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This note is about the theory of demand. it is written in simple English and elasticity of demand will follow. This is no substitute for a textbook. you can bookmark the note and read up on the go. here is the link http://pocketeconomist..com/2013/11/read-up-notes-theory-of-demand.html Wednesday, 6 November 2013
READ UP NOTES THE THEORY OF DEMAND
INTRODUCTION
This simply means the quantity of a particular product that you want to buy at a particular point in time, and at a particular price. Examples: I want to buy a television set, the price is N55,000, and i bought it at a showroom, that is demand. in the hot sun, I'm thirsty, i need bottled water to quench my thirst, the price is N50 and i buy it... that is demand. However, for demand to be valid, one must have the money to pay for it. This is called Effective demand. Check local textbooks for other definitions of demand


TYPES OF DEMAND
Derived Demand An example of this type of demand is the woman selling akara on the streets, she buys beans and oil because she needs them to make akara. This is a practical example of derived demand. Derived demand is the good that is demanded for the production of other goods.
Read more in the link. Thank you.

This note is about unemployment... Elasticity of demand is still under construction But you can read this up. The part 2 of unemployment will also be released soon as that one is also under construction. http://pocketeconomist..com/2013/11/read-up-notes-unemployment.html
Cyclical unemployment: This is the type of unemployment thsty happens when the economy is down. This type of unemployment is also known as Demand deficient, or Keynessian unemployment. During recession, a lot of people lose their jobs, and finding new jobs become difficult.

Structural unemployment: This si the type of unemployment that happens because of the change in the way manufacturers of goods and services produce. This means that since their method has changed, the workers who used to operate the old method are no longer needed and as such, they are sacked.
Example: before computers penetrated the banking industry, files were used to keep customer's details, and type writers were commonly used. So as at that time, there was need for clerks and typists. But with the use of computers to store the details, the job of office clerk and typewriters wrer no longer needed and they were laid off. Those who could not learn the computer skills found it difficult to find jobs. This is a practical example of Structural unemployment.

Frictional unemployment: this is the type of unemployment that is temporary in nature, Examples of frictional unemployment include those who just joined the labour market, People who just finished school and are looking for work, and those whom want to change jobs.

Read more in the link.

This is good news, thanks for helping out.

Chuksemi: This is good news, thanks for helping out.

did you find the notes useful? Do you have any suggestions or questions? Feel free to drop it here.

Hello house! I'm still working on more notes in other subjects... For those who have seen the notes, please drop your ratings and suggestions here. Criticize if possible

Concept of the day.... Mobility of labour: This is the ease at which a worker can change jobs. This is divided into two which are Occupational and Geographical mobility of labour. Meditate on this.

You are doing a nice job bro,because many students don't want to read,they just only want to browse the internet and through this means you have set up students would want to cultivate the habit of reading...thanks bro..more grease to your elbow..i hope you have notes for the science students too...good job.GOD bless you.Amen.

bro whicg level are you? I'm also an Undergrad Of Eco.

aysuccess99: You are doing a nice job bro,because many students don't want to read,they just only want to browse the internet and through this means you have set up students would want to cultivate the habit of reading...thanks bro..more grease to your elbow..i hope you have notes for the science students too...good job.GOD bless you.Amen.

Thank you.

Nolongthing1: bro whicg level are you? I'm also an Undergrad Of Eco.

Unilag, year two and a half

New materials are dropping today! Government and Economics materials will be dropped simultaneously, but unfortunately, the article i promised is not ready yet. So y'all should anticipate. I also got feedback that the format is not inspiring enough... As a result, the format will also change.

