50+ powerful and amazing key points to blast Jamb Economics
How to pass jamb chemistry: 50+ powerful and amazing key points to blast Jamb physics
Welcome to another edition of the poschools jamb tutorials In this Jamb tutorial series, I will be showing you important key points in Jamb economics to help you blast jamb economics exam.
It is very crucial that you master the jamb key points here as it is a form of revision to ensure you pass jamb economics.
This jamb key points will help you pass jamb with ease as they are inline with jamb syllabus and hot topics.
It should be noted that this key points was prepared based on hot topics set in Jamb economics. This series will be released in a batch of 50 hot economics questions from all Jamb economics topics.
This 50 points will cover all topics in Jamb economics. Although, this key points in Jamb economics will not be arranged topic by topic. I will also work on government,accounting,english so its wise you keep in touch with poschools
Check out key points to blast Jamb commerce by clicking here
Let’s get started:
Key Points on Jamb Economics hot topics (1 to 10)
- Occupational distribution of a population refers to the classification of the working population into different types of work they engage in. It is the spread of a group across different occupation
- The reward for capital is interest. Since the entrepreneur (owner of business) invested into the business by forgoing money at the end of the deal interest is acknowledge
- Devaluation is the reduction in the value of the country’s currency in terms of other currency of the word. It is also the fall in the exchange value of a country’s currency in relation to the currencies of other countries.
- Devaluation reduces the cost of a countries export and also combat trade imbalances that is it help shrink trade deficits.
- Devaluation increases the cost of a countries imports so domestic consumers are less likely to purchase them.
- Mortgage bank gives loans to investors on a long-term basis to build houses. But commercial banks can give loans to customers in form of cash and are not restricted to what the loan can be used for.
- Capitalism is an economic system based on the private ownership of the means of production
- In a capitalist economy, factors of production are owned and controlled by the business men.
- The establishment of industries in rural areas will help to reduce rural-urban migration
- The occupational distribution in any population is influenced by:
- The level of education
- The level of technology
- Availability of natural resources
- Economic factors(In west Africa, majority of the occupationally distributed population is found in economics activities like farming, mining, fishing, lumbering, e.t.c..
Key Points on Jamb Economics hot topics (11 to 20)
- International trade is the application of the principle of comparative cost advantage.
- The principle or theory of comparative cost advantage was propounded by David Ricardo.
- The theory or principle of comparative cost advantage states that countries derive mutual benefit from trade when they specialise in the production of those commodities in which they have greatest comparative cost advantage over others and exchange them for other commodities which have comparative cost advantage.
- The number of people who are qualified to work and who offer themselves for employment is called working population.
- Localisation of industries refers to the concentration of firms or industries producing similar products in an area. For example, many cement manufacturing firms could be located in the same area because all of them produce similar goods which are cements
- Joint venture is partnership involving the government and private investors.
- In a co-operatives society, the owners are mostly the customers.
- Terms of trade is used as an indicator of a country’s economic health.
- An improvement in or increase in a country’s term of trade generally indicates that export prices have gone up as import prices have either or dropped.
- The advantages of localisation of industries are:
- It encourages the emergence of subsidiary firms.
- Creation of competition
- General employment.
Hot Topics in Jamb Economics (21-30)
- The formula for measuring term of trade is: (Price of export / price of import) * 100
- Specialisation is the process of concentrating on and becoming expert in a particular subject or skill.
- Invisible items include:
- Tourism e.t.c.
- The basic economic problem states that while the desire of people is infinite, our resources are limited
- When something is both desired and limited, it is scarce.
- The main concern of economist is to allocate scarce resources to satisfy human wants
- The full meaning of OPEC is organisation of petroleum exporting countries.
- Economics is an important subject because of the fact of scarcity and the desire for efficiency
- Economics is the study of how societies use scarce resources to produce valuable commodities and distributes them among different people
- The Economics Community of West African states (ECOWAS) has been slow in achieving its objectives because of:
- Political instability
- Similarity of products
- Fear of domination
- Language barriers
- Common currency problems
Likely Jamb Econommics questions to note(31-40)
- Productive resources can also be called factors of production. They include land, labour, capital and entrepreneur.
- The type of demand that exist between torchlight and battery is a complementary demand since battery and torchlight complement each other..
- Human wants are insatiable because the means of satisfying them are limited or scarce
- The principle of comparative cost advantage was propounded by David Richardo
- A term of trade is the rate at which a country’s exports exchange for its import.
- Factors that affect efficiency of labour positively includes:
- Education and training
- Level of technology
- Attractive wages
- State of health of workers
- Security of job
- Improved working conditions
- Efficiency of other factors of production
- Favourable weather conditions
- Fiscal policy is a kind of policy adopted by the government in which government revenue collection in form of tax and government spending in form of infrastructure are used to influence the economy
- Tax and government expenditures are instruments of fiscal policy.
- Dumping is a situation in which a commodity is sold abroad below its cost of production in the home country.
- The Economic Commission for Africa (ECA) is also known as the United Nations Economic Commission for Africa.
- The ECA was established in 1958.
- The ECA was set up by the UNO (united nations organisation)
- The family support programme in Nigeria essentially focuses on economic emancipation of women
- Utility is the satisfaction derived from consumption of goods and services.
- The major objective of a revenue allocation formula in a country is to share revenue between the different arms or tiers of government.
- The most important function of agriculture to the Nigerian economy is the guarantee of food security.
- Scale of preference is referred to as the consumer wants in order priority.
- The assumptions of monopoly market are:
- The ability to either control price or output.
- There is only one producer or supplier of a particular goods service that has no substitute
- The major advantage of a public limited liability company over a private limited liability company is easy transferability of shares. The public company can easily transfer shares.
- The main activity of the upstream oil sector is the exploration and production of crude oil. This is also considered as the extraction of crude oil
Hot 2019 key points in Economics(41-50)
Alright guys. Stay tuned for part two hot key points to blast Jamb commerce
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