Econometrics, Micro Economics

It's my first Sabbath in like 10 weeks that i will have time to rest...

The journey of entrepreneurship is such that u must be working 24/7 either physically or mentally..

Rest is important to get fresh ideas and one of such idea signal was grapped in my mind today..

Happy Sunday..

Wish us a productive week.

It's been a year of living together as a family and we are grateful to God for help and wisdom

Our mission is simple:
To help a number of Nigerian students to score good grade in the next Unified Tertiary Matriculation Examination..

This is one of our action point towards achieving this..

The best time to start preparing for 2026 JAMB examination is now..

Message to get direction on how to get our up to date 4 in 1 JAMB series..

Endogenous variables are the variables whose values are determined within the system of a model. However, in some more complex cases of mathematical models, all variables on the left hand side of our equation (dependent variables) are endogenous variables, although some may appear as independent.

A variable is a symbol which assumes various values in a particular problem. It is commonly denoted by letters of the alphabets such as, a, b, c, x, y, z, etc, or by Greek letters such as ( β, λ, σ, etc. In economics, it is possible to distinguish between endogenous and exogenous variables, continuous and discrete variables, flow and stock variables.

Economists have distinguished between the two main branches of economics. On the one hand, we have microeconomics and, on the other hand, we have macroeconomics.
Microeconomics is an integral part of economics which aims at the behaviour of individual economic decision making units such as the producers, consumers and government agencies.
It is primarily concerned with the circular flow of economic resources among households and firms in an economic system. Microeconomics is also known as price theory.
On the other hand, macroeconomics deals with the aggregate behaviour of the economy as a whole. It examines the group behaviour of these economic units and the related markets.

Opportunity cost refers to the alternative thing forgone. It is used by economists to allocate limited resources for production, consumption, distribution and exchange of goods and services.

Since resources are scarce, we are compelled to make a choice. We are confronted with a range of alternative commodities from which we select based on our constraints. These constraints are referred to as our `limited resources'.

Scarcity forms the bedrock of economics.
The word `scarcity' means the availability of goods and services in quantity less than sufficient to satisfy man's unlimited wants.

Economics is the study of how man allocates his limited resources among other alternative uses in order to satisfy his wants or desires.