williams sodic Relative income hypothesis states that the satisfaction (or utility) an individual derives from a given consumption level depends on its relative magnitude in the society (e.g. relative to the average consumption) rather than its absolute level. It is based on a postulate that has long been
acknowledged by psychologists and sociologists, namely that... Read All 0002 April 2012
nkem okoh land is free natural gift from God.it is non locomotive and its reward is rent......labour effort by humans that is put into production process for a high output to be atttai ned,it can be measured by man hour or man labour,its reward is rent,wages and divided into hired and family labour...capital is a man made productive assets,its not mean money... Read All 2001 February 2012
olayinka oluwaseun land: land is a free gift of nature from God, nd the reward for land is rent.
labour: labour is an effort redered by human nd their aim is wages or salarymaking
capital : is an asset use for seting up a business it might nt be money nd d reward for that is interest motive.
lastly enterpreneur dis is d most important of all coz wit out dis d factor of... Read All 0017 January
andy chuksWhat is Monetary Economics? Monetary economics is a branch of economics that historically prefigured and remains integrally linked to macroeconomics. Monetary economics provides a framework for analyzing money in its functions as a medium of exchange, store of value, and unit of account. It considers how money, for example fiat currency, can gain acceptance purely because of its... Read All14 November 2011Comment
andy chuksWhat is Developmental Economics? Development Economics is a branch of economics which deals with economic aspects of the development process in low-income countries. Its focus is not only on methods of promoting economic growth and structural change but also on improving the potential for the mass of the population, for example, through health and education and workplace conditions,... Read All14 November 2011Comment