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
- 24:46 “efficient use of resources or efficiency of resource use. So, no matter the system that we're having, there's going to be production going on and production drives the economy. Production is like the foundation of the ec...”
- 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...”
- 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...”
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,...”
- 08:08 “When I forego the pen, it means that I have sacrificed the pen, in order to enable me to buy the world, the book. That pen I have forego is what economists refer to as well as opportunity calls, sacrificing the particula...”
- 04:08 “will not be paid for the usage of such land. Of course, when I like it or not, rents must be paid. On label, you can also employ a label for working for you free of charge, you need to pay them either with this or what,...”
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.
- 15:00 “government are supposed to provide storage facilities so that goods that are produced in large quantities and which are perishable can be stored and so that they are prevented from spoilage, especially agricultural produ...”
- 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...”
- 07:34 “makes it easy for them to buy a small quantity. Transportation services. Like I said earlier, after getting those goods into his warehouse from the manufacturer, he also transports them to the retailers to distribute it...”
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.
- 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...”
- 10:57 “to get those goods to be consumers are either by air, by water or by road, okay? And before those goods will be able to get to the consumer, it may be stored in our warehouse, okay? Until those goods are being needed. An...”
- 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...”
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.
- 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...”
- 16:05 “of a certain period, the fur that goes into that production process doesn't come out, is used of degenerator, bonds it up. Also raw materials. The raw materials are going into production. They do not come out. The same d...”
- 05:41 “help us to complete that last phase of the production process or the production cycle. Now what are factors of production? They are the resources or the components that are combined together in order to produce goods 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.
- 11:03 “They need profits. They need money in exchange for this good that's been produced. So because they also bear the cost of production, yes, it is risk if the consumers do not buy. So it is efficiency in the longer. In this...”
- 10:17 “You want to look in a particular way and you already have this idea. When you get to the market, you find a specific dress that you like. So it is benefits and added value to the customer. It also decreases monopoly. You...”
- 25:02 “Their control in traditional or commercial exchange, like we have mentioned, collection of levy, they ensure that all the manufacturers pay their tax and levy. This they control. And also the ensure that imports quota or...”