Revision kits in economics

Business Organization
Business Organization mean,entity that are created with sole aim of making profit.
Types Of Business Organization
1)Sole Propietor
2) Partnership
3)Limited Liability company
4) Co-operative society
5) Public Enterprises

SOLE PROPRIETOR
It is also known as one -man business.It is a types of business owned and control by a single person.Eg an hawker selling bread around the neighborhood.
Advantage of Sole Propietor
1)It is very easy to set up,as it does not require much formality .
2)It required small capital to set up
3)It is very flexible in it operation.eg it open to customer anytime any day.
4)It render the service of grading,srandardization & giving of technical information/installation
5)The owner enjoy the profit alone


DISADVANTAGE OF SOLE PROPIETOR
1)It is not a legal entity
2)It may lack enough capital for expansion
3)It may lack expert management
4)The death of the owner may be the end of the business

MONEY
Money can be define as anything that is generally acceptable as a means of payment and settlement of debt .
CHARACTERISTICS OF MONEY
ACCEPTABILITY: Money must be generally acceptable by all and sundries.
DIVISIBILITY: Money must be divisible e.g #20- #10- #5
RECOGNIZABILITY: Money must be must be easily recognize ie #20 must be different in colour and pattern.
SAMENESS: Money must be the same within the country e.g #20 in Lagos must be the same in Kano
PORTABILITY: Money must be portable ie easily carried about
DURABILITY: Money must be durable ie last longer
STABLE IN VALUE:This is to enable it maintain its value

2)South Korea (administrave region of China)
3)Taiwan
4)Japan

ELASTICITY OF DEMAND
This can be define as the degree of responsiveness of quantity demand to a slight change in price
TYPES OF ELASTICITY OF DEMAND
1) PERFECTLY ELASTIC
2) PERFECTLY INELASTIC
3) UNITARY ELASTIC

PRODUCTION THEORY

Production can be define as the conversion of raw material into finished goods

FACTORS OF PRODUCTION
By factors of production it means those items that must be present before production can take place.They include,
1)Land
2) Labour
3) Capital
4) Enterprenur