their products.
  3. Credit and Thrift Cooperative Society: This is one of the commonest cooperative societies found in our present day society. Here, members are encouraged to save their money together, of which all or part of it may be  lent to any member  that is in need. They charge little or no interest. 

Advantages of Cooperative Societies

  1. The credit and thrifts cooperative society encourages savings.
  2. They are democratic in nature i.e. all members have equal rights to say how the society should be organised and also to vote and be voted for.
  3. It results into low prices of goods because they buy goods directly from the manufacturers and distribute to their members.
  4. They encourage inter-personal  relational among the members.
  5. They increase the standard of living by making goods available to their members at reduced rates because they buy directly from manufacturers.
  6. They fight inflation through their activity of price stabilization because there is regular supply of  goods for their members.
  7. They encourage hardwork as a result of the fact that they have joint pride of ownership.
  8. They prevent hoarding by buying directly from manufacturers for goods are always available to the members.

Disadvantages of Cooperative Societies

1. Insufficient Capital: This problem arises as a result of the unwillingness of some members         to pay their subscriptions.

2. Weak management: Some cooperatives are managed by men who lack administrative and managerial acumen / abilities.

3. Illiteracy: Majority of the members of cooperatives are illiterates who do not understand the workings and principles of this societies.

4. Denial of individual initiatives: A lot of cooperatives do not give individuals the ability to make their own contributions therefore, it denies individuals from making their contributions and hinders the development of entrepreneural abilities.

5. Limited expansion abilities: There is limitation to the expansion of these societies because of insufficient capital available to the society.

6. Lack of discipline: A lot of members behave and act in ways outside the rules and regulations of the society. This hinders the growth of many cooperative society.

ASSIGNMENT(kindly do this in your assignment notebook)

1.Define money.

2. What is trade by barber?

3. State any 5 defects / disadvantages of trade by barter system.

27/08/2020

Lesson Sixteen

Good day to you all. We thank God for another beautiful day. Please continue to take advantage of this period and groom yourself to become a better person. I pray that the next phase of your life is blessed and will be full of testimonies in Jesus name. Please, continue to make effort. It shall end in praise in Jesus name. Lots of love.

DISADVANTAGES OF LIMITED LIABILITY COMPANIES

1. Delay in policy and decision making: This is as a result of its large size. No major decision or change can be made or adopted without a meeting of shareholders or board of directors. This may take quite some time.

2. Large capital requirements: The capital required to set up and run the business is usually very large. This is sometimes difficult to source.

3. Less personal contact with employees and customers: The large size of the business makes it difficult for a cordial relationship between the management and both employees and customers.

4. Denies individual initiatives: It is very difficult for employees with brilliant ideas to contribute their initiatives to the development of the business because of less personal contact that exists with the management.

Other disadvantages of Private Limited Liability Companies

a. Shares are not easily transferable: Shares of private limited liability companies cannot be transferred without the consent of other members. This limits their marketability.

b. Shares cannot be advertised for sale: The shares of private limited liability companies are not quoted on the stock exchange market. Therefore, their capital cannot be raised through the stock exchange.

Other disadvantages of Public Limited Liability Companies

a. The business lacks privacy: They are mandated by law to publish their annual account in at least two national dailies, therefore, their affairs are made public.

b. There is much bureaucracy: Too much emphasis is placed on routine work (prescribed rules and regulations). Therefore, to a large extent the use of personal initiative is lacking.

Sources of Capital to Limited Liability Companies

  1. Loans from banks
  2. Contribution from promoter/ founders
  3. Sale of shares ( Public Limited Liability Companies)
  4. Issue of debenture ( Public Limited Liability Companies)
  5. Re- investing of profits/ Ploughed back profit
  6. Advanced payment by customers

PUBLIC CORPORATION/ENTERPRISE

 It can be defined as a business organization owned, managed and financed by tax payers  money collected by the government of a country with the main motive of not making profit but to provide essential services to members of the public. Examples are Nigerian Port Authority (NPA), National Electric Power Authority (NEPA) now called Power Holding Company of Nigeria, Nigerian Airways e.t.c.

FEATURES OF PUBLIC CORPORATION

  1. It is owned by the Government.
  2. It enjoys legal status.
  3. The motive is not for profit maximization but to render/ provide essential services.
  4. Capital is provided by the government through tax payers money, financial grants from banks, loans e.t.c.
  5. It is established by the Act of Parliament.
  6. Risk /Liabilities are borne by the Government and tax payers.

Reasons for government Ownership o f Public Corporations/ (Advantages/Merit)

  1. Huge Capital Requirement: The essential services provided by the government requires large amount of money that private individuals cannot afford.
  2. Provision of Essential Services: The government provides essential services to the general public at an affordable rate such services include electricity, water etc
  3. Prevention of Exploitation: If private enterprises are allowed  to provide essential services there will be exploitation and discrimination. Some citizens with money would the services while others will suffer.
  4. To Avoid Duplication: If private enterprises are allowed to provide essential services provided by the government, it would lead to duplication of efforts and can cause excessive supply of the service. This will amount to wastage of resources.
  5. Creation of Employment Opportunities : The establishment of Public Corporation or Government Owned Businesses helps in the creation of employment opportunities.
  6. Improvement in The Standard of Living: The regular supply of essential services will enable the citizens to have access to the  needed services at cheaper rates.
  7. Prevention of Price Fluctuation: Access to  enough capital helps government owned businesses to have regular supply of services provided by them which prevents price fluctuation.
  8. Economic Development:– The presence of Public Corporations attracts both local and foreign investors and fastens the economic development of the country.

DISADVANTAGES OF PUBLIC CORPORATIONS

  1. Hard to establish:  This type of business is hard to establish because it takes a long process before the law establishing the business is passed by the Government into law.
  2. Huge Capital Requirement: The capital needed in establishing a Public corporation is huge, thereby making it very difficult to establish.
  3. Delay in Policy and Decision Making: Decision and policies to be made and managed by the Board of Directors are also subject to government notification and approval. This usually take a lot of time.
  4. Lack of Privacy: Members of the public have the right to inspect their accounts. The annual accounts of Public corporations are also made public
  5. Lack of Cordial Relationship:- The business do not have any personal relationship with their customers or the general public.
  6. Corruption and Embezzlement of Funds: People that are appointed as Board of Directors usually steal the government funds with the belief that it is a National Cake.
  7. Bad Attitude To work:- This is as a result of the belief by the workers that the business is owned by nobody and that they do not have to sweat to do government work.

assignment( kindly do this in your assignment notebook)

name the types of co-operative society.

24/08/2020

Lesson Fifteen

Good morning to you all. We thank God for a beautiful day. It shall be a wonderful week for all of us in Jesus name.

Find below the correction to last week’s assignment

INSTRUCTION: COPY THE FOLLOWING NOTE IN YOUR NOTEBOOK. All notes would be checked and marked on resumption. thank you.

Limited Liability Company

Section 21 (i) of C.A.M.A 1990 (Companies and Allied Matter Act) defines this type of company as one having the liability (debt responsibilities) of its members limited by the memorandum to the amount of shares held by them in other words, companies Limited by  shares can be divided into two (2):

1. Private Limited Liability Company

2. Public Limited Liability Company.

Features of Limited Liability Companies

1. Private Limited Liability Company has a minimum of two (2) owners and a maximum of fifty (50) owners while Public Limited Liability Company’s ownership is from seven (7) to infinity.

2. Private Limited Liability Company’s name is preceded with the word Ltd or UnLtd while Public Limited Liability Company’s name is preceded by the abbreviation Plc.

3. Private Limited Liability Company’s shares are not easily transferable except with the company’s consent while Public Limited Liability Company’s shares are easily transferable.

4. Private Limited Liability Company’s shares are neither advertised for sale nor quoted in the stock exchange market while Public Limited Liability Company’s shares are advertised for sale and quoted in the stock exchange market.

5. The affairs of Private Limited Liability Companies are kept private because they are not required by law to publish their annual account while there is no privacy Public Limited Liability Company because they are required by law to publish their annual account in at least two (2) national dailies.

6. Private Limited Liability Company can commence business operations after receiving the certificate of Incorporation while Public Limited Liability Company’s can only commence business after receiving the certificate of Trading.

Note: Certificate of Trading is usually given after receiving the certificate of incorporation.

Documents Involved in the Formation of the Company

Before a Limited Liability Company can come into existence, the promoters must fulfill certain Legal formalities like registration of the company with corporate Affairs Commission through the Registered of Companies in accordance with companies Decree. The following documents are involved.

  1. Memorandum of Association: This document shows and regulates the relationship of the company with the outside world. It contains the following;
  2. Name of the Company
  3. Nature of the Business
  4. Registered office address
  5. The amount of nominal or authorised capital
  6. Type and value of shares
  7. A statement indirectly that the liability of the members is to be limited
  8. The procedure for altering the memorandum
  9. Articles of Association:- This document contain the rules and regulations that govern and guide the management of the business internally. It contains the following:
  10. The duties rights, positions of each member of the company
  11. The method of appointment of directors, their powers, duties as duration in office.
  12. Accounting and auditing procedures.
  13. How general meeting are to be held etc.
  14. Certificate of Incorporation:– This is a certificate issued by the Registrar of Companies after scrutinizing the Memorandum and Articles of Association as specified by the Corporate Affairs Commission (CAC). This document signifies that a business unit is registered and it has become a legal entity and can sue and be sued in its own name.
  15. Prospectus:- This is a document of notice, circular and advertisement made by limited liability companies. It is usually used by Public Limited Liability Companies when it offers shares for subscription of debentures.
  16. Certificate of Trading:- This is a document that gives a Public Limited Liability Company power to commence business operations. This certificate is issued only where the company has fulfilled all requirements as prescribed by Corporate Affairs Commission.

