Category: Economics

A bank account is the arrangement made with a bank which enables one to deposit and withdraw money and in some cases, be paid some interest. There are basically three types of bank accounts...

Wages are rewards paid for the services of labour. That is to say, the amount paid to labour for the services it rendered during production. Types of Wages 1. Nominal Wages Nominal wages, also...

Collecting taxes are one of the ways government generates revenue for carrying out it assignments. People in the developed world know the importance of taxes and take it upon themselves to pay. For those...

Indirect Taxes are taxes levied on locally made, imported and exported goods and services. These taxes imposed on goods and services are layer on transferred to consumers in form of high prices, and this...

There are two major forms of tax. Direct and Indirect taxes. Direct tax is collected directly from individuals and profits of companies. The profit of direct tax is borne by the payers. Types of...

Reasons For The Imposition of taxes by The government There are various reasons for the imposition of taxes by the government and we shall look at each reason as outlined below. 1. General Administrative...

Tax may be defined as a compulsory contribution contribution imposed by a government authority on goods, individuals, corporate bodies, etc, irrespective of the exact amount of services rendered to the tax payer in return,...

Every society irrespective of the type of economic system adopted; whether capitalism or socialism, is faced with the following basic fundamental economic problems: What To Produce Every society is faced with the first problem...

A budget may be defined as a financial statement of the total estimated revenue and the proposed expenditure of a government in a given period, usually a year.  Types of Budget  1. Balanced Budget ...

Sources of Government Borrowing  As government debts were divided into external and internal debts, sources of Government borrowing is also divided into external and internal. External sources are loans that come from foreign countries...

National or public debt refers to the sum total of debts owed by the government of a country both internally and externally. The debts may or may not be with interest. Loans or borrowings...

Public Finance deals with the financial activities of government concerning revenue, expenditure and debt operations and their effects on the economy. It tries to analyse the impacts of these financial activities of government on...

Unemployment in Nigeria is the situation whereby some people who fall within the ages of the working population, capable and willing to work, are not able to due to certain conditions. The problem of...

The various basic concepts of Economics include: Wants Wants simply means the desire or need to own goods or services that give satisfaction. Human beings want or need many things at a particular time....

Economics like other social science subjects has no specific definition. As there are many Economists, so there are many definitions of the subject-Economics. These definitions depend greatly on the perception of the definer of...