f 10/23/13 ~ EDU-MADE-EASY BLOG

Education is an ornament in prosperity and a refuge in adversity.

It is as impossible to withhold education from the receptive mind as it is impossible to force it upon the unreasoning. - Agnes Repplierg

Education aims to give you a boost up the ladder of knowledge.

Educating the mind without educating the heart is no education at all. - Aristotle

He who opens a school door, closes a prison.

If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pays the best interest. - Ben Franklin

To the uneducated, an A is just three sticks.

To teach a man how he may learn to grow independently, and for himself, is perhaps the greatest service that one man can do another.

If you think education is expensive, try ignorance.

Education is what remains after one has forgotten what one has learned in school.

COMMERCE 101.

                                  EXCHANGE.

Hey Guys, It’s a new day to live, learn and make decisions. You have made the decision to learn today and you will not regret it because we are discussing the topic above, so sit back relax and let’s learn today.
EXCHANGE is the process of giving out value in order to have something of value in return. In the olden days Batter was the main system of exchange i.e. good for good, but nowadays one exchange money for goods. Exchange arises because of excess production of goods and services.

INTER-RELATIONSHIP AMONG PRODUCTION, SPECIALIZATION & EXCHANGE.
      Exchange is as a result of Specialization and Production. They are related in the sense that Production is enhanced by the broken down processes that are performed by different people. Division of Labor and Specialization creates room for Mass Production.
Since individuals are not capable of producing all his requirements, the need for exchange arises.

                          HISTORY OF DIVISION OF LABOR.
One of the Forefathers of Economics, Adam Smith who further explained the Theory of Division of Labor in 1776, in his book “The Wealth of Nations.” Adam Smith visited a place where Pins were made and found out that Pin-Making involved eighteen different processes at that time.
He also found out that one man was coordinating all the processes of Pin-Making alone; as a result of this rigorous and slow process he was producing 20pins per day. Adam Smith came to a conclusion that if these Eighteen Pin-Making Processes were handled by different people, more pins will be produced.
      The idea of Division of Labor thought out by Smith was applied as a result, 48,000 Pins were