Advantages of Limited Liability Companies

  1. Limited Liability: Shareholders enjoy limited liability benefits that is, the shareholders can only lose the capital contributed in form of shares if the business goes into liquidation.
  2. Legal Entity: The business is registered and recognized by law. The company is distinct from the owners. It can sue and be sued in its own name
  3. Large Capital: When compared with small firms like sole proprietorship or partnership it can raise more capital as a result of the number of shareholders that formed it and the various sources of capital opened to them.
  4. Sure of Continuity/Perpetual Existence: Unlike other small business units, the death of a member cannot bring about the end of a Limited Liability Company.
  5. Provision of Investment Opportunities: It provides investment opportunities to people who cannot afford to establish their own business
  6. No Limit to expansion: They can easily expand as a result of the large capital available to them and their effective management system.
  7. Easy Transferability of Shares: In Public Limited Liabilities Companies, shareholders can easily transfer their shares without the consent of anybody.
  8. Enjoys Economies of Scale: The business enjoys internal economies of scale since the business is large, production can be carried out on a large scale, leading to benefits in production.
  9. High degree specialization: The Company has the ability to have several departments controlled by different groups of people because they have access to large capital. This leads to greater efficiency.

ASSIGNMENT

State any five sources of capital to limited liability companies.

Kindly do this in your exercise book. Thank you.

Mobility of Labour

This refers to the ease with which labour or workers move from one occupation to another or from one geographical area to another.

Types of Mobility of Labour

  1. Industrial Mobility of Labour: This refers tto the ease with which workers move within the same industry or from one industry to another. This is divided into two aspects i.e.
  2. Vertical Mobility of Labour: This usually takes place in form of promotion within the same industry or place of work e.g. Vice Principal of a school could be promoted to Principal, a Branch Manager of a firm promoted to General Manager e.t.c.
  3. Horizontal Mobility of Labour: This takes place when a worker moves from one industry to another but still performs the same task and occupies the same rank e.g. An Accountant can leave a school to a Textile Industry as an Accountant on the same rate of pay.
  4. Occupational Mobility of Labour: This refers to the ease with which labour or workers move from one job to another. This is more common among unskilled workers than among highly skilled workers e.g. a cleaner in an office could change to become a labourer in another field. It is not easy for skilled labour to change jobs. A teacher to become a doctor.
  5. Geographical Mobility of Labour: This refers to the ease with which labour or workers move from one geographical location to another e.g. A worker in the Northern part of Nigeria could move to the Southern part of Nigeria, from Nigeria to Ghana e.t.c.

Factors affecting Mobility of Labour

  1. Availability of economic and social infrastructure: If economic and social infrastructures such as good transportation network, electricity, good means of communication e.t.c. are readily available in a particular geographical area, it would attract industries to such a place thereby creating job opportunities. This would cause an in flock of labour to such a place and vice versa.
  2.  Family and social ties: The extent of attachment to an environment based on social, family and cultural ties influences the mobility of labour. If labour is so attached, mobility is difficult and if not labour moves freely.
  3. Immigration requirements and government policies: The policy of the government regarding the movement of persons into and out of the country, as well as the movement of persons within the country, influence the mobility of labour. If stringent, it reduces mobility of labour and vice versa.
  4. Climatic factor: There is usually a movement of population from areas of adverse climate to areas with a more pleasant climate. Therefore, if a very hot and dry, workers may move away and vice versa.
  5. Trade unions and professional association: The regulations of trade unions sometimes hinder the movement of labour into certain occupations. If stringent upon entry into trade, it reduces mobility of labour and vice versa.
  6. Conditions of Service in one’s place of work: If workers are contend with their present place of work and adequately remunerated with good benefits. This may cause labour to remain at present jobs but if otherwise labour would move.
  7. Need for special or natural skills, aptitudes or ability: If a job requires a high degree of natural skill or ability, labour tends to be less mobile to the occupation e.g. footballing.
  8. Personal reasons: Personal preference for certain jobs and dislike for available jobs will reduce mobility of labour.

Assignment

Instruction: Answer the following questions using the form given below.

  1. Differentiate between wages and salaries.
  2. State 4 reasons for differences in rewards for labour.
Home

22/06/2020

LESSON SIX: LABOUR MARKET

SUB-TOPIC: EFFICIENCY OF LABOUR

Good day to you all. We thank God for the gift of life and that we are well. Please continue to take advantage of this period and opportunity to groom yourself to become a better person. We pray that all this will soon be over and we will have our lives back. You will not be a victim of circumstance in Jesus name. You will fulfill your purpose and destiny in Jesus name.  Stay connected to your maker.

Instruction: Kindly look through the correction carefully and correct where necessary. COPY TODAY’S NOTE IN YOUR NOTEBOOKS. I BELIEVE YOU COPIED THE LAST NOTE GIVEN IN YOUR NOTEBOOKS IF NOTE KINDLY DO SO. THANK YOU.

Correction To Lesson Five’s Assignment(15/6/2020)

1.         Labour can be defined as the physical and mental effort of man applied or channeled towards transforming raw materials to finished goods. It is a human factor of production while labour force is the total number of people who fall within the working age bracket usually 18-65 that are gainfully employed, self employed and unemployed in a country at a given period of time.

2.         Efficiency of labour: This occurs when labour is able to obtain maximum output from a given input i.e. when labour is combined with other factors of production, it would result in maximum output ( in quality and quantity). It can also be described as the ability of labour to increase output without increasing the quantity of labour. When this occurs, labour is said to be at it’s best.

Factors Affecting Efficiency Of Labour.                                             

1.         Education and training: Labour will perform optimally when he has a sound education. A well educated or well trained worker is in position to increase efficiency in his work and would be able to adequately cope with the challenges of the present day.

2.         Efficiency of other factors of production: When other factors of production like land , capital and entrepreneur are readily available and put in proper use, this will affect the rate at which labour produces and bring about maximum output.

3.         Level of Technology: High level of technology will increase the efficiency of labour as work becomes easier and done at shorter period of time.

4.         Efficient Management: When the management staff are efficient, it would also rub off on the other members of staff, thereby causing work done to be efficient.

5.         Degree of Specialization: The efficiency of labour can be increased by the introduction of division of labour. This would thereby increase the level of specialization of labour, thereby, increasing their level of efficiency.

6. Human Environment: Conducive management style will encourage workers and make them work in a relaxed environment thereby increasing labour efficiency.

7. Physical Environment: The environment in which labour works helps to determine its efficiency as well as its productivity e.g. harsh physical environment.

7.         Attractive Wages: When the salary or wage of workers is attractive, it will boost  or promote the efficiency of the worker.

8.         Welfare Services: If workers are well catered for, giving them fringe benefits like transport allowances, leave bonuses, free medical treatments e.t.c. Their overall performances would be high.

9.         State Of Health Of Workers: A healthy worker is more likely to be more efficient than a worker who is not healthy and sickly.

10.         Level of Commitment and Attitude:  The level of commitment and attitude of a worker can affect their level of efficiency. When a worker is highly committed to his job, this will result in efficiency of labour.

11. Availability of Good Social Services such as transportation, good medical care, canteen e.t.c. enhances the efficiency of labour.

Assignment

Instruction: Answer the questions using the form below.

1.         Define mobility of labour.

2.         Differentiate between Geographical Mobility of Labour and Occupational Mobility of Labour.

3.         Mention four factors that cause geographical mobility of labour.https://knowledgemerchant.fun/?nf_preview_form=14&nf_iframe

15/06/2020

LESSON FIVE: LABOUR MARKET

Good day to you all. Today’s work is a continuation of the topic we started last week. Continue to put in the beautiful effort, you will see that it would pay off at the end of the day. God bless you.

Correction to lesson Four’s Assignment (Labour Market 08/06/2020)

1a. Employed: These are the people that have jobs they are doing. They are people working.

b. Self employed: These are people with jobs. They are entrepreneurs not working for anybody but have created a job for themselves.

c. Unemployed: These are people who fall within the working age bracket, willing, able and qualified to work but do not have a job.

2. Supply of Labour is the total number of people who are willing and able to offer themselves for employment at a given wage rate at a point in time whereas demand for labour refers to the total number of people, producers or employers of labour are willing and able to hire at a given wage rate at a point in time.

Supply of Labour

            This is the total number of people who are willing and able to offer themselves for employment at a given wage rate at a point in time.

NOTE: THE FACTORS THAT AFFECT LABOUR FORCE ARE THE SAME FACTORS THAT AFFECT SUPPLY OF LABOUR.

Other factors that affect supply of labour.

1. Number of working hours: The supply of labour will be low if the number of working hours is long and viceversa. People like to work for the shortest possible number of hours and earn a lot.

2. Wage level or rate: Labour tends to supply a greater effort when they are well paid. A rise in the prevailing wage rate will lead to a greater supply of labour & viceversa.

3. Entry requirement: The supply of labour is affected by entry requirement like qualification, age and experience. The supply of labour is often limited by these factors if they are too stringent.

Demand for Labour

            This refers to the total number of people, producers or employers of labour are willing and able to hire at a given wage rate at a point in time.

Factors influencing the demand for labour.

1. Wage rate: The lower the wage rate, the greater the demand for labour since employers can afford to hire a large number of labour with little wage rate and vice versa.

