Production can be defined as the transformation of raw materials into finishing goods and the distribution and provision of goods […]
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Mode is the figure or number which has the highest frequency. It is the number which occur most in the […]
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The median
THE MEDIAN The median is defined as an average which is the middle value when figures are arranged in order […]
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Arithmetic Mean (A.M)
The arithmetic mean, also popularly referred to as the ‘mean’ is the average of a series of figures or values. […]
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Pie Chart: Representation of data
A PIE CHART SHOWING THE % OF DESTINATIONS OF CANDIDATES NOTE: Before drawing the pie chart the following table process […]
A table is an orderly arranged list of information, facts or data, usually set out in rows and columns, and […]
In every economic system, what to produce, how to produce, for when to produce and efficiency of the resources used […]
The concept of the opportunity cost underlines the basic economic problems of scarcity and choice, and is relevant to the […]
The basic concept or elements of economics are: wants, scarcity, scale of preference, choice and opportunity cost. Wants Wants simply […]
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Economics as a science
Economics can be called a science. It has many laws like the physical sciences. The economist observes the behaviour of […]