What is inflation? The most popular definition of inflation is, “an increase in the average level of prices”. Specifically, inflation is a condition whereby supply persistently fails to keep pace with the expansion of demand. Simply put, inflation is a state of disequilibrium in which too much money is chasing a few goods. The opposite […]
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What is scale preference? A scale of preference is a list of human wants arranged in order of priority. It is a priority rating of all individual wants according to their importance. Everyone has a form of a scale of preference even in some situations when one has enough cash to purchase books, the latest
Scale of Preference: Its Importance and Example Read More »
What is scarcity? Scarcity is the inability of human beings to provide themselves with all the things they want or desire at a specific time. It is one of the most important elements in economics. It forms the core of the economic problems. It creates a “problem” and the ability of humans to effectively manage
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Definitions of Economics Economics is the act of creating wealth and the management of such wealth in the long term. To some people, economics is the study of scarcity. Men will have to manage the available resources within their reach or choose between the competing alternatives. It is the study of wealth for human satisfaction i.e how money
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Price floor is a price control mechanism employed by the government, institutions or companies on how low the price of a product or service can be. Simply put, the lowest price in the price band is called the price floor. The opposite of this economic jargon is cap price (price ceiling) which is the highest
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The strongest currencies in Africa in 2023 in terms of US Dollar exchange rate are Tunisian Dinar, Libyan Dinar, Moroccan Dirham, Ghanaian Cedi, Seychellois Rupee, Botswana Pula, Eritrean Nakfa, Namibian Dollar, Lesotho Loti, and Swaziland Lilangeni. In this post, we will compare currencies in Africa against the United State dollar and come up with the 15 most valuable currencies on the continent
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What is Islamic banking? Islamic banking entails banking activities that are compliant with Shariah. Also known as Islamic finance, it encompasses financial activities, particularly in the banking world, which adhere to Islamic law. This article is about the advantages of Islamic banking for business growth. Tenets of Islamic Banking The religious system forbids the payment
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There are more than 40 private jet owners among Nigeria’s super-rich, comprising businessmen and women, politicians, pastors, and A-rated musicians. And of course, extremely wealthy Nigerians prefer privacy, and one of the ways to achieve this is by flying in their private jets Top on this list includes Aliko Dangote, Femi Otedola Bola Tinubu, Pastor
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What is Halal? Any business, action, or food that is permissible in Islam is known as Halal. To describe a business as Halal means that Muslims can engage in it. Such businesses are not forbidden (Haram). Haram is the opposite of Halal. Meaning of Haram Haram is the opposite of halal. Anything that is unlawful
Is Crypto Halal or Haram? A Guide for Muslims Read More »
The Chairman of Dangote Group Alhaji Aliko Dangote has again been rated as the wealthiest man in Africa, according to Forbes 2024 list. This can be attributed to the growth in Aliko Dangote’s wealth to the sterling performance of Dangote Cement on the Nigerian Exchange. And lately, the company’s had over N11 trillion market capitalization January
Forbes’ 2024 Ranking: The 20 Wealthiest Africans Read More »
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