2. Size of market: The size of market refers to the number of people that demand a particular product. If it is high, there would be need to produce a lot of goods meet up with the demand. Hence, a need to increase the demand for labour.

3. Marginal productivity of labour: This is the extra output gotten in a production process when an additional labour is employed. If this is low, the producer would be discouraged. Hence, employs less amount of labour and vice versa.

4. Availability of other factors of production: If other factors of production like land or capital is readily available, the demand for labour would be high and vice versa.

5. The number of enterprise or company in the country: If the number of firms/companies in a country is large, the demand for labour would be high because the firms would need for labour to help in the production of goods.

6. Business or producers target: If a producer’s production target for a particular period is high or if he has the mind of expanding his production capacity, the demand for labour would be high.

7. Efficiency of Labour: If the efficiency of labour is high, there would be high desire for employers to engage more labour and vice versa.

Assignment:

1. Differentiate between labour and labour force.

2. Define efficiency of labour.

3. State four factors responsible for efficiency of labour.https://knowledgemerchant.fun/?nf_preview_form=14&nf_iframe

08/06/2020

LESSON FOUR: LABOUR MARKET

Good day students, hope you had a great night. I want to appreciate all of you and especially those who have been doing and submitting their assignment promptly. Please be encouraged if you haven’t been doing the assignments. This will go a long way to help you when school resumes. The Lord will continue to increase you in knowledge,wisdom and understanding in Jesus name. However, your last assignment were all muddled up because there were no names on them. Kindly ensure you include your name when using the upload file for easy identification. Thank you.

Correction to Lesson Three 01/06/ 2020 (POPULATION)

Study this carefully and do your corrections.

1a.       Population can be defined as the total number of people living in a particular geographical area or country at a point in time whereas population census is the national or official headcount of the entire people living in a particular geographical area at a point in time usually one year.

i. Birth Rate: This is the number of births per thousand of the population in a given period of time.

ii.         Death Rate:  This is the number of deaths per thousand of the population in a given period of time.

iii.        Natural Growth Rate:  this is the rate of increase experienced in a country due to natural factors i.e. births and deaths.

2.         Find the appropriate angle that represent each age group:

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3a.       Values of X, Y and Z

                        X = 2,275 + 2,725 = 5,000

                        Y = 7,500 – 4,265 = 3,235

                        Z = 6,000 – 3,250 = 2,750

b.         Total Population of the town:

            10 and below  +  11-14  +  15-35  +  36-64  +  65 and above

                        4,000  +  5,000  +  2,500  +  7,500  +  6,000 

                                    =  25,000

c.         Difference between population of Male and Female aged 14 and below:

            Male aged 14 and below:

10 and below  +  11-14

                        1,350  +  2,275  =  3,625

            Female aged 14 and below:

                        10 and below  +  11-14

                        2,650  +  2,725  =  5,375

            (Female aged 14 and below- Male aged 14 and below)     

5,375  –  3,625  =  1,750

d.         The percentage of the population aged 14 and below:

                        Population aged 14 and below * 100%

                                    Total Population

                                    1,750   *  100

                                    25,000             =  7%

e.         The dependency ratio of the town  =  Dependents : Independents

            Dependent Population:

                        10 and below  +  11 & 14 + 65 & above

                                    4,000  +  5,000 + 6, 000 = 15,000

            Independent Population:

                        15 – 35 + 36 – 64

                        2,500 +7,500 = 10,000

            Dependency Ratio = Dependents : Independents

                                                15,000 : 10,000

                                                = 3 : 2

Today, we are going to take a step further by looking at the first topic for THIRD TERM 2019/ 2020 Session ( LABOUR MARKET)

INSTRUCTIONS

I. Write the scheme of work and note given in your school notebook.

2. Answer the questions at the end of the lesson using the form given below.

SCHEME OF WORK FOR THIRD TERM 2019/2020 SESSION

1.  LABOUR  MARKET

  • Meaning of Labour Market
  • Labour Force
  • Supply of Labour
  • Demand for Labour
  • Efficiency of Labour
  • Mobility of Labour

2. UNEMPLOYMENT

  • Meaning
  • Types
  • Causes
  • Effects & Solution

3. BUSINESS ORGANISATION

  • Sole Proprietorship
  • Partnership
  • Limited Liability Companies ( Private & Public)
  • Co-operative Societies
  • Public Corporation

4. DEMAND THEORY

  • Meaning and laws of demand
  • Factors affecting demand for goods and services

Labour Market

This can be defined as any form of arrangement where people who want to offer and hire labour services are brought together or come in contact. Wages, salaries and other conditions of labour services are also negotiated and determined in this market.

Labour Force /Working Population

This is the total number of people who fall within the working age bracket (usually 18-65years) that are gainfully employed, self employed and unemployed in a country during a period of time.

Factors affecting Labour Force         

1. Population size: There is a great probability for a high labour force when the population size  of a country is high, this is because a large number of people would offer themselves for labour services.

 2. Age composition of the Population: The larger the number of people that fall within the working age bracket i.e. 18-65 years of age the larger the size of the labour force and vice versa.

3. Official school leaving age: Some countries have their official school leaving age determined by legislation. No employment can be offered to anyone below the age, if it is above 18 e.g. 25, it would reduce the size of the labour force and if below, it increases the size of the labour force.

4. Age of retirement: When people  retire early in life e.g. at 50 years, it would cause a reduction in the labour force and if it’s at say age 65, it increases the size of the labour force.

5. Legal working age: If people enter the labour force at a tender age of 18 and retire at the age of 65, the size of the labour force would be high and vice versa.

6. Migration: If the number of immigrants is high, it increases the labour force whereas if the number of emigrants is high, it will contribute to a reduction in the labour force.

7. Attitude towards work: When majority of people who fall within the working age bracket are not willing to work, the size of the labour force would be low and vice versa.

8. Number of disabled persons: The higher the number of disabled persons in the working age bracket, the lower the labour force and vice versa.

9. Trade union activities:  Some trade union  impose long period of training before people can enter the trade. This discourages a large number of people and lead to a fall in the size labour force. 

Assignment

1. State the meaning of the following;

a. Employed

b. Self employed

c. Unemployed

2. Differentiate between supply of labour and demand for labour.https://knowledgemerchant.fun/?nf_preview_form=14&nf_iframe

01-06-2020

LESSON THREE: POPULATION

Good morning to you all and happy new month. I pray that this month will be a month of good tidings for each and everyone of us in Jesus name. The Lord will continue to keep us safe in Jesus name.

kindly find below the CORRECTION TO QUESTION THREE LESSON TWO

STUDY IT CAREFULLY AND MAKE NECESSARY CORRECTIONS, THANK YOU.

a. Values of A,B,C,D,E,F,G &H

Marginal Product=           Change in total Product

                                                Change in Number of Workers Employed

A     =     24-11     = 13                                                   B     =    60-39       =  21

                   2-1            1         =13                                                         4-3               1        =21

C     =    75-60       =  15                                                       D     =      88-91    = -3

                  5-4             1        =15                                                          8-7            1        =-3

Average Product=           Total Product                                                                       

                                                Number of Workers Employed

E    =     24                                             F   =   39                                             

                2   = 12                                               3  =13

G    =     84                                            H    =  88

                6   = 14                                              8  = 11

b. NOTE THE FOLLOWING WHEN DRAWING YOUR CURVES:

i. NAME YOUR CURVES PROPERLY AS SHOWN BELOW, FAILURE TO DO SO WOULD RENDER THEM MEANINGLESS

ii. THE O(ZERO) WHICH REPRESENTS THE ORIGIN SHOULD BE WRITTEN

iii. THE Y AND X AXIS SHOULD BE NAMED

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Today, we shall be reviewing the topic POPULATION

Population can be described as the total number of people living within a country or a particular geographical area at a point in time. Population is said to be dynamic and not static because it changes from time to time. It is affected by the following factors;

a. Birth/Fertility rate

b. Death/Mortality rate

c. Migration which is divided into emigration and immigration.

The population of a place can be grouped or classified using the following criteria;

a. Sex distribution

b. Age distribution

c. Geographical distribution

d. Occupational distribution

Types of Population

a. Optimum population: This is the population which when combined with the available resources and the given level of technology brings about the maximum output per head. It is the population that is neither too small nor large.

b. Over population: This can be defined as the population where we have more people than the available resources that can support the living standard of the people.

c. Under population:In this type of population, the population of people is less than the available resources.

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Revision Questions on Population

Instruction: kindly submit your homework using the form below. To attach your DIAGRAMS USE THE UPLOAD FILES AT THE BEGINNING OF THE PAGE. THANK YOU.

1a. Differentiate between population and population census.

   b. What is;

            i. birth rate

            ii. death rate

            iii. natural growth rate?

  c. Give two reasons why people migrate.

2. The table below shows the age distribution of a hypothetical population:

AgeNumber of People(million)
Under 2020.90
20-2913.75
30-5912.10
60 and above  8.25
Total55.00

 Present the information in the form of a pie chart. Show your workings clearly.

3. The data here shows an hypothetical age distribution of the population of a town in Nigeria.

Sex                      Age in Years

 10 &Below11-1415-3536-6465&above
Male135022751135   Y3250
Female2650272513654265   Z
Total4000   X250075006000

From the data, calculate

  a. X, Y, Z

  b. The total population of the town.

  c. The difference between the population of male and female aged 14 and below.

  d. The percentage of the population aged 14 and below.

  e. The dependency ratio of the town.

