Interdependence of Nations
The lesson covers the concept of interdependence among nations and the importance of international interactions. It explains Nigeria's economic, political, and cultural interactions with other countries, as well as the advantages and disadvantages of these interactions.
- 21:07 “and make their profit and its widening markets. Exchange of culture, social cultural interaction, among the nations of the world, lead to exchange of cultural efforts and across fertilization. Cultures will be exchanged....”
- 21:54 “And it will also not just be known worldwide, it will increase the value of such currencies. Promotion of tourism. Interaction, remember we are still in merits of interdependence of nations. Promotion of tourism. Interac...”
- 20:19 “And the only reduction of hostilities, hostilities in the world are reduced to the barest minimum to interaction. And this will promote world peace. When hostilities are reduced, there will be no conflict. There will be...”
Financial Institutions Overview
This lesson defines financial institutions and lists the types of banking and non-banking financial institutions. It also explains the key differences between these institutions and their functions in the economy.
- 06:38 “require them if they are able to meet their requirements. The agent of payment that they serve as agent of payments for their customers for instance those customers who have current accounts in commercial banks they just...”
- 07:28 “depth out to the person they have borrowed money from there is what is called bill of exchange which is the recommend signifying that their customer is indebted to a person which is known as a creditor so in essence the...”
- 09:10 “banker to the government that is it serves as banker to the government the government operates accounts with the central bank. Issues and control of currency they are the only bank authorized by law to issue currency and...”
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.
- 07:06 “globalization. In business globalization is where countries can exchange treats, can exchange like we understood in our last class transaction liquidity, even foreign exchange. For example, in the Nigeria stock exchange,...”
- 19:32 “You have to put that into the construction boat. Transport helps facilitate trade in a very, very effective and efficient manner. So, everything. It helps each trade. Organizations normally organize holidays for parents...”
- 01:36 “Also within an economy, it is among producers and consumers. So consumer is the final buyer. The producer of the product, it could be T. It could be even the BORVITA, the producer as giving us BORVITA in the markets. Wha...”
Meaning and Functions of Money
The lesson covers the definition of money and its characteristics. It compares a money economy with a barter economy and identifies various types of money. The functions of money in a modern economy are also explained.
- 02:21 “what does this mean? This means that if someone has a particular commodity and is in need of another commodity, he must go in search of somebody who has the commodity that he is in need of and who also needs the commodit...”
- 01:33 “Trade by butter may be defined as a form of trading in which goods are exchanged directly for other goods without the use of money as a medium of exchange. For example, if someone has Gary and is in need of bins, he must...”
- 00:47 “Now, let us take the definition of money. What is money? Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts. Money can also be defined as anything that is generally acce...”