Economics Questions and Answers

Professor Lionel C. Robbins defined economics as the science which studies human behavior as a relation to ends and scarce means which have alternative uses. The “ends” in the definition refers to human wants, desire or needs. Human wants are numerous or many relative to available resources required to satisfy them.

Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS.

Occupational distribution of population refers to the classification of the working population into different types of work they engage in. The occupational distribution in any population is influenced by factors which includes: The level of education, Availability of natural resources, The level of technology, The type of production activities.

The Nigerian National Petroleum Corporation (NNPC) is a body charged with the development and management of Nigeria’s Petroleum resources. It was established in 1977 and was assigned the responsibility of exploration, production and refining of petroleum, as well as distribution and foreign marketing of crude oil and petroleum products.

Capital is the man made wealth or goods used to produce other goods and services such as cash, machine, buildings, motor vehicles, raw materials etc. The reward on capital such as these is interest.