NOTE: kindly submit your homework using the form below. To attach your DIAGRAMS USE THE UPLOAD FILES AT THE BEGINNING OF THE PAGE. THANK YOU.https://knowledgemerchant.fun/?nf_preview_form=7&nf_iframe

CORRECTION TO QUESTION 2b LESSON ONE

PLEASE STUDY CAREFUL AND MAKE NECESSARY CORRECTIONS

THANK YOU.

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Date: 25-05-2020

LESSON TWO : PRODUCTION

Good morning to you all. Believe your weekend was great. This week, we are still going to look at more questions on the topic PRODUCTION. The answer to QUESTION 2 from our first lesson would be posted later today. This is to enable those who couldn’t submit last week to do so.

Remain blessed and continue to stay safe.

Note 1: If you have any difficulty in tackling the questions, kindly private chat me on WhatsApp 08030725755.

2. The following students should please re-submit their work;

  1. Olawoye Oluwatomiwa
  2. Adeoye Adedamola using the form provided. Thank you.
Home

Date: 18-05-2020

Hello dear students, how are you doing during this compulsory holiday? Believe you’re all doing great. My prayer is that the Lord will continue to keep all of us and our loved ones safe during this period and beyond in Jesus name. We will not be a victim of this pandemic or any other in Jesus name.

This period too shall pass and at the end of it non of us shall be missing in Jesus name. Miss you dearly.

On this platform, we would have a re-cap of the topics we did during the second term and move on gradually from there.

LESSON ONE: PRODUCTION

Production creates utility that is it satisfies human wants and desires. For example, if you desire or you are willing to have a pen, this desire can only be satisfied when you have a pen. If you can’t make one by yourself, you have to depend on the expertise of someone who can. Therefore, production has to deal with making or creating things that would help to satisfy the wants of people.

INSTRUCTION

a. You will need a 60 Ieaves exercise book where you would be required to answer some questions. This could be called for at anytime. Other answers would be uploaded here. Kindly ensure you adhere to this because it would go a long way to help you build your self confidence. God bless you real good.

b. Answer question 1 in your exercise book and the answer to question 2 should be to be submitted using the form below on or before Wednesday.

Thank you.

REVISION QUESTIONS

1a. What is meant by production?

b. Explain with examples, the following types of production;

i. primary production

ii. secondary production

iii. tertiary production

c. Explain any four factors that determine the size of firms.

2. Use the table below to answer the questions that follow;

Production Possibility Table

Military Goods(tonnes)Civilian Goods(tonnes)
0200
20160
40120
6080
8040
1000

a. Draw the Production Possibility Curve?
b. Indicate Points S and K at which production is not feasible.
c. Indicate Points M and N at which production is feasible.
d. What does the downward slope of PPC indicate?
e. If the available resources and technology are doubled, explain the effect with the aid of a diagram.

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17/08/2020

Lesson Fourteen

Good morning to you all. May this week be filled with good tidings, love, peace, happiness and prosperity for us in Jesus name. Happy New Week.

Find below the correction to last week’s assignment

INSTRUCTION: COPY THE NOTE BELOW IN YOUR NOTEBOOK.

Partnership Deed

This may be defined as a written agreement (rules and regulations) that govern and guide a partnership business. The deed is drafted by the partners and contains some or all the following:

  • Name of Partners
  • Name and Nature of the business
  • The amount of capital contributed by each partner
  • How profits and losses would be shared
  • Whether or not salaries shall be paid to any or all the partners
  • The right of the partners in the business
  • The method of admission of new partners
  • Its dissolution (that is, how to end the business )

Note: In the absence of a partnership deed, the partners shall share profits and losses equally. No partner shall be entitled to partnership salary.

Types of Partnership Business

  1. Ordinary Partnership: This type of partnership business gives equal responsibilities, power, unlimited liabilities to all partners. The partners take active parts in the running of the business and profits shared equally.
  2. Limited partnership: Here, all partners do not take part in the management of the business. In this type of partnership business, there must be at least one active/ ordinary/ general partner who runs, manages and controls the business. He is paid a salary if agreed upon and written in the partnership deed. The active partner’s liability is unlimited while the liabilities of other partners are limited to the capital contributed by them.
  3. Industrial Partnership: This is a type of business unit that is owned and controlled by two or more firms. For instance, Pepsi Bottling Company and Coca Cola Bottling Company may jointly own a sugarcane farm which supplies their raw materials.

Kind/Types of Partners

  1. Active/Ordinary/General Partner:- This is a partner who take major part in the formation, financing and management of the business. He plays the role of a manager, managing director or director of the business. If agreed upon and written in the partnership deed, he is paid a salary. He has an unlimited liability while others have a limited liability.
  2. Sleeping/Dormant/Limited Partner:- This partner only contributes part of the capital. His liability is limited to the capital contributed and he is not paid a salary, but he shares in the profit and losses of the business.
  3. Nominal/ Passive/Quasi Partners:– This partner only exists in name or word because he neither contributes money nor participate in the running of the business. He becomes partner through his popularity and good reputation in the community. He shares out of the profit and liability (losses) of the business if it is agreed upon and written in partnership deed.

Advantages of Partnership

  1. Large Capital: This is in comparison with sole proprietorship, partnership makes it possible to raise a larger capital because of the contribution from many partners.
  2. Better Decision: Two good heads they say are better than one. Decisions taken by many people are better than that of one person. Thus, partnership ensures efficient making of decision.
  3. Better Management:- The partners share management functions or responsibilities based on their area of specialization. This enhances the management of the business.
  4. Continuity of Existence:- In a partnership business, the death of a partner does not necessarily lead to the collapse of the business, as other partner can still sustain the business.
  5. Privacy:- The affairs of the business are not made public because they are not required by law to publish their annual account.
  6. Sharing of risk and liability:- Unlike what happens in the sole proprietorship business, many risk and liability bearers come together to form a partnership business.
  7. Cordial relationship exists between partners and customers.
  8. Greater Possibility of Expansion: Due to access to more capital, there is possibility of growth and expansion because the business can increase its stock of capital assets.

DISADVANTAGES OF PARTNERSHIP

  1. The business is not a legal entity: A partnership business do not have a separate or distinct personality. It cannot sue and be sued in its own name.
  2. Unlimited Liability: Here, the partners debt responsibilities in the business is up to their full estate i.e. they will loose the capital contributed in the business and even their personal belongings.
  3. Risk of Dissolution: A minor disagreement between the partners may bring the business to an end especially if it is with an active partner.
  4. Slow decision and policy making: Since all partners will want to contribute their quota to the business, this may lead to slow decision making for it could take a long time before reaching a conclusion.
  5. Action of one partner is binding on others: A partner can put others into trouble through his reckless behaviour. All partners are held responsible for the action of one of the partners in the cause of running the business.
  6. Death, Exit or bankruptcy of a partner may lead to the end o the business especially if it’s an active partner.

Winding up or Dissolution of Partnership

This is the coming to an end or breaking up of a partnership agreement. This occurs due to the following factors.

  1. Expiration of agreement: Where a partnership is entered into for a fixed period of time, it is assumed dissolved at the expiration of the fixed date.
  2. Bankruptcy of a partner: Partnership would be dissolved when one of the partners is bankrupt. (bankrupt: a person judged by a law court as unable to pay his debts and whose property is taken and used to pay the debts)
  3. Death of a partner: The death of a partner especially an active partner may bring the biz to an end.
  4. Joint decision: It can be dissolved when all the partners decide to put a stop to the business relationship.
  5. Insolvency of the business:- It can be dissolved when it cannot meet its obligations.
  6. Court Verdict: The court may decree dissolution in certain cases e.g. if a partner is incapacitated or if there is misconduct.
  7. Insanity of a partner: If one of the partners become insane, the remaining partners may apply to the court for dissolution.
  8. Notice of Retirement by a partner: It may dissolved when a partner especially an active partner has given a notice of his retirement.

ASSIGNMENT

DIFFERENTIATE BETWEEN PRIVATE AND PUBLIC LIMITED LIABILITY COMPANIES( TO BE DONE IN YOUR EXERCISE BOOK) THANK YOU AND STAY BLESSED.

10/08/2020

LESSON THIRTEEN

It’s a beautiful day and I say good morning to you all. Hope you’re keeping yourselves warm from the cold weather and keeping safe by adhering to all precautionary measures given by NCDC. The Lord will continue to keep us and our loved ones safe in Jesus name.

I say a big thank you to all who have been consistent in copying their notes and doing the assignments. I also use this medium to encourage others who have not to stand up to the challenges of this time and start working. The Lord bless you all.

KINDLY NOTE THAT ALL THE NOTES GIVEN WOULD BE CHECKED AND MARKED ON RESUMPTION. Thank you for making effort to copy and do your assignment.

Correction to Lesson Twelve’s Assignment

Why is sole proprietorship business the simplest and commonest type of business unit in Nigeria?

Sole proprietorship business is the simplest and commonest type of business unit in Nigeria due the following reasons. This is otherwise known as the advantages of sole proprietorship business. These advantages are as follows;

INSTRUCTION: kindly copy the note below in your notebook and answer the assignment using the form below. Thank you.

Advantages of Sole Proprietorship

  1. Small Capital Requirement:- A sole proprietor requires small amount of money in order to establish this type of business. This advantage is the main reason why sole proprietorship is the commonest and cheapest form of business organization.
  2. Easy to Establish:- It is easy to start a sole proprietor business because it does not require huge capital great skills and legal formalities.
  3. Quick Decision:- The proprietor can make decision and implement them immediately without consulting anybody.
  4. Easy to Manage:- Its small size few workers, non example etc. are some of the factors that makes it easy to be managed.
  5. Existence of Privacy:- The affairs of the business are kept private because they are not required by law to publish their annual account.
  6. Motivation and Self interest:- The proprietor is self motivated and devices all methods to succeed as the failure of the business can be rain his life.
  7. The proprietor has a direct contact or close personal relationship with his consumers since they are few.
  8. A sole proprietorship business can continently fit into any environment as result of its simple nature.

