Factors of Production
The lesson covers the concept of production and its types. It explains the factors of production, division of labor, and specialization. The advantages and disadvantages of division of labor and large scale production are also discussed.
- 33:30 “goods that is internal economies. The things that happen on the inside that brings about, what would I call it now, a shortfall to that internal, these economies. The things that happen on the outside that brings about g...”
- 32:40 “economies. So the things that happen on the outside of the firm that brings about an increase in the size of the firm and increasing the outputs and reduction in cost. Whatever happens on the outside of the firm that is...”
- 30:15 “about scale of production. Now there are types of economies of scale. There are two types. You have the internal economies and internal this economies and the external economies and the external these economies. So those...”
Structure of the Nigerian Economy
This lesson covers the nature and structure of the Nigerian economy. It explains the primary, secondary, and tertiary sectors and their contributions to the economy. The lesson also discusses the economic activities in different geopolitical zones of Nigeria.
- 05:37 “So it means that the tertiary sector are majorly involved in rendering of services. They do not produce manufactured goods. What they do is that they render services, either rendered services in the process of distributi...”
- 06:25 “reliant on farming and extractive industries such as oil and gas to one which is making more money or GDP from manufacturing or secondary industries and more services in the tertiary sector. What this means is that both...”
- 17:07 “They engage in oil palm farming, rubber farming, cassava farming, cocoa farming, etc. The major economic contribution to the Nigerian economy from this zone is the production of crude oil from this zone. So, as you can s...”
Cost of Production
This lesson covers the concept of cost in economics, focusing on the cost of production. It explains different types of costs, such as fixed and variable costs, and discusses the factors of production that contribute to overall costs.
- 08:08 “When I forego the pen, it means that I have sacrificed the pen, in order to enable me to buy the world, the book. That pen I have forego is what economists refer to as well as opportunity calls, sacrificing the particula...”
- 05:46 “see as well money cost, that is, the actual amount spent to acquire a particular world commodity. Are we together? Then, that is the way an accountant see cost. How then does an economy see cost? To an economist, cost is...”
- 25:58 “okay, over changing quantity, anything marginal, the first line is always dash, you can see, here, for the first unit is dash, so you start from the second one, very easy, even without capital it or you can do this, just...”
Types of Production
This lesson defines production and explains its types, including primary, secondary, and tertiary production. It also discusses the extraction of raw materials and the transformation into finished goods.
- 11:44 “business are being reduced. We also have the transport services fed of production on environment or society. Let us see, you can equally say the importance of production in our society. One is this, it provides employmen...”
- 17:35 “machinery, equipment. All these things are being included as capital. Then we have reward for capital as interest. The reward for capital is world interest. Right, we have the entrepreneur. The entrepreneur is the owner...”
- 13:24 “erosion and pollution in our society. It improved the standard of living of the people. Of course, with aid of production, our standard of living is improved day by day. It helps to develop the society where it is locate...”
Government Revenue and Expenditure
This lesson covers the classification of government revenue into revenue receipts and capital receipts. It also explains government expenditure, distinguishing between capital and recurrent expenditure. Students will learn how to prepare statements of revenue and expenditure accounts.
- 10:21 “you should be able to know those items that are capital in nature and those that are recurrent in nature. So now let's look at the items one after the other. 1,001 salaries, 1,002 maintenance of roads and we have the amo...”
- 11:07 “we have a balance brought forward that the balance of the revenue 3,500,500 NERA, then we have the license fees 31,750,000, 15 NERA, then fines 5,325 NERA, statutory allocation 750,000 NERA, interest on deposits 4,320, r...”
- 09:36 “where the expenditure is higher than the revenue what you have is a deficit. So let's look at the solution that I told you all the items of expenditure are debited to the accounts and what are those items of expenditure...”
Revenue Types
This lesson defines revenue and explains its three main types: total revenue, average revenue, and marginal revenue. It covers how to calculate each type and their relationships to production and sales.
- 15:24 “where do you have maximum profit, maximum profit, okay, so, let's go to the next one, 9, and 8, is that profit, yes, how much profit, profit of 1, R, I know, you see, 9 minus worth, 8, the difference between your, c, R,...”
- 20:42 “So this is what you need to know in the rest of the world. This is where I'm going to stop my class. But before then, I need to give you an assignment in the rest of the world of that. So you go to the 1998 question in m...”
- 13:22 “so you get this rubbish, and you get this mc, mc is what, change in c, that's 25, 25, and you get what, the next one, just use the formula, and you are able to add your answer, so the next question says, at what output,...”
Public Sector Accounting: Revenue and Expenditure
This lesson covers sources of government revenue and explains terms related to public sector accounting. It classifies expenditures into capital and recurrent categories and provides examples for preparing statements of revenue and expenditure.
- 03:19 “something that is done regularly? No. So, it is more capital in nature. Purchase of Motoka is not something that is done regularly. So, it's a capital expenditure. Stationery is something that we do regularly. We use bai...”
- 04:04 “drugs is also recurrence because hospitals need drugs regularly. Purchase of incubators is not something that is done regularly. So, it's capital in nature. Salaries is recurrence in nature. Purchase of beds is also a ca...”
- 05:46 “is capital in nature. Salaries is a recurrence expenditure. Purchase of beds is a capital expenditure repairs to Motoka is recurrence. Transport is recurrence while purchase of furniture is capital in nature. So, now let...”
Translating Word Problems into Equations
The lesson teaches how to translate word sentences into mathematical equations. It covers the use of variables to represent numbers and how to express word problems as algebraic expressions. Students will learn to solve simple equations and check their answers.
- 07:04 “could find out what the exact age is. But as it is now, there's no value. We leave it the way it is. Second example, a shop owner sells maize at Sunera Parkop. She also sells rice Parkop at double the price of the maize....”
- 01:33 “You go by the word one after the other and then you take it easy to interpret them. Suppose you get 500 NARA Pokemon every month and you want to keep track of the money you spend. You know, because you spend money on swe...”
- 11:09 “So we say Q. And rice adds double the price of maize. That is two times Q. If she sold 50 cups of maize and 45 cups of rice, what was her income? So 50 cups of Q, that is 50 of Q, 50 Q plus-- this is 2Q plus 2Q times 45....”
Punctuality and Regularity in Work
This lesson explains the concepts of punctuality and regularity. It covers the attributes of both concepts and their importance in achieving high performance at work. The lesson also discusses the consequences of not being punctual and regular, as well as the meaning of devotion to duty.
- 11:58 “and development. One is increased in productivity. Once workers are devoted, there will be increment in productivity. Number two is full utilization of machine. There will be a boot to utilize or have knowledge on how to...”
- 13:34 “Then we have the sixth point, it increases sales. Division to duty increases sales because the more you produce, more you have goods and stock, more you have more sales. And the last one is expansion of the organization....”