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.
- 01:43 “Those who are working and are within this age range. So we have people who are working but outside this age range will not count them as part of the labour force. Now what is the labour market? We talked about the labour...”
- 00:00 “Hello, welcome to this lesson. My name is Cornelius and I will be taking you economics SS1. And in this lesson our topic is labour markets. Now in this lesson we are going to be looking at the concept of labour force, th...”
- 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.
- 11:19 “be a state, it could be a country, it could be a continent. So you can have people moving from, you can have doctors moving from Nigeria to Europe. You can have lawyers moving from Nigeria to Asia, sort of like that. So...”
- 20:56 “or the entrepreneurship component handles the provision of capital. So when capital comes in, we're able to get land, we're able to get labor and we go about producing goods and services. Now we move on to division of la...”
- 28:41 “have a t-shirt in the same color, same shapes, same size, same everything and you have like a million pieces of it because the labor was divided and it was done very fast. And then the vision of labor also brings about e...”
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
- 22:20 “capitalist system and the price system has a role to play in the mixed economy, but the government guides or serves us a guide when the price system begins to go out of work or out of context. If the price system begins...”
- 06:28 “hastens economic development. So when there's a lot of economic activity going on, players can come into the market and exit, but the economy continues to grow because there's going to be continuous movement. There's goi...”
- 14:24 “one, absence of exploitation. Since the government controls everything from the center, it is believed that there is going to be room for exploitation, like we find in the capitalist system. Because in the capitalist sys...”
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...”
- 16:46 “good example of them. Semi-skilled. We have skilled labor, semi-skilled and our skilled labor are those ones who does not need any training for whatever they would do. Like the get men, cocaine, the gardener, the house h...”
Crude Oil and Petrochemicals
This lesson covers the definition of crude oil and petrochemicals. It explains the process of refining crude oil and lists the various uses of crude oil and petrochemical products. The importance of crude oil to Nigeria is also discussed.
- 21:22 “several people. For example, the refineries need human beings to operate them. So people are employed in the refineries. Also crude oil byproducts such as your liquefied petroleum gas has allowed employment of labor beca...”
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.
- 10:24 “the most important and largest economy in the world. 1. The economy of Nigeria is an emerging market with expanding manufacturing and service sectors. What this means is that the Nigerian market is currently growing. It...”
- 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...”
- 19:34 “My name is Mr. Balogum Abdullah, till the next class. [MUSIC]”