Disadvantages of Sole Proprietorship

  1. Inadequate Capital: The capital used in forming and running the business is usually small because it comes from only one person.
  2. Limited Expansion: It is difficult to increase the size & Capacity of the business because of inadequate capital used running the business. 
  3. Legal Status: The business is not a legal entity since it is not normally registered by the government. It cannot sue and be sued in its name.
  4. Unlimited Liability: The owner of the business has unlimited liability. That i.e is, in the event of debt or business failure, he bears all risks done, even up to his personal belongings.
  5. Lack of continuity:- This is as a result at the fact that the death of the owner can lead to the end of the business.
  6. Limited scope of policy & Decision: The Sole proprietors usually have a limited scope of decision and policy making by himself. Two good heads are definitely better than one.
  7. There is limitation to the entrepreneurial ability of the sole proprietor.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     PARTNERSHIP: It can be defined as the relationship between two or more person carrying on business in common with a view of making profit. The owners of the business are called partners.

Features of Partnership

  1. Ownership:- It is owned by (2) two to (20) twenty persons in ordinary business and (2) two to (10) ten persons in banking business.
  2. Liability: The liability of the partners are unlimited
  3. Source of capital: Capital comes from contributions of the partners and other source as in the case of sole proprietorship business.
  4. Motive of Formation: To make profit.
  5. Legal status: It is not a legal entity
  6. Method of withdrawing capital: it must be approved by other partners as laid down in the Partnership deed

ASSIGNMENT: STATE ANY FIVE ADVANTAGES OF  A PARTNERSHIP BUSINESS.

03/08/2020

LESSON TWELVE

Good morning to you all. May the month of August be filled with wonderful blessings of good health, love, Peace, happiness and prosperity for us in Jesus name. Happy New Month.

Correction to Lesson eleven’s Assignment

Instruction: kindly copy the note below in your notebook and answer the assignment in your exercise book. Thank you.

Business Organizations

Business organization or unit can be defined as any form of enterprise formed/ established with the aim of making profit or improving the standard of living of the citizens.

 Definition of terms;

  1. Firm: This is one/single business unit. It operates within an industry. e.g. The Zenith Bank PLC.
  2. Industry: This can be referred to as the collection of several firms selling similar goods i.e. a collection of firms/ single business units put together e.g. The Banking Industry.
  3. Plant/ factory: This means where things are made i.e. a manufacturing site.

Ownership of Business Organizations

  1. By an individual: Sole proprietorship
  2. By a group of people: Partnership, Co operative society and Joint stock companies
  3. By the government: Public corporation

Sole Proprietorship: This is a business unit that is owned, managed, financed and controlled by a single person called the proprietor whose aim is the make profit. This type of business is also referred to as one-man business.

Features/ Attributes / Characteristics of Sole Proprietorship

  1. Ownership: It is owned by one person called the sole proprietor.
  2. Liability: The liability of a sole proprietor is unlimited. That is, if the business fails or is indebted, the debt responsibility of the sole proprietor is not only limited to the amount of capital he has contributed in the business, it will also extend to his personal belongings. That is, he can sell off his personal belongings to pay for/cover his debts.
  3. Source of capital: The capital used in forming and running a sole proprietorship business come solely from the proprietor. Other sources of capital available to a sole proprietor are loans from friends, advanced payment from customers/client, hire purchase, credit purchase, ploughed back profit etc
  4. Motive of formation: To make profit
  5. Legal status: It is not a legal entity that is, it is not a registered business.
  6. Method of withdrawing capital: The owner withdraws his capital without the consent of anybody.
  7. Nature of the business: It is the simplest and commonest type of business unit in Nigeria.

ASSIGNMENT

Why is sole proprietorship business the simplest and commonest type of business unit in Nigeria?

27/07/2020

LESSON ELEVEN

Good morning to you once again. We thank God for giving us something to look forward to. September 21st would be a reality and non of us shall be missing in Jesus name. I’m looking forward to having all of you back in school.

Correction to Lesson ten’s Assignment

Instruction: kindly copy the note below in your notebook and answer the assignment in your exercise book. Thank you.

Types of Wage Rate

  1. Time Rate: This system is used when labour is paid according to the number of hours worked. It applies to workers whose wages are paid on hourly, daily, fortnightly or monthly basis. It should be noted that this system is used where the quantity of work done cannot be measured and where quality is more important than quantity.
  2. Piece Rate: This is used when work done is measurable, that is the quantity of work done can be determined. Therefore, labour is paid based on the quantity of work done. It should be noted that this system is used where supervision may not be necessary, large scale production is expected and output can be easily measured.
  3. Fees: These are charged by professionals such as Management Consultants, Lawyers, Doctors e.t.c. for their services.

Reasons for Differences in Rewards of Labour

  1. Period/ Amount of time spent in the course of training: Some workers spend more years in acquiring their skills than others and are therefore paid better.
  2. Amount spent in the course of training: Those who spend more money in the course of their training are often rewarded better than others.
  3. Skills required: There are some jobs that require special skills e.g Accountants. A messenger does not need any special skill for his job hence, Accountants are paid more than messengers.
  4. Forces of demand and supply of labour: The rate at which a job is demanded often affect the reward it will attract. The higher the demand for a job, the higher the reward especially when supply of labour for such job is low.
  5. Level of productivity:- The higher the level of productivity of labour, the more the reward the labour will attract.
  6. Risk involved in a job:- Jobs that involve more risk attract higher pay e.g a pilot earns more than a banker.

Assignment

  1. Define business organisation.
  2. .Define the following terms  a. firm b. industry c. plant/ factory d. company

 

 

20/07/2020

Lesson Ten: Wages and Salaries

It’s another beautiful day and I say good morning to you all. We thank God for the gift of life and wonderful family. Continue to encourage yourself in the Lord like David. This too shall end in praise in Jesus name.           

Find below the correction to lesson nine’s assignment.

Instruction: Copy the note in your notebook.

Effects of Unemployment                  

  1. Increase in dependency ratio
  2. Poverty and death
  3. High rate of crime
  4. Migration

5.Waste of manpower/human resources

6.Reduction in savings/investment

  1. Threat to peace and stability

WAGES AND SALARIES

Wages and salaries are rewards paid for  labour  services that is the amount of money paid to labour  for his involvement in the production of goods and rendering of services.

Salaries are specific amount paid to permanent workers usually on a monthly basis, it forms part of the fixed cost of a firm while wages are rewards of casual or temporary workers paid on a daily or weekly basis, it forms part of the variable cost of a firm.

Types of Wages

  1. Nominal wage: This refers to reward of labour expressed in monetary terms, that is the actual amount of money paid for labour services in a given period of time.
  2. Real wage: These are rewards of labour expressed in terms of purchasing power, that is what the money paid for labour services can buy.

Assignment

Instruction: Do the assignment in your exercise book.

Differentiate between piece rate and time rate.

13/07/2020

LESSON NINE: Unemployment

Good day to you all. We thank God for the gift of life and this opportunity once again. This season too shall pass and we will all have a testimony at the end of the day for non of us shall be missing in Jesus name.

Correction to Lesson Eight’s Assignment

kindly find below in the note the answer to week eight’s assignment.

Instruction: Copy the note below in your notebooks and do your assignment in your notebook.

Unemployment

 This is a situation where people who fall within the working age that are able, willing and legally qualified to work cannot get a job.

Types of Unemployment

  1. Mass/Cyclical Unemployment: This is an unemployment caused by a decline/fall in demand for goods and services resulting from economic recession. This decline in demand leads to fall in sales and profit. Hence, companies find it difficult to pay salaries and lay off their staff which results in unemployment.
  2. Structural Unemployment: This unemployment is due to changes in demand which is caused by changes in production pattern i.e. changing from one kind of production pattern to another. Employees who cannot adapt/ change with the trend of things would be rendered redundant and eventually laid off.
  3. Technological Unemployment: This is unemployment caused by advancement in the level of technology. With advancement in technology, less workers would be needed to do the same type of work. Those retrenched as a result of the switch from labour intensive to capital intensive are said to suffer technological unemployment.
  4. Frictional Unemployment: This exists as a result of time lag before an unemployed person gets a new job or a graduate left school and gets a job. Lack of information on the part of the unemployed causes the friction(time lag). The job opportunities usually exist but the job seekers are not always aware.
  5. Residual Unemployment: This is unemployment caused by the physical and mental disability persons.
  6. Seasonal Unemployment: This is an unemployment borne out of seasonal changes. In some occupations like building and agricultural industries, there is demand for labour only at a certain period of the year e .g. demand for bricklayers is usually high during the dry season but during the raining season many of them are left unemployed.
  7. Disguised Unemployed: This is a situation whereby people are engaged in an area where they are under utilised e.g. a situation where a Bachelor’s degree holder is engaged in the work of a school certificate holder, that is, a situation where a worker is not satisfied with the job.

Causes of Unemployment

1.Economic recession.

  1. Changes in production pattern.
  2. Advancement in the level of technology.
  3. Inadequate/lack of information about job opportunities.
  4. Physical/ mental disability.
  5. Seasonal changes.
  6. lack of industrialization.
  7. Inadequate infrastructural facilities.
  8. Over population.
  9. Closure of industries. e.t.c.

