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.
- 06:33 “Meaning, as human beings, our wants are many, but the resources to satisfy them are all limited, so what do you need to do since you have limited wants and limited resources? When I hear resources, I'm referring to art,...”
- 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....”
- 00:00 “Good students, standing before you here is Mr. Kenny and how we're taking you economics on a very interesting topic which I call cost concepts, cost concepts, okay? This is a very interesting topic that you need to learn...”
Sources of Energy
The lesson covers different sources of energy, including renewable and non-renewable types. It explains how energy is used in society and discusses the environmental impacts of various energy sources. Specific examples include petroleum, natural gas, solar energy, and wind energy.
- 00:50 “Energy can be transferred from one place to another. Now, you can see every day, today's activities, we are making use of energy. You can see whatever thing we are doing in life, we are using energy, and without energy,...”
- 10:58 “These are the energies that can never be replaced. After they are being used, they can never be replaced again. Now, we have, for example, as nuclear energy, when this one is being replaced in the environment, it can nev...”
- 13:19 “Instead of me going from here to a particular state, I can be able to make a call. Hello, these. These are part of energy. It has a post to reduce energy. Instead of me going from here to another state, from here to anot...”
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
- 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...”
- 00:46 “the available productive resources within the state will be owned, managed, and utilized for the satisfaction of human wants. Now if you recall our introductory class, we talked about scarcity. We talked about how we do...”
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.
- 08:08 “then we generate value, which can now be exchanged. And that is how when we now exchange that value, and we get value for it or money for it, then that is how we make use of the land resources. Just being there is not en...”
- 07:23 “that is beneath the earth. What are resources also counts as land? Lands and forests, that's physical land and forests, those also qualify as land. And we're talking about rewards. So the reward for land is rents. So whe...”
- 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...”