ECONS 101.

BRANCHES OF ECONOMICS.

Hey Guyz, Happy Last day of the week. Happy Friday, It’s a lovely day don’t you agree?. Am just too grateful for life and Beauty.

 Let’s get straight to work.

Economics can be grouped into two major groups namely: Micro- Economics and Macro- Economics.

MICRO-ECONOMICS.

Micro- Economics refers to the branch of economics that deals with smaller units/components of the economy. It is the branch of economics that studies the economic actions of individuals, firms and governments. It relates to cost, output, production, pricing and the marketing activities of households, firms and governments.

ADVANTAGES OF MICRO- ECONOMICS:

1.     Better Understanding- Micro- economics helps in the better understanding of the

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ECONS 101.

        BASIC CONCEPTS OF ECONOMICS CONTD.

Hey Guyz, HAPPY WORKERS DAY to the viewers in Nigeria. It’s a day to recognize the workers of all levels in Nigeria and I Pray for more strength and grace to work effectively and productively and most of all joyfully.

It’s a new day isn’t it; we are going to continue from where we stopped in Economics 101. Let’s get started.

CHOICE.

Choice can be defined as a system of selecting or choosing one out of a number of alternatives. Choice arises as a result of numerous human wants and the scarcity of the resources used in satisfying these wants. Human Wants are many and can’t all be satisfied.

OPPORTUNITY COST.

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COMMERCE 101.

                                     WAREHOUSING.

Hey Guyz, Sorry for the late posting. Sch and all kept me busy today; anyway we are here now-Praise God. It’s a new day to be glad and to jump for joy because God found us worthy to be alive and well, and ready to learn something new, so let’s get started.

Warehousing is the act of storing goods produced/ bought in a place until they are needed. It ensures that there is a regular and steady supply of goods.

In other words, it’s a place where goods are stored until they are demanded by customers.

Below are the External and Internal Pictures of a Warehouse.

TYPES OF WAREHOUSES.

1.     Bonded Warehouse- It is a place where goods whose customs duties have don’t been paid are kept, until the duties are settled. It is usually located around the seaport. In other words, goods brought (Imported) from other countries whose fee called custom duties have not been paid, are kept in this warehouse until the owners pay up.

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COMMERCE 101.

        TYPES OF WHOLESALERS.

Hey Guyz, It’s a Happy Tuesday to be Alive, Live, Learn and have Fun. I don’t know about you but I am glad to be alive and be well. I pray we are able to appreciate life more because there are sooooo many people who would do anything to have the Peace and life that we have. So be Grateful.

Today we are continuing from where we stopped in commerce 101, with the above topic.

Wholesalers can be classified into two board categories, namely:

1.     Merchant Wholesalers.

2.     Agent Middle Men.

MERCHANT WHOLESALERS

They buy and resell goods on their own account taking title to the product they handle, and convey the title directly to those they deal with.

The merchant Wholesalers are the middlemen who take little to goods (purchase) and sell them to retailers for further selling individual consumers on piece meal basis. They purchase the commodities in bulk, operate warehouse for storage, offer credit and goods to the retailers. They also sometimes offer advice to the market retailers as well as producers. They are also persons who buy and sell goods with their own account and the

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SOMETHING NEW !!!!!!.

              A NEW SUBJECT!!!!!!!!!!!!!!

Hey Guyz, Am so sorry about last week. God was delivering me from a very fierce battle and I am just too grateful for my life and my Health. Well on a lighter note, we are introducing a new subject today- ECONOMICS 101.

We are beginning from the scratch today.

ECONOMICS 101 - MEANING AND BASIC CONCEPTS.

Economics in my own understanding is a social science that studies human beings and their behavior. Most especially, their behavior in relation to production, distribution of wealth and business.

Some famous definitions of Economics include-

Alfred Marshal who defined economics as “A Study of Mankind in the ordinary business of life.”

Adam Smith defined economics as “An Inquiry into the nature and causes of wealth of nations.”

John Stuart Mill defined economics as “The Practical science of Production and Distribution of Wealth.”

H.J. Davenport defined economics as “The science that treats phenomena from the stand point of price.”

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WATCH GUYZ.

Hey Guyz, Happy Day to learn and have fun don't you think?  Well today we are doing something different. we are not discussing any topic or subject. I came across this video on Youtube and thought of you guyz. so please take just 2mins to sit down and intensively watch this video and i pray that the Grace of God to be doers of the instructions imbeded in this video be released upon you. Have FUN.

Until we meet again, remain ever blessed, Remember you are for SIGNS & WONDERS. God bless you.

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FINANCIAL ACCOUNT 101.

  ILLUSTRATION ON PETTY CASH BOOK CONTD.

Hey Guys, Happy Thursday. It’s a Beautiful Day to see. It’s such a privilege to see such a day, let alone be well enough to learn and improve one’s self. For that God deserves Praise. Well today we will take one more example on PETTY CASH BOOK in order to fully understand it.

ILLUSTRATION:

Charles Limited operates a Petty Cash book on the imprest system with a cash float of N 300. The following transactions took place in November 2003.

Nov 2- Envelopes N4.

Nov 3- Petrol N16.

Nov 4- Postage N7.

Nov 5- Petrol N18.

Nov 7- Cleaning N20.

Nov 9- Stationery N21.

Nov 10- Michael N19.

Nov 12- Stamp N10.

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