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
The ban on cryptocurrency by the Central Bank of Nigeria (CBN) on February 5, 2021, gave millions of Nigerians the push to further explore the financial possibilities of digital currencies. Although cryptocurrency which is backed by blockchain technology has been in existence since 2009, when the unknown Satoshi Nakamoto claimed to have invented it, the … Read more
There are hundreds of Nigerians who have nice business ideas but are being impeded by a lack of access to financial support. And one of the coolest and cheapest ways to get capital for your business is to have access to grants or low-interest rate financing. A business-minded undergraduate student can also explore the platforms … Read more
Things are not always rosy as you think for all business owners, some of them struggle with how to pay off debts. I got to know this through a lady who shared the challenges her husband is facing. “My husband has been working for the past seven years, he earns well, but he uses the money … Read more
As a student, there are businesses you can start on campus that require little capital. There are even some of them that only require your creativity. You need to understand starting a business isn’t only for those who already have financial freedom, students can start small businesses on campus even with little savings from their … Read more