History was made on Wednesday, January 17, as two female officers were
winged by the Nigerian Air Force after embarking on a one-year training
programme in Westline Aviation in South Africa, where they qualified as
pilots.
They are Flying Officers OS Ijelu and GC
Nwaogwgwu. They were winged alongside 9 other male flying officers in a
ceremony which a former Chief of Defence Staff, Air Chief Marshal Paul
Dike (rtd) was the guest of honour.
Congrats to the ladies and the guys.
Name: Asiegbunam Destiny Ebubechukwu
Reg no : 2021/248876
Dept: Economics
Course code : ECO 101
1. In economics, factors of production are the inputs needed for creating a good or service. The four factors of production include land, labor, entrepreneurship, and capital. These factors comprise various resources or inputs needed to generate outputs, measured by the gross domestic product.
2. Factors of production are important for the economic growth of any country, including Nigeria. They are the building blocks of an economy and their efficient use can lead to increased productivity and economic growth.
In Nigeria, some determinants of economic growth include population growth, inflation, foreign direct investment (FDI), interest rates, exports as well as private & public investment. However, the country faces challenges such as power supply issues, social unrest, and political uncertainty ahead of the 2023 elections.
3. In order to meet the needs of its people, every society must answer three basic economic questions: What should we produce? How should we produce it? For whom should we produce it?. These questions are important because they help societies determine how to allocate their resources efficiently to meet their needs and wants.
4. Nigeria operates under a mixed economic system, combining elements of both a market economy and a planned economy. The government plays a significant role in the economy through its control of key industries, such as oil and gas, as well as through its regulation of financial institutions and other businesses.
In this context, the answers to the three basic economic questions would depend on the interplay between market forces and government intervention. For example, the question of what should be produced might be answered by a combination of consumer demand and government priorities. The question of how it should be produced might be answered by market competition and government regulations. And the question of for whom it should be produced might be answered by market mechanisms such as prices and wages, as well as government policies such as subsidies and social welfare programs.
Name: Didiugwu Cynthia Nmasichukwu
Reg no : 2019/250235
Dept: Medical laboratory science
Course code : ECO 101
1.Factors of production-Factors of production is an economic term that describes the inputs used in the production of goods or services to make an economic profit
The factors of production includes land, labour, entrepreneurship and capital
Land: Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land.
Labour: Labor refers to the effort expended by an individual to bring a product or service to the market. Again, it can take on various forms. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel.
Capital: In economics, capital typically refers to money. However, money is not a factor of production because it is not directly involved in producing a good or service. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages. For modern mainstream (neoclassical) economists, capital is the primary driver of value
Entrepreneurship: Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook.
2 .Economic growth is the increase in the production of goods and services from one period to the next. As such, the value of these goods and services increases, resulting in larger corporate profits. It has a snowball effect, which often leads to higher stock prices and a rise in employment. Companies have more capital to invest in new ventures and consumers are able to spend more.
Any increase in production leads to economic growth as measured by GDP. This metric merely represents the total production of all goods and services in an economy. Improved economic growth raises the standard of living by lowering costs and raising wages.
3 . the questions are:Â what to produce?how to produce it? and who to produce it for?
4 .First: What to produce. This question aims at establishing the products that need to be produced in the economy. In Nigeria for you to know what to produce, you have to check the percentage of people who will be needing the product example is that of Dangote Cement by which 70% of Nigerians uses it in building of house.Firms will produce that particular good into the economy with a higher demand and a decent price level.
Second: How to produce. It defines the way or method one should adopt to manufacture the good. It answers questions like what tools will be required for manufacturing the goods or services. Examples of these tools are land, machines, raw materials, etc.
Third: Whom to produce. This explains the target market for the goods or services. It elaborates to which class of the society should the goods or services be produced for. The end users of the goods or services are taken into consideration. The firm makes those goods or offers the services they feel will earn higher profits.
1) The factors of production are the resources used to produce goods and services in an economy. The classical factors of production are:
Land: This includes all natural resources such as forests, minerals, water, and fertile land that are used to produce goods and services.
Labor: This refers to the human effort involved in producing goods and services, including both physical and mental labor.
Capital: This refers to the tools, machinery, buildings, and other man-made resources used in production.
Entrepreneurship: This refers to the ability to organize and manage the other factors of production in order to produce goods and services efficiently.
In addition to these classical factors of production, some economists also include technology and knowledge as factors of production. These factors are considered to be important in the modern economy, as they can significantly impact productivity and innovation.
2)
Why are the factors of production important to the economic growth of NIGERIA
The factors of production are crucial to the economic growth of Nigeria, as they determine the country’s ability to produce goods and services efficiently. Nigeria, like any other economy, relies on these factors to increase its productivity and output, create employment opportunities, and improve its standard of living.
