There are 41 central banks in Africa. While each of the independent countries has an apex bank of its own, two currency unions are associated with multinational central banks. The multinational apex banks are: West African Banque Centrale des États de l’Afrique de l’Ouest (BCEAO) and the Central African Banque des États de l’Afrique Centrale (BEAC). The members of BCEAO and … Read more
Having a small business is such an accomplishment to have. But, unfortunately, it is not all fun and games. It also entails a lot of responsibility. It is a lot to handle for any business owner, big or small. It is where accounting comes in. You might think that a small business won’t need accounting. You … Read more
There are basic economic problems every economy faces. Definitely, there will be the availability of limited resources. Human wants are insatiable that’s one of the reasons scarcity arises. Let’s assume that there are more than enough resources, the economic problem would not probably arise. But the study of economics makes us understand that there will always be … Read more
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 … Read more
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 … 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 … Read more
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 … Read more
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 … Read more
An origin or financing method refers to the amount of money a company uses to fund its operations. A company can get money from various sources. The sources could be divided into two major categories: 1) internal, 2) external. Whatever the sources are, the main goal is to meet financial needs. Internal sources of finance … Read more
Since the Central Bank of Nigeria (CBN) announced the launch of a digital currency dubbed “eNaira” which is known as Central Bank Digital Currency (CBDC), Nigerians expressed mixed reactions to the project. While some Nigerians praised it, some berated the apex bank for coming up with such an idea as having “ban” trading of cryptocurrency … Read more