Limitations on division of labour: i. The extent of demand for the product/market ii. The managerial capability of the entrepreneur…
Division of labour is the breaking down of the production process into a number of separate operations with each operation…
Features of land: i. Land is geographically immobile ii. It is fixed in supply iii. Land is a free gift…
Factors of production are the resources or inputs that must be combined in certain proportions to produce goods or services.
The main types of account with a commercial bank: i. Savings account: It is an account operates with a pass-book.…
A capital market is a market for medium and long term loans and investments
The law of comparative advantage states that a country should concentrate on the production of the goods and services in…
The advantages of specialization are: i. Increase in output ii. Increase in the skill of labour iii. It reduces fatigue…
Division of labour is the breaking down of the production process into distinct operations with each operation being handled by…
The ways by which the power of the monopolist can be controlled: i. Encouragement of competitors by the government ii.…