Solutions to the Problems of Unemployment

  1. Import restriction.
  2. Staff training and re-training.
  3. Adoption of labour intensive technique of production.
  4. Provision of infrastructural facilities.
  5. Control of population size.
  6. Establishing employment generating schemes and agencies.
  7. Organized and improved labour market.
  8. Development of local industries. e.t.c.

Assignment:

State the effects of unemployment in Nigeria.

06/07/2020

Lesson Eight: Labour Market

Happy New Month. May July cooperate with each and everyone of us for lifting and testimonies in Jesus name. May it please the Lord to continue to uphold us with His right hand of righteousness in Jesus name Amen. We shall not suffer any form of loss in Jesus name.

Correction to Lesson Seven’s Assignment (Labour Market 29/06/2020) 

Find below the answer to week seven’s assignment.

Instruction: Kindly copy the note in your notebook and answer the questions that follow in your exercise book. Stay blessed.

Wages and Salaries

Salaries and wages are rewards paid for labour services that is the amount of money paid to labour for her involvement in the production of goods and rendering of services.

Salaries are specific amounts paid to permanent workers usually on monthly basis. It forms part of the fixed cost of a firm, while wages are rewards of casual or temporary workers paid on  daily or weekly basis.  It forms part of the variable cost of a firm.

Types of wages

  1. Nominal Wages:- This refers to rewards of labour expressed in monetary terms that is the actual amount of money paid for labour services in a given period of time.
  2. Real Wage:- This is reward of labour expressed in term of purchasing power, that is what the money paid for labour services can buy.

Types of Wages Rate

  1. Time Rate:- This system is used when labour is paid according to the number of hours worked
  2. Piece Rate: This is used when work done is measureable, that is the quantity of work done can be determined. Therefore, labour is paid based on the quantity of work done.
  3. Fees:- These are charged by professionals such as Management consultants Lawyers, Doctors etc. for their services

Reason for Differences in Rewards of Labour

  1. Period/ Amount of time spent in the course of training:- Some workers spend more years in acquiring their skills than others and are therefore paid better.
  2. Amount spent in the course of training:- Those who spend more money in the course of their training are often rewarded better than others.
  3. The skills required to work:- There are some jobs that require special skills e.g Accountants. A messenger does not need any special skill for his job hence, Accountants are paid more than messengers.
  4. The forces of demand and supply of labour:- The rate at which a job is demanded often affect the reward it will attract. The higher the demand for a job, the higher the reward especially when supply of labour for such job is low.
  5. Level of productivity:- The higher the level of productivity of labour, the more the reward the labour will attract.
  6. Risk involved in a job:- Jobs that involve more risk attract higher pay e.g pilot earns more than a banker.

Assignment

  1. State 5 causes of unemployment in Nigeria.
  2. Mention any 5 ways the rate of unemployment can be controlled in Nigeria. 

29/o6/2020

Lesson Seven: Labour Market 

Good day to you all. We bless God for the gift of life and for this opportunity once again. Stay blessed and connected to your maker. 

kindly copy the note below in your notebooks.

Correction to Lesson Six’s Assignment (Labour Market 22/06/2020)

24/08/2020

Lesson Fifteen

Good morning to you all. We thank God for a beautiful day. It shall be a wonderful week for all of us in Jesus name.

Find below the correction to last week’s assignment

INSTRUCTION: COPY THE FOLLOWING NOTE IN YOUR NOTEBOOK. All notes would be checked and marked on resumption. thank you.

Limited Liability Company

Section 21 (i) of C.A.M.A 1990 (Companies and Allied Matter Act) defines this type of company as one having the liability (debt responsibilities) of its members limited by the memorandum to the amount of shares held by them in other words, companies Limited by  shares can be divided into two (2):

1. Private Limited Liability Company

2. Public Limited Liability Company.

Features of Limited Liability Companies

1. Private Limited Liability Company has a minimum of two (2) owners and a maximum of fifty (50) owners while Public Limited Liability Company’s ownership is from seven (7) to infinity.

2. Private Limited Liability Company’s name is preceded with the word Ltd or UnLtd while Public Limited Liability Company’s name is preceded by the abbreviation Plc.

3. Private Limited Liability Company’s shares are not easily transferable except with the company’s consent while Public Limited Liability Company’s shares are easily transferable.

4. Private Limited Liability Company’s shares are neither advertised for sale nor quoted in the stock exchange market while Public Limited Liability Company’s shares are advertised for sale and quoted in the stock exchange market.

5. The affairs of Private Limited Liability Companies are kept private because they are not required by law to publish their annual account while there is no privacy Public Limited Liability Company because they are required by law to publish their annual account in at least two (2) national dailies.

6. Private Limited Liability Company can commence business operations after receiving the certificate of Incorporation while Public Limited Liability Company’s can only commence business after receiving the certificate of Trading.

Note: Certificate of Trading is usually given after receiving the certificate of incorporation.

Documents Involved in the Formation of the Company

Before a Limited Liability Company can come into existence, the promoters must fulfill certain Legal formalities like registration of the company with corporate Affairs Commission through the Registered of Companies in accordance with companies Decree. The following documents are involved.

  1. Memorandum of Association: This document shows and regulates the relationship of the company with the outside world. It contains the following;
  2. Name of the Company
  3. Nature of the Business
  4. Registered office address
  5. The amount of nominal or authorised capital
  6. Type and value of shares
  7. A statement indirectly that the liability of the members is to be limited
  8. The procedure for altering the memorandum
  9. Articles of Association:- This document contain the rules and regulations that govern and guide the management of the business internally. It contains the following:
  10. The duties rights, positions of each member of the company
  11. The method of appointment of directors, their powers, duties as duration in office.
  12. Accounting and auditing procedures.
  13. How general meeting are to be held etc.
  14. Certificate of Incorporation:– This is a certificate issued by the Registrar of Companies after scrutinizing the Memorandum and Articles of Association as specified by the Corporate Affairs Commission (CAC). This document signifies that a business unit is registered and it has become a legal entity and can sue and be sued in its own name.
  15. Prospectus:- This is a document of notice, circular and advertisement made by limited liability companies. It is usually used by Public Limited Liability Companies when it offers shares for subscription of debentures.
  16. Certificate of Trading:- This is a document that gives a Public Limited Liability Company power to commence business operations. This certificate is issued only where the company has fulfilled all requirements as prescribed by Corporate Affairs Commission.

Advantages of Limited Liability Companies

  1. Limited Liability: Shareholders enjoy limited liability benefits that is, the shareholders can only lose the capital contributed in form of shares if the business goes into liquidation.
  2. Legal Entity: The business is registered and recognized by law. The company is distinct from the owners. It can sue and be sued in its own name
  3. Large Capital: When compared with small firms like sole proprietorship or partnership it can raise more capital as a result of the number of shareholders that formed it and the various sources of capital opened to them.
  4. Sure of Continuity/Perpetual Existence: Unlike other small business units, the death of a member cannot bring about the end of a Limited Liability Company.
  5. Provision of Investment Opportunities: It provides investment opportunities to people who cannot afford to establish their own business
  6. No Limit to expansion: They can easily expand as a result of the large capital available to them and their effective management system.
  7. Easy Transferability of Shares: In Public Limited Liabilities Companies, shareholders can easily transfer their shares without the consent of anybody.
  8. Enjoys Economies of Scale: The business enjoys internal economies of scale since the business is large, production can be carried out on a large scale, leading to benefits in production.
  9. High degree specialization: The Company has the ability to have several departments controlled by different groups of people because they have access to large capital. This leads to greater efficiency.

ASSIGNMENT

State any five sources of capital to limited liability companies.

Kindly do this in your exercise book. Thank you.

Mobility of Labour

This refers to the ease with which labour or workers move from one occupation to another or from one geographical area to another.

Types of Mobility of Labour

  1. Industrial Mobility of Labour: This refers tto the ease with which workers move within the same industry or from one industry to another. This is divided into two aspects i.e.
  2. Vertical Mobility of Labour: This usually takes place in form of promotion within the same industry or place of work e.g. Vice Principal of a school could be promoted to Principal, a Branch Manager of a firm promoted to General Manager e.t.c.
  3. Horizontal Mobility of Labour: This takes place when a worker moves from one industry to another but still performs the same task and occupies the same rank e.g. An Accountant can leave a school to a Textile Industry as an Accountant on the same rate of pay.
  4. Occupational Mobility of Labour: This refers to the ease with which labour or workers move from one job to another. This is more common among unskilled workers than among highly skilled workers e.g. a cleaner in an office could change to become a labourer in another field. It is not easy for skilled labour to change jobs. A teacher to become a doctor.
  5. Geographical Mobility of Labour: This refers to the ease with which labour or workers move from one geographical location to another e.g. A worker in the Northern part of Nigeria could move to the Southern part of Nigeria, from Nigeria to Ghana e.t.c.

