Labour Market and Labour Force
This lesson covers the definition of the labour force and its components. It explains the concept of the labour market, including how wage rates and conditions of service are determined. The lesson also discusses the efficiency of labour in production processes.
- 03:23 “Now efficiency of labour is saying, how can we get labour to produce, giving the resources that we have, how can we get labour to produce the highest possible output. That is what we discussed when we were talking about...”
- 04:16 “If labour is efficient, the quality of goods and service produced will be high, and if labour is inefficient, we have the reverse as the case. Now what factors affect or determine efficiency of labour? The first one is e...”
- 02:32 “That is the defence, the industries. And when that exchange goes on, that is what we call the labour market. Like we said in our definition, it is in the labour market that we define the wage rates, how much we are going...”
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.
- 24:51 “So if still sticking with the cleaning of the house and example, if one person wants to clean the house, you could take them, let's say six hours, eight hours to clean the house thoroughly from beginning to the end. You...”
- 25:36 “as a case may be. Now division of labor also leads to the development of great ask you. So we talked about specialization when one person does one part of the work and they continue to drop out of work, then they can dev...”
- 26:22 “fast. We're not spending more resources than we should be using. So we can actually drop the cost of production when we have a good division of labor. Now we say division of labor makes for greater use of machinery. So w...”
Meaning and Types of Trade
The lesson explains the concept of trade as the buying and selling of goods. It describes the types of trade, including own trade and foreign trade, and outlines the services that facilitate trade. The role of Customs and Excise in foreign trade is also discussed.
- 11:03 “They need profits. They need money in exchange for this good that's been produced. So because they also bear the cost of production, yes, it is risk if the consumers do not buy. So it is efficiency in the longer. In this...”
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...”
- 12:43 “Therefore, when a worker put in more time or being devoted to the work given to him or her, he or she is likely to have greater or more employment opportunity to a higher level. Right? Then the fourth one is increase in...”
- 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....”
Basic Economic Problems
This lesson covers the basic economic problems faced by society, including scarcity and resource allocation. It explains different economic systems such as capitalism, socialism, and mixed economy, and how they address these problems. The role of market forces in regulating the economy is also discu
- 33:28 “Now, efficiency of resource use refers to the optimum use of the factors of production to achieve the highest possible output or results at the most reasonable cost. So when we talk about optimum use, we are saying the b...”
- 32:42 “products for cannot afford it. Now, satisfaction of ones. That is another factor that defines for whom to produce contribution to the national income, defines for whom to produce. You most likely see this in a socialist...”
- 34:13 “better way we could have used the resource. So that's what we mean when we say optimum use of the factors of production. So we want to get the highest possible output and we want to reduce cost, we want to keep costs at...”
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.
- 15:05 “is what rent, okay? Let's go to labor. Labor is a physical and mental effort of man in the production process. Labor is a physical and mental effort of man in the production process. Without labor, every other factor can...”
- 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...”
- 06:42 “Extractive is under primary production. Why manufacturing and construction is under secondary world production? Let us look at extractive production or the extractive industry as we call it. This is the primal sector. It...”
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.
- 27:33 “how you calculate it any time, any day, then, the question is actually, as what's output, is AC at the minimum, go back to the table, as what's output is AC at the minimum, look at it very well, look at it, take a look,...”
- 13:39 “produce worth, let's say, 50 loaves of bread, the cost is going to be 1000, for example, if you know what to produce worth, 100 loaves of bread, do you want to tell me you will also spend 1000 to produce 1000 loaves, no,...”
- 33:04 “This is all. You need to know in the rest of the world. Of course concepts. OK. So I'll be giving you an assignment in the rest of this topic. And I want to lay your hands on past questions. I mean SSC past question. Que...”
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.
- 12:45 “salaries we pay on a recurrent basis, monthly our employees receive salaries and so that is a recurrent expenditure or we can also call it revenue expenditure. Then we have maintenance of roads. It's also recurrent expen...”
- 11:55 “for the expenditure. If we add this will not give us 4,300 and 13,000 but our revenue total will give us 4,300 and 13,500 and 30. Now when we add all the items of expenditure together and we deduct from these total it wi...”
- 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...”
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.
- 12:01 “within Nigeria, even before exporting out of the country. So it is an advantage to Nigeria. The population side of Nigeria is an advantage for its when it comes to marketing of its products. That is what it's meant by, i...”
- 07:16 “Despite all these changes, many people still work in the farming sub sector and wealth is not well distributed between the very wealthy and the very poor. Let us briefly observe this transformation that has taken place i...”