Land: Nigeria is blessed with abundant natural resources, including crude oil, natural gas, agricultural land, and mineral resources such as tin, limestone, coal, and gold. These resources have played a significant role in Nigeria’s economic growth, contributing to its export earnings and government revenue.
Labor: Nigeria has a large and youthful population, which provides a significant labor force. However, the quality of education and skills training of the labor force is a challenge that needs to be addressed to improve productivity and competitiveness.
Capital: Adequate capital is necessary to finance production activities and facilitate technological advancements. Nigeria has a growing private sector and a banking system that supports investment in various sectors of the economy.
Entrepreneurship: Entrepreneurship is essential to the creation of new businesses and industries, which drives economic growth and job creation. Nigeria has a vibrant and growing entrepreneurial ecosystem that encourages innovation and creativity.
Overall, Nigeria’s economic growth depends on how well it can utilize its factors of production. By improving infrastructure, investing in education and skills training, promoting technological advancements, and supporting entrepreneurship, Nigeria can improve its productivity, increase its output, and achieve sustainable economic growth.
No 3
In any basic economy, the three fundamental economic questions are:
What to produce: This refers to the decision about which goods and services should be produced in the economy, given the available resources and the needs and wants of the population. For example, an economy may decide to produce more food, clothing, or housing based on the needs and preferences of its population.
How to produce: This refers to the decision about the most efficient and cost-effective methods of production, given the available resources and technology. For example, an economy may decide to use labor-intensive or capital-intensive production methods based on the availability of labor or capital resources.
For whom to produce: This refers to the decision about how goods and services will be distributed among the population, given their needs and preferences. For example, an economy may decide to distribute goods and services based on income or need, or through a combination of both.
These three basic economic questions are essential to the functioning of any economy, as they determine how resources are allocated and how goods and services are distributed among the population. The answers to these questions can vary depending on the economic system and the values and priorities of the society.
No 4)
context of Nigeria, the three fundamental economic questions can be elaborated as follows:
What to produce: Nigeria has a diverse economy, with natural resources such as crude oil, natural gas, solid minerals, agricultural land, and a growing manufacturing sector. The decision of what to produce depends on the needs and wants of the population, the availability of resources, and the opportunities for export. Nigeria has traditionally relied on crude oil exports for revenue, but there is growing awareness of the need to diversify the economy and explore other sectors such as agriculture, manufacturing, and technology.
How to produce: Nigeria faces challenges in terms of infrastructure, access to finance, and technology. The decision of how to produce goods and services depends on the availability of resources and technology. In Nigeria, there is a need to invest in infrastructure such as roads, electricity, and water, and to improve access to finance for businesses. Additionally, there is a need to improve technology and skills training to enable more efficient production methods.
For whom to produce: Nigeria has a population of over 200 million people, with varying income levels and needs. The decision of how goods and services are distributed depends on factors such as income, need, and social welfare policies. In Nigeria, income inequality is a challenge, and there is a need to ensure that economic growth benefits all segments of the population. Additionally, social welfare policies such as healthcare, education, and social security can help to ensure that basic needs are met for all citizens.
Overall, the answers to the three fundamental economic questions in Nigeria depend on the country’s economic development priorities and the needs and preferences of its citizens. By diversifying the economy, investing in infrastructure and technology, and promoting social welfare policies, Nigeria can improve its productivity, increase its output, and achieve sustainable economic growth.
Name: ukpai ifeanyi Emmanuel
Dept: pure and industrial chemistry
Reg: 2017/244035
Normative economics economics) is the part of economics that deals with normative statements. It focuses on the idea of fairness and what the outcome of the economy or goals of public policy ought to be.while Positive economics is the part of economics that deals with positive statements. That is, it focuses on the description, quantification and explanation of economic phenomena.
2. Ceteris paribus is a commonly-used phrase which stands for ‘all other things being unchanged or constant’. It is used in economics to rule out the possibility of ‘other’ factors changing, i.e. the specific causal relation between two variables is focused.
Name: Onyia Kingsley Chinecherem
Dept: Pure and industrial Chemistry.
Reg No: 2017/243644
[17/04, 4:47 PM] Zizu: What are Factors of Production?
Factors of production is an economic concept that refers to the inputs needed to produce goods and services. The factors are land, labor, capital, and entrepreneurship. The four factors consist of resources required to create a good or service, which is measured by a country’s gross domestic product (GDP).
[17/04, 4:47 PM] Zizu: The 4 Factors of Production
There are four factors of production—land, labor, capital, and entrepreneurship.
