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...”
- 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...”
- 18:19 “the consumers or the people in the country. So, the economy is very rigid. This plant you can't go out of what the central government has decided. The next point is planning, expenditure can be very high and wasteful. So...”
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.
- 15:14 “time, let's move down to the next one, and that is what the total cost, total cost, and what we say total cost, what does it mean, your total cost here, it said to be the world, the combination of fixed cost and worth an...”
- 14:26 “to incur more costs for it to get a better worth service, than the cost of where as well. The cost of field is another good example of worth of a variable cost, and your variable cost, what is the graph, look at the boar...”
- 07:23 “The book actually worth a much worth 100 Naira. And the pen itself worth a month, 80 Naira. Tell me, as an economist, what will I do? Or do I desire the two? They are my ones, my ones, but my resources is just worth 150....”
Departmental Accounts
This lesson covers the definition and purpose of departmental accounts. It explains how to prepare these accounts to show the performance of different departments in a business. The lesson also discusses the advantages of using departmental accounts for comparison, error detection, and managerial as
- 29:15 “We are taking care of which is proportionate to sales. We have been told the basis for apportionment for salaries, insurance, and rents, which we have done. Now we are told that other expenses are to be apportioned equal...”
- 07:15 “occupied by that department. Then it's in a lighting. The basis for allocation is also floor area. For part that is being used by that department, the OSPAR is the suggested basis of allocation. And then deprecation. The...”
- 06:24 “You need to understand this by studying it closely. Looking at why is this expense made? And for whom is the expense made? Once you understand those two things, you will be able to ascertain the basis for apportionment f...”
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.
- 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...”
- 08:58 “extracted, then those ones are moved by a body location of land itself or the source of land is fixed. Also the supply is fixed. So we have all we have is what we have. We do not have more. So that's why we have to be ve...”
- 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...”
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.
- 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...”
- 09:37 “Now, working hours, this is also another factor that affects the size of the labour force because if the working hours are decent, then we have more people who are willing to supply the labour that is required. If the wo...”
- 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...”
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.
- 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...”
- 04:45 “Total costs, for example, maybe cost of pens and rulers. The total cost would be expressed in P plus R. Every other triangle, length times this breath, as L times B parameter of a rectangle, 2L plus 2B. That is how we ex...”
- 02:23 “sweets you have data and then you spend it on transport. So you can easily represent this with Z, represent this with D and represent this with S. So for your 500 NARA, this is, to know how much is left every month, say...”
Channels of Distribution
This lesson covers the channels through which goods move from producers to consumers. It explains the roles of wholesalers and retailers, the functions of cooperative societies and government agencies in distribution, and identifies problems in distribution along with possible improvements.
- 13:23 “the financial capacity to buy and pay immediately are given goods on credits. They give advice to members also as regards the product and services they wish to go into or deal in. They also bring products closer to membe...”
- 14:14 “By putting their resources together and giving them self, that's financial capacity to be able to go directly to the producers to get goods in large quantities for their members' consumption. They also aid in marketing m...”
- 04:24 “keeping those goods and he gives them out as they are being demanded. That is called warehousing. That is, the practice of storing large amounts of goods in a warehouse or in a large store. Advertisements. He helps in ad...”
Basic Operations on Whole Numbers
This lesson covers addition and subtraction of whole numbers, including how to align numbers by their place values. It also explains multiplication and division by 10, 100, and 1000, and introduces the use of the BODMAS rule for solving mixed operations.
- 46:50 “you want to write it out, just solve it, it's coming already, then solve it, so now, the next question is 5,000, not only that 82 computers are to be shared, 5000, not 100 and 82 computers are to be shared among 40 schoo...”
- 01:07:30 “so now if pain, one pain cost 5 nera, one pain cost 5 nera, so 12 pains will cost, will cost 5 times 12, and that is 60 nera, so the cost of 12 pain is 16 nera, so the question says, how much did it spend all together, s...”
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...”
- 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...”
- 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...”