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.
- 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...”
- 02:24 “of yeast, you need to consider the cost of butter, all these are words are cost that must be words considered before you can have the words the overall finished products. So the actual amount you have spent, the value th...”
- 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,...”
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.
- 00:00 “Hello guys, welcome to this lesson and this is economics where SS1, my name is Cornelius and I'm your instructor and today's in this lesson we'll be talking about theory of production and in our lesson we're going to be...”
- 29:30 “capacity resulting in the increase of outputs and the decrease in the cost of production. What does this mean? Scale of production is growth of when when when a firm on industry is able to increase how much it's producin...”
- 31:51 “leads to increasing outputs and reduction in price that is an internal economy. An internal this economy on the other hand is the disadvantage which arises from expansion or the things that so we said whatever the firm d...”
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.
- 01:04 “All right, let's go on now with the definition. Okay, production, what is production? Production is the making of goods and the provision of services that satisfy the needs of people. Making of goods and provision of ser...”
- 12:36 “abnormal raw material to be converted to finished product, okay? Production makes it possible for those raw materials to be able to get to that position where one can be able to use them. It brings opportunities to custo...”
- 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...”
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,...”
- 19:02 “Total revenue is what? 30. Minus total cost is what? 25. Can you see? 25. So the difference between this and this is what? Five. So ladies and gentlemen, this is our profit. Can you see? Very easy. See R minus CC. That i...”
- 01:01 “However, when you produce an item and then you sell that item, you will realize money. Is that so? Now, the total amount you have realized when you sell a commodity you have produced, that total amount realized is what w...”
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.
- 06:32 “of boroughs. The value is 2.9 million nirah. Purchase of Motoka, 920,000 nirah. Purchase of ambulance, 1,134,500 nirah. Purchase of incubators, 1,233,000 nirah. Purchase of beds, 1425,000 nirah. Purchase of furniture, 67...”
- 07:20 “notes that your recurrence expenditure can also be termed revenue expenditure. So it depends on what the question asks you to do if they are asking for revenue expenditure. You're also preparing statements of recurrence...”
- 08:08 “repairs to motoka, 26,000 nirah and transport, 123,000 nirah. Now use your calculator and calculate everything. What we are going to get will be 3 million, 820,000 nirah. You have solved the question. So a question askin...”
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.
- 17:48 “Using the distributive law, you use this to multiply this and then use the same to multiply this as well. So you have 8 times X plus 8 times 20. So you have 8 X plus 160. So this is the cost of 8 such as of noodles of no...”
- 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....”
- 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....”
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.
- 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...”
- 08:50 “preparation. Now the revenue and expenditure statements is prepared following the profits and loss accounts principle. Now in preparing your profits and loss accounts, your profits or your items of income are credited th...”