[17/04, 4:47 PM] Zizu: Labor As a Factor
Labor refers to the effort expended by an individual to bring a product or service to the market. Again, it can take on various forms. For example, the construction worker at a hotel site is part of labor, as is the waiter who serves guests or the receptionist who enrolls them into the hotel.
[17/04, 4:47 PM] Zizu: Land As a Factor
Land has a broad definition as a factor of production and can take on various forms, from agricultural land to commercial real estate to the resources available from a particular piece of land. Natural resources, such as oil and gold, can be extracted and refined for human consumption from the land.
[17/04, 4:47 PM] Zizu: Capital As a Factor
In economics, capital typically refers to money. However, money is not a factor of production because it is not directly involved in producing a good or service. Instead, it facilitates the processes used in production by enabling entrepreneurs and company owners to purchase capital goods or land or to pay wages. For modern mainstream (neoclassical) economists, capital is the primary driver of value.
[17/04, 4:47 PM] Zizu: Entrepreneurship As a Factor
Entrepreneurship is the secret sauce that combines all the other factors of production into a product or service for the consumer market. An example of entrepreneurship is the evolution of the social media behemoth Meta (META), formerly Facebook.
[17/04, 4:47 PM] Zizu: Importance of Factors of Production:
The concept of the factor of production is of great importance in modern economic analysis. It is used in the theory of production in which the various combinations of factors of production help in producing output when a firm operates under increasing or decreasing costs in the short-run, and when the returns to scale increase or decrease in the long-run
[17/04, 4:47 PM] Zizu: Variable factors are those whose quantities and costs change with the change in output. Larger outputs require larger quantities of labour, raw materials, power, etc.
So long as a firm covers the costs of production of the variable factors it employs, it will continue to produce even if it fails to cover the costs of production of the hired factors, and incurs a loss. But this is only possible in the short-run.
[17/04, 4:47 PM] Zizu: Further, we can also know, how can the least-cost combination of factors are obtained by a firm?
The theory of cost of production also depends upon the combinations of factors employed in business and the prices that are paid to them. From the point of view of the theory of costs of production, factors of production are divided as fixed factors and variable factors. Fixed factors are those whose costs do not change with the change in output, such as machinery, tube well, etc.
[17/04, 4:47 PM] Zizu: In the long-run, it must cover the costs of production of both the fixed and variable factors. Thus the distinction between fixed and variable factors is of much importance for the theory of firm
[17/04, 4:47 PM] Zizu: Factors of production are also divided into divisible and indivisible factors. Factors are divisible when their inputs can be adjusted to the output. Labour is said to be divisible when the number of labourers may be reduced in keeping with the output of the firm. Divisible factors lead to the economies of scale for a firm by adjusting the number of factors to the output of the firm.
[17/04, 4:47 PM] Zizu: The Questions Economists Ask
Economists study the interactions between households and businesses and look at the ways in which the factors of production are combined to produce the goods and services that people need. Basically, economists try to answer three sets of questions:
1)What goods and services should be produced to meet consumers’ needs? In what quantity? When should they be produced?
2)How should goods and services be produced? Who should produce them, and what resources, including technology, should be combined to produce them?
3)Who should receive the goods and services produced? How should they be allocated among consumers?
[17/04, 4:47 PM] Zizu: Indivisible factors are those which are available in minimum sizes, and are lumpy, such as machines, entrepreneur, etc. They also lead to economies of scale, but at a faster pace. When a firm expands, the returns to scale increase because the indivisible factors are employed to their maximum capacity. More output can be had by using the existing machines up to their full productive capacity.
Lastly, the concept of factor of production is used in explaining the theory of factor-pricing. For this purpose, factors of production are divided into specific and non-specific. A factor of production which is specific in use earns a higher reward than a non-specific factor. This also solves the problem of distribution of income to the various resource-owners.
[17/04, 4:47 PM] Zizu: The three basic questions which need to be answered by an economic system are:
[17/04, 4:47 PM] Zizu: The three basic questions which need to be answered by an economic system are:
First: What to produce. This question aims at establishing the products that need to be produced in the economy. Depending on the market need, such products may include clothing, food, electronics, etc. Firms will produce that particular good into the economy with a higher demand and a decent price level.
Second: How to produce. It defines the way or method one should adopt to manufacture the good. It answers questions like what tools will be required for manufacturing the goods or services. Examples of these tools are land, machines, raw materials, etc.
Third: Whom to produce. This explains the target market for the goods or services. It elaborates to which class of the society should the goods or services be produced for. The end users of the goods or services are taken into consideration. The firm makes those goods or offers the services they feel will earn higher profits.