Economics Questions and Answers

Craft union is a labor union with membership limited to workers of the same craft. It is a union representing workers who share the same skill-set or who perform identical tasks, although they may work in different industries; for example, electricians and plumbers.

As a result of difference in economic opportunities, people tend to migrate to where there are more economic opportunities like jobs, business, industries and social amenities. Majority of these are situated in urban areas in developing countries, this in turn facilitate rural-urban migration which is a major problem for developing countries.

Employer’s association is formed to enable members to adopt a common policy in labour negotiation. A good example of employers association is that of the Nigerian Employers’ Consultative Association (NECA).

Fiscal policy is the use of income and expenditure instruments or policies to control or regulate the economic activities of a country. It is a plain action by government pertaining to the raising of revenue through taxation and other means and the pattern of expenditure to be applied.

Rural-urban migration is the movement of people from rural areas such as villages to urban centers. The establishment of industries, projects and businesses that will absorb the rural working population and reverse labor movement will go a long way in reducing rural-urban drift.