PUBLIC FINANCE

Public Finance is a field of economics concerned with how a government raises money, how that money is spent and the effects of these activities on the economy and society. It studies how governments at all levels — national, state and local provide the public with desired services and how they secure the financial resources to pay for these services.

CORRUPTION

CORRUPTION is a dishonest, untruthful or decptive behaviour in which someone uses power in order to get an advantage for himself.

TYPES OF CORRUPTION

1) BRIBERY: is dishonestly giving money to someone in order to persuade hime or her to do something that will help the person who has given the money dishonestly.

BASIC ECONOMICS TERM 1

INDIVIDUAL DEMAND: is the demand of one individual or firm. It represents the quantity of a good that a single consumer would buy at a specific price at a specific point in time.
MARKET DEMAND: provides the total quantity demanded by all consumers. In other words, it represents the aggregate of all two basic types of market demand i.e. Primary (total demand for all the brands that represent a given product or service) and Selective (the demand for one particular brand of product or service)

DIFFERENCES BETWEEN CHANGE IN DEMAND AND CHANGE IN QUANTITY DEMANDED

CHANGE IN DEMAND A change in demand is a change in quantity a consumer is demanding which does not necessarily come about by changing price. This means that the quantity change without a price change. This change in demand is due to other factors that affect demand other than price of the commodity.

FACTORS OF PRODUCTION

Factors of Production is that good or service which is required for production.
A Factor of Production is indispensable for production because without it, no production is possible.
LAND: refers not only to the surface of land but to all gifts of nature such as rivers, oceans, climate, e.t.c.
LABOUR: refers to all mental and pgysical work undertaken for some monetary rewards. It is essential for production.
CAPITAL: means all man-made resources. It comprises all wealth other than land which is used for further production of wealth.
ORGANISATION: refers to the services of an entrepreneur who controls, organises and manages the policy of a firm, innovates and undertakes all risks.

FACTORS OF PRODUCTION

Factors of Production is that good or service which is required for production.
A Factor of Production is indispensable for production because without it, no production is possible.
LAND: refers not only to the surface of land but to all gifts of nature such as rivers, oceans, climate, e.t.c.
LABOUR: refers to all mental and pgysical work undertaken for some monetary rewards. It is essential for production.
CAPITAL: means all man-made resources. It comprises all wealth other than land which is used for further production of wealth.
ORGANISATION: refers to the services of an entrepreneur who controls, organises and manages the policy of a firm, innovates and undertakes all risks.

DIFFERENCE BETWEEN CHANGE IN SUPPLY AND CHANGE IN QUANTITY SUPPLIED

CHANGE IN SUPPLY A change in supply is a change in quantity a producer is able to offer for market due to changes in other factors that affect supply other than a change in price of the commodity. This means that the quantity change without a price change.
CHARACTERISTICS
¤ A change in supply is caused by factors that affect supply except price e.g. Cost of production, war e.t.c
¤ A change in supply is express as a shift from one supply curve to another.
¤ A change in supply does not neccessarily obey the law of supply.
¤ A change in supply is a complete behavioural change in the supplier towards the commodity even when the price did not change.
CHANGE IN QUANTITY SUPPLIED
A change in quantity supplied is the change in the amount that is supplied of a commodity by a producer in the market due to a change in the price of the commodity.
CHARACTERISTICS
¤ A change in quantity supplied is caused by a change in price alone.
¤ A change in quantity supplied is express as a shift on a single supply curve.
¤ A change in quantity supplied obey the law of supply.
¤ A change in quantity supplied does not indicate a behavioural change in the consumer rather only a reaction to a change in price in the market.