Factors affecting Mobility of Labour

  1. Availability of economic and social infrastructure: If economic and social infrastructures such as good transportation network, electricity, good means of communication e.t.c. are readily available in a particular geographical area, it would attract industries to such a place thereby creating job opportunities. This would cause an in flock of labour to such a place and vice versa.
  2.  Family and social ties: The extent of attachment to an environment based on social, family and cultural ties influences the mobility of labour. If labour is so attached, mobility is difficult and if not labour moves freely.
  3. Immigration requirements and government policies: The policy of the government regarding the movement of persons into and out of the country, as well as the movement of persons within the country, influence the mobility of labour. If stringent, it reduces mobility of labour and vice versa.
  4. Climatic factor: There is usually a movement of population from areas of adverse climate to areas with a more pleasant climate. Therefore, if a very hot and dry, workers may move away and vice versa.
  5. Trade unions and professional association: The regulations of trade unions sometimes hinder the movement of labour into certain occupations. If stringent upon entry into trade, it reduces mobility of labour and vice versa.
  6. Conditions of Service in one’s place of work: If workers are contend with their present place of work and adequately remunerated with good benefits. This may cause labour to remain at present jobs but if otherwise labour would move.
  7. Need for special or natural skills, aptitudes or ability: If a job requires a high degree of natural skill or ability, labour tends to be less mobile to the occupation e.g. footballing.
  8. Personal reasons: Personal preference for certain jobs and dislike for available jobs will reduce mobility of labour.

Assignment

Instruction: Answer the following questions using the form given below.

  1. Differentiate between wages and salaries.
  2. State 4 reasons for differences in rewards for labour.

22/06/2020

LESSON SIX: LABOUR MARKET

SUB-TOPIC: EFFICIENCY OF LABOUR

Good day to you all. We thank God for the gift of life and that we are well. Please continue to take advantage of this period and opportunity to groom yourself to become a better person. We pray that all this will soon be over and we will have our lives back. You will not be a victim of circumstance in Jesus name. You will fulfill your purpose and destiny in Jesus name.  Stay connected to your maker.

Instruction: Kindly look through the correction carefully and correct where necessary. COPY TODAY’S NOTE IN YOUR NOTEBOOKS. I BELIEVE YOU COPIED THE LAST NOTE GIVEN IN YOUR NOTEBOOKS IF NOTE KINDLY DO SO. THANK YOU.

Correction To Lesson Five’s Assignment(15/6/2020)

1.         Labour can be defined as the physical and mental effort of man applied or channeled towards transforming raw materials to finished goods. It is a human factor of production while labour force is the total number of people who fall within the working age bracket usually 18-65 that are gainfully employed, self employed and unemployed in a country at a given period of time.

2.         Efficiency of labour: This occurs when labour is able to obtain maximum output from a given input i.e. when labour is combined with other factors of production, it would result in maximum output ( in quality and quantity). It can also be described as the ability of labour to increase output without increasing the quantity of labour. When this occurs, labour is said to be at it’s best.

Factors Affecting Efficiency Of Labour.                                             

1.         Education and training: Labour will perform optimally when he has a sound education. A well educated or well trained worker is in position to increase efficiency in his work and would be able to adequately cope with the challenges of the present day.

2.         Efficiency of other factors of production: When other factors of production like land , capital and entrepreneur are readily available and put in proper use, this will affect the rate at which labour produces and bring about maximum output.

3.         Level of Technology: High level of technology will increase the efficiency of labour as work becomes easier and done at shorter period of time.

4.         Efficient Management: When the management staff are efficient, it would also rub off on the other members of staff, thereby causing work done to be efficient.

5.         Degree of Specialization: The efficiency of labour can be increased by the introduction of division of labour. This would thereby increase the level of specialization of labour, thereby, increasing their level of efficiency.

6. Human Environment: Conducive management style will encourage workers and make them work in a relaxed environment thereby increasing labour efficiency.

7. Physical Environment: The environment in which labour works helps to determine its efficiency as well as its productivity e.g. harsh physical environment.

7.         Attractive Wages: When the salary or wage of workers is attractive, it will boost  or promote the efficiency of the worker.

8.         Welfare Services: If workers are well catered for, giving them fringe benefits like transport allowances, leave bonuses, free medical treatments e.t.c. Their overall performances would be high.

9.         State Of Health Of Workers: A healthy worker is more likely to be more efficient than a worker who is not healthy and sickly.

10.         Level of Commitment and Attitude:  The level of commitment and attitude of a worker can affect their level of efficiency. When a worker is highly committed to his job, this will result in efficiency of labour.

11. Availability of Good Social Services such as transportation, good medical care, canteen e.t.c. enhances the efficiency of labour.

Assignment

Instruction: Answer the questions using the form below.

1.         Define mobility of labour.

2.         Differentiate between Geographical Mobility of Labour and Occupational Mobility of Labour.

3.         Mention four factors that cause geographical mobility of labour.

15/06/2020

LESSON FIVE: LABOUR MARKET

Good day to you all. Today’s work is a continuation of the topic we started last week. Continue to put in the beautiful effort, you will see that it would pay off at the end of the day. God bless you.

Correction to lesson Four’s Assignment (Labour Market 08/06/2020)

1a. Employed: These are the people that have jobs they are doing. They are people working.

b. Self employed: These are people with jobs. They are entrepreneurs not working for anybody but have created a job for themselves.

c. Unemployed: These are people who fall within the working age bracket, willing, able and qualified to work but do not have a job.

2. Supply of Labour is the total number of people who are willing and able to offer themselves for employment at a given wage rate at a point in time whereas demand for labour refers to the total number of people, producers or employers of labour are willing and able to hire at a given wage rate at a point in time.

Supply of Labour

            This is the total number of people who are willing and able to offer themselves for employment at a given wage rate at a point in time.

NOTE: THE FACTORS THAT AFFECT LABOUR FORCE ARE THE SAME FACTORS THAT AFFECT SUPPLY OF LABOUR.

Other factors that affect supply of labour.

1. Number of working hours: The supply of labour will be low if the number of working hours is long and viceversa. People like to work for the shortest possible number of hours and earn a lot.

2. Wage level or rate: Labour tends to supply a greater effort when they are well paid. A rise in the prevailing wage rate will lead to a greater supply of labour & viceversa.

3. Entry requirement: The supply of labour is affected by entry requirement like qualification, age and experience. The supply of labour is often limited by these factors if they are too stringent.

Demand for Labour

            This refers to the total number of people, producers or employers of labour are willing and able to hire at a given wage rate at a point in time.

Factors influencing the demand for labour.

1. Wage rate: The lower the wage rate, the greater the demand for labour since employers can afford to hire a large number of labour with little wage rate and vice versa.

2. Size of market: The size of market refers to the number of people that demand a particular product. If it is high, there would be need to produce a lot of goods meet up with the demand. Hence, a need to increase the demand for labour.

3. Marginal productivity of labour: This is the extra output gotten in a production process when an additional labour is employed. If this is low, the producer would be discouraged. Hence, employs less amount of labour and vice versa.

4. Availability of other factors of production: If other factors of production like land or capital is readily available, the demand for labour would be high and vice versa.

5. The number of enterprise or company in the country: If the number of firms/companies in a country is large, the demand for labour would be high because the firms would need for labour to help in the production of goods.

6. Business or producers target: If a producer’s production target for a particular period is high or if he has the mind of expanding his production capacity, the demand for labour would be high.

7. Efficiency of Labour: If the efficiency of labour is high, there would be high desire for employers to engage more labour and vice versa.

Assignment:

1. Differentiate between labour and labour force.

2. Define efficiency of labour.

3. State four factors responsible for efficiency of labour.

08/06/2020

LESSON FOUR: LABOUR MARKET

Good day students, hope you had a great night. I want to appreciate all of you and especially those who have been doing and submitting their assignment promptly. Please be encouraged if you haven’t been doing the assignments. This will go a long way to help you when school resumes. The Lord will continue to increase you in knowledge,wisdom and understanding in Jesus name. However, your last assignment were all muddled up because there were no names on them. Kindly ensure you include your name when using the upload file for easy identification. Thank you.

Correction to Lesson Three 01/06/ 2020 (POPULATION)

Study this carefully and do your corrections.

1a.       Population can be defined as the total number of people living in a particular geographical area or country at a point in time whereas population census is the national or official headcount of the entire people living in a particular geographical area at a point in time usually one year.

i. Birth Rate: This is the number of births per thousand of the population in a given period of time.

ii.         Death Rate:  This is the number of deaths per thousand of the population in a given period of time.

iii.        Natural Growth Rate:  this is the rate of increase experienced in a country due to natural factors i.e. births and deaths.

2.         Find the appropriate angle that represent each age group:

3a.       Values of X, Y and Z

                        X = 2,275 + 2,725 = 5,000

                        Y = 7,500 – 4,265 = 3,235

                        Z = 6,000 – 3,250 = 2,750

b.         Total Population of the town:

            10 and below  +  11-14  +  15-35  +  36-64  +  65 and above

                        4,000  +  5,000  +  2,500  +  7,500  +  6,000 

                                    =  25,000

c.         Difference between population of Male and Female aged 14 and below:

            Male aged 14 and below:

10 and below  +  11-14

                        1,350  +  2,275  =  3,625

            Female aged 14 and below:

                        10 and below  +  11-14

                        2,650  +  2,725  =  5,375

            (Female aged 14 and below- Male aged 14 and below)     

5,375  –  3,625  =  1,750

d.         The percentage of the population aged 14 and below:

                        Population aged 14 and below * 100%

                                    Total Population

                                    1,750   *  100

                                    25,000             =  7%

e.         The dependency ratio of the town  =  Dependents : Independents

            Dependent Population:

                        10 and below  +  11 & 14 + 65 & above

                                    4,000  +  5,000 + 6, 000 = 15,000

            Independent Population:

                        15 – 35 + 36 – 64

                        2,500 +7,500 = 10,000

            Dependency Ratio = Dependents : Independents

                                                15,000 : 10,000

                                                = 3 : 2

Today, we are going to take a step further by looking at the first topic for THIRD TERM 2019/ 2020 Session ( LABOUR MARKET)

INSTRUCTIONS

I. Write the scheme of work and note given in your school notebook.

2. Answer the questions at the end of the lesson using the form given below.

SCHEME OF WORK FOR THIRD TERM 2019/2020 SESSION

1.  LABOUR  MARKET

  • Meaning of Labour Market
  • Labour Force
  • Supply of Labour
  • Demand for Labour
  • Efficiency of Labour
  • Mobility of Labour

2. UNEMPLOYMENT

  • Meaning
  • Types
  • Causes
  • Effects & Solution

3. BUSINESS ORGANISATION

  • Sole Proprietorship
  • Partnership
  • Limited Liability Companies ( Private & Public)
  • Co-operative Societies
  • Public Corporation

4. DEMAND THEORY

  • Meaning and laws of demand
  • Factors affecting demand for goods and services

Labour Market

This can be defined as any form of arrangement where people who want to offer and hire labour services are brought together or come in contact. Wages, salaries and other conditions of labour services are also negotiated and determined in this market.

