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SS1: ECONOMICS - 2ND TERM

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  1. Firms & Industry | Week 1
    4 Topics
  2. Firms & Industry (Business Organisation) | Week 2
    5 Topics
    |
    1 Quiz
  3. Population Theory I | Week 3
    3 Topics
  4. Population Theory II | Week 4
    3 Topics
  5. Population | Week 5
    3 Topics
  6. Population Distribution | Week 6
    4 Topics
  7. Population Census | Week 7
    3 Topics
    |
    1 Quiz
  8. Labour Market | Week 8
    3 Topics
    |
    1 Quiz
  9. The Nature of the Nigerian Economy | Week 9
    4 Topics
    |
    1 Quiz
  10. Agriculture | Week 10
    4 Topics
    |
    1 Quiz



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Firm:

A firm is an independently administered business unit which carries out productive activities. It is a unit of business organization, the business unit produces a particular product or provides a particular service.

Firms are therefore of different sizes; ranging from one business with limited capital to a joint-stock company with a huge amount of capital.

Industry:

An industry is a group of firms producing similar goods and services.

It is the combination of a number of firms producing broadly similar commodities or services for the same market e.g. the petroleum industry, textile industry, cement industry, banking industry, mining industry, etc.

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