ECONS 101

FACTORS OF PRODUCTION

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Factors of Production refer to Agents, Components or resources which are combined together to produce goods and services. There are four factors of production namely:

a.     Land                                                                                     

b.     Labour

c.      Capital

d.     Entrepreneur

LAND

Land is defined in economics as a free gift of nature, it does not only include the land surface but all other free gifts of nature and natural resources like forest, mineral resources, rivers etc. The supply of land is unlimited unlike other factors of production. The reward for land is RENT.

Characteristics of Land {Its Features}:

1.     Land is immobile, it can’t move from one place to another.

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FINANCIAL ACC 101

PRINCIPAL OF DOUBLE ENTRY- SINGLE COLUMN

Hey Guys, Happy Friday!!! Hope you enjoyed the week so far? So let’s get started.

LEDGER is the final destination of all transactions in the subsidiary books (that is the sales day book, purchases day book etc). It is the most important book of account because it is the book that contains permanent records of all Transactions in a summarized and classified form. Transactions are recorded here, using the Double Entry System of Book keeping.

RULES OF DOUBLE ENTRIES:

1.     For Every Credit Entry in an Account, there must be a Corresponding Debit Entry in another Account.

2.     For Every Debit Entry in an Account, there must be a Corresponding Credit Entry in another Account.

3.     All Transactions must be Credit and the other.

DIVISION OF LEDGER:

1.     Personal Ledger:  These are ledgers for Creditors Account and Debtors Accounts. For example,

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COMMERCE 101

QUESTIONS ON PREVIOUSLY TREATED TOPICS

Hey Guyz, Happy Mid-week. This post is coming late cos of some issues but it is here now and that is what matters. Hope last week was a blast for you cos it was amazing for me. To God Alone be All the Glory, Jesus is Lord. We are treating questions on all the Topics we have treated just to warm us up and warm up our memory, and to really determine our understanding level of those Topics, lolz. So let's get Started.

1. Which of the following is not true of Commerce?

a. It is part of production

b. It is the life blood of a nation's economic activities

c. Commercial Activities begin after the goods are produced

d. It has nothing to do with goods and services (WAEC 1994).

2. Which of the following is not a Factor of Production?

a. Profit

b. Entrepreneur

c. Capital

d. Land (WAEC 1994).

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