Labour Force /Working Population

This is the total number of people who fall within the working age bracket (usually 18-65years) that are gainfully employed, self employed and unemployed in a country during a period of time.

Factors affecting Labour Force         

1. Population size: There is a great probability for a high labour force when the population size  of a country is high, this is because a large number of people would offer themselves for labour services.

 2. Age composition of the Population: The larger the number of people that fall within the working age bracket i.e. 18-65 years of age the larger the size of the labour force and vice versa.

3. Official school leaving age: Some countries have their official school leaving age determined by legislation. No employment can be offered to anyone below the age, if it is above 18 e.g. 25, it would reduce the size of the labour force and if below, it increases the size of the labour force.

4. Age of retirement: When people  retire early in life e.g. at 50 years, it would cause a reduction in the labour force and if it’s at say age 65, it increases the size of the labour force.

5. Legal working age: If people enter the labour force at a tender age of 18 and retire at the age of 65, the size of the labour force would be high and vice versa.

6. Migration: If the number of immigrants is high, it increases the labour force whereas if the number of emigrants is high, it will contribute to a reduction in the labour force.

7. Attitude towards work: When majority of people who fall within the working age bracket are not willing to work, the size of the labour force would be low and vice versa.

8. Number of disabled persons: The higher the number of disabled persons in the working age bracket, the lower the labour force and vice versa.

9. Trade union activities:  Some trade union  impose long period of training before people can enter the trade. This discourages a large number of people and lead to a fall in the size labour force. 

Assignment

1. State the meaning of the following;

a. Employed

b. Self employed

c. Unemployed

2. Differentiate between supply of labour and demand for labour.

01-06-2020

LESSON THREE: POPULATION

Good morning to you all and happy new month. I pray that this month will be a month of good tidings for each and everyone of us in Jesus name. The Lord will continue to keep us safe in Jesus name.

kindly find below the CORRECTION TO QUESTION THREE LESSON TWO

STUDY IT CAREFULLY AND MAKE NECESSARY CORRECTIONS, THANK YOU.

a. Values of A,B,C,D,E,F,G &H

Marginal Product=           Change in total Product

                                                Change in Number of Workers Employed

A     =     24-11     = 13                                                   B     =    60-39       =  21

                   2-1            1         =13                                                         4-3               1        =21

C     =    75-60       =  15                                                       D     =      88-91    = -3

                  5-4             1        =15                                                          8-7            1        =-3

Average Product=           Total Product                                                                       

                                                Number of Workers Employed

E    =     24                                             F   =   39                                             

                2   = 12                                               3  =13

G    =     84                                            H    =  88

                6   = 14                                              8  = 11

b. NOTE THE FOLLOWING WHEN DRAWING YOUR CURVES:

i. NAME YOUR CURVES PROPERLY AS SHOWN BELOW, FAILURE TO DO SO WOULD RENDER THEM MEANINGLESS

ii. THE O(ZERO) WHICH REPRESENTS THE ORIGIN SHOULD BE WRITTEN

iii. THE Y AND X AXIS SHOULD BE NAMED

Today, we shall be reviewing the topic POPULATION

Population can be described as the total number of people living within a country or a particular geographical area at a point in time. Population is said to be dynamic and not static because it changes from time to time. It is affected by the following factors;

a. Birth/Fertility rate

b. Death/Mortality rate

c. Migration which is divided into emigration and immigration.

The population of a place can be grouped or classified using the following criteria;

a. Sex distribution

b. Age distribution

c. Geographical distribution

d. Occupational distribution

Types of Population

a. Optimum population: This is the population which when combined with the available resources and the given level of technology brings about the maximum output per head. It is the population that is neither too small nor large.

b. Over population: This can be defined as the population where we have more people than the available resources that can support the living standard of the people.

c. Under population:In this type of population, the population of people is less than the available resources.

Revision Questions on Population

Instruction: kindly submit your homework using the form below. To attach your DIAGRAMS USE THE UPLOAD FILES AT THE BEGINNING OF THE PAGE. THANK YOU.

1a. Differentiate between population and population census.

   b. What is;

            i. birth rate

            ii. death rate

            iii. natural growth rate?

  c. Give two reasons why people migrate.

2. The table below shows the age distribution of a hypothetical population:

AgeNumber of People(million)
Under 2020.90
20-2913.75
30-5912.10
60 and above  8.25
Total55.00

 Present the information in the form of a pie chart. Show your workings clearly.

3. The data here shows an hypothetical age distribution of the population of a town in Nigeria.

Sex                      Age in Years

 10 &Below11-1415-3536-6465&above
Male135022751135   Y3250
Female2650272513654265   Z
Total4000   X250075006000

From the data, calculate

  a. X, Y, Z

  b. The total population of the town.

  c. The difference between the population of male and female aged 14 and below.

  d. The percentage of the population aged 14 and below.

  e. The dependency ratio of the town.

NOTE: kindly submit your homework using the form below. To attach your DIAGRAMS USE THE UPLOAD FILES AT THE BEGINNING OF THE PAGE. THANK YOU.

No Fields Found.

CORRECTION TO QUESTION 2b LESSON ONE

PLEASE STUDY CAREFUL AND MAKE NECESSARY CORRECTIONS

THANK YOU.

Date: 25-05-2020

LESSON TWO : PRODUCTION

Good morning to you all. Believe your weekend was great. This week, we are still going to look at more questions on the topic PRODUCTION. The answer to QUESTION 2 from our first lesson would be posted later today. This is to enable those who couldn’t submit last week to do so.

Remain blessed and continue to stay safe.

Note 1: If you have any difficulty in tackling the questions, kindly private chat me on WhatsApp 08030725755.

2. The following students should please re-submit their work;

  1. Olawoye Oluwatomiwa
  2. Adeoye Adedamola using the form provided. Thank you.

INSTRUCTION: Answer questions 1 & 2 in your 60 leaves exercise book and question 3 should be submitted here using the form below.

1a. Define land as a factor of production.

b. State 4 features of land.

c. State any 4 contributions of land to economic activities.

2a. Define labour as a factor of production.

b. Explain 4 characteristics of labour.

c. Describe any 4 internal economies of scale.

3a. State the law of diminishing returns.

b. The table below shows the tons of Cocoa produced by Mr Owe, a cocoa farmer.

No of Workers Employed

Total Product (tons)

Marginal Product (tons)

Average Product (tons)

                 1

11

11

11

                 2

24

A

E

                 3

39

15

F

                 4

60

B

15

                 5

75

C

15

                 6

84

9

G

                 7

91

7

13

                 8

88

D

H

a. What are the values of letters A,B,C,D,E,F,G and H.

b.Use the values of the completed table to plot graphs for the Total Product(TP), Marginal Product (MP) and Average Product (AP).

c. State the relationship between TP and MP curves.

No Fields Found.

Date: 18-05-2020

Hello dear students, how are you doing during this compulsory holiday? Believe you’re all doing great. My prayer is that the Lord will continue to keep all of us and our loved ones safe during this period and beyond in Jesus name. We will not be a victim of this pandemic or any other in Jesus name.

This period too shall pass and at the end of it non of us shall be missing in Jesus name. Miss you dearly.

On this platform, we would have a re-cap of the topics we did during the second term and move on gradually from there.

LESSON ONE: PRODUCTION

Production creates utility that is it satisfies human wants and desires. For example, if you desire or you are willing to have a pen, this desire can only be satisfied when you have a pen. If you can’t make one by yourself, you have to depend on the expertise of someone who can. Therefore, production has to deal with making or creating things that would help to satisfy the wants of people.

INSTRUCTION

a. You will need a 60 Ieaves exercise book where you would be required to answer some questions. This could be called for at anytime. Other answers would be uploaded here. Kindly ensure you adhere to this because it would go a long way to help you build your self confidence. God bless you real good.

b. Answer question 1 in your exercise book and the answer to question 2 should be to be submitted using the form below on or before Wednesday.

Thank you.

REVISION QUESTIONS

1a. What is meant by production?

b. Explain with examples, the following types of production;

i. primary production

ii. secondary production

iii. tertiary production

c. Explain any four factors that determine the size of firms.

2. Use the table below to answer the questions that follow;

Production Possibility Table

Military Goods(tonnes)Civilian Goods(tonnes)
0200
20160
40120
6080
8040
1000
a. Draw the Production Possibility Curve?
b. Indicate Points S and K at which production is not feasible.
c. Indicate Points M and N at which production is feasible.
d. What does the downward slope of PPC indicate?
e. If the available resources and technology are doubled, explain the effect with the aid of a diagram.


No Fields Found.