THIS ONE IS ON BASIC ECONOMIC CONCEPTS... CHECK, BOOKMARK IT AND READ AT YOUR CONVENIENCE. ENJOY BASIC ECONOMIC CONCEPTS


The basic economic concepts include SCARCITY which occurs as a result of limited resources. What we would like to acquire are many, but the resources to satisfy these desires are limited, This is the fundamental problem of ECONOMICS as a field of study. Since our wants are many and our resources are limited, we cannot buy all we desire, and that is SCARCITY. CHOICE is another basic concept, and this is as a result of scarcity. We have to choose between many wants because our resources are limited. This also leads to another concept, which is OPPORTUNITY COST, as this is also known as real cost, and this is the wants not satisfied. In economics, the cost of satisfying a want is the want that is left unsatisfied, for example, if I have to chose between a pen and a pencil, if I choose the pen the cost of acquiring that pen is the cost of the pencil and vice versa. SCALE OF PREFERENCE is a concept based on the assumption that man is rational in his thinking and choice. This is a list, or table of our wants as arranged in order of preference, or relative importance to us. CLICK HERE TO READ MORE...http://pocketeconomist..com/2013/11/basic-economic-concepts.html

This is another one for GOVERNMENT STUDENTS... THIS IS THE PART 1 FOR BASIC CONCEPTS...


Basic concepts include POWER which is the ability to impose one’s will on the behaviour of other people. This is done because of fear of punishment, or expectation of reward. SOURCES OF POWER INCLUDE The use of force, wealth of an individual or group, constitutional power, skills of the person, and inheritance in the case of monarchy or dictatorship.
AUTHORITY IS ANOTHER CONCEPT, AND THIS IS THE LEGAL RIGHT TO ENFORCE LAWS OR POLICIES FOR OTHERS TO OBEY. In other words, the people must accept willingly, not under compulsion. Types of political authority include Traditional political authority which is based on the customs of the people, they believe that the authority is installed on them through divine means and as such, they have to obey. This is especially true in a monarchy. Legal authority is the authority based on the laws of the land. This is true of a democracy, the constitution being the law that... CONTINUE VIA http://pocketeconomist..com/2013/11/basic-concepts-in-government-part-1.html BOOKMARK AND READ AT YOUR CONVENIENCE.

I'M NOT GETTING FEEDBACK.. I'M GETTING DI9SCOURAGED OH

Don't be discouraged! People will soon come online to give testimony of the wonder this note of urs is doing

you are doing a great job brother keep the fire burning am also aspiring to study economics

i think you just need to improve your format and you are good to go [color=#000099][/color]

elgaitan: you are doing a great job brother keep the fire burning am also aspiring to study economics

thank you. Did you find the notes useful? Any other suggestions?

Abuklaw: Don't be discouraged! People will soon come online to give testimony of the wonder this note of urs is doing

Thank you.

Welldone

pmc01: Welldone

Thank you.

PocketEconomist: Thank you.

Is this Dayo? Or Tomiwa Cuz i know tomiwa wanted to do sth like this.

Nope. They are my guys (Dayo is my personal Mathematical Economics tutor.) i'll get to meet you after the strike... I've heard a lot about you, would like to meet you. Btw, is the material useful?

Updates would be dropped on wednesday. I have some summarising to do. For those who used the note, please indicate whether it was helpful here. Thank you.

Concept of the day will drop this evening. #Anticipate.

Sorry, i couldn't update this week, i was very busy... however, updates will come next Wednesday.. i promise

Okay.. Today i will drop these concepts for your consumption The functions of money are as follows... Store of value, Medium of exchange, Unit of account, standard for deferred payment Store of value meaning that money can be stored to acquire things in future. however, the value of money must be stable for this function to operate properly, if not, it will be compromised. Medium of exchange meaning that you can exchange your goods for money, or exchange money for goods as against exchanging goods for goods which is cumbersome U[b]nit of account[/b] meaning that money is used to measure the value of goods and services over a period of time, and [b]Standard for deferred payment [/b]meaning that one can purchase goods on credit and pay later using money as an instrument to measure the value of the good or service rendered.

I'm very sorry for erratic updates. i've been very busy, and have connection challenges. this is not an abandoned project, as i'm working on more read up notes. please bear with me and anticipate it. btw, if anyone finds the note useful, please share here. Thank you for your understanding.