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SS1: ECONOMICS - 3RD TERM

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  1. Mining | Week 1
    3 Topics
    |
    1 Quiz
  2. Financial Institution I | Week 2
    7 Topics
    |
    1 Quiz
  3. Financial Institutions II | Week 3
    5 Topics
    |
    1 Quiz
  4. Financial Institutions III | Week 4
    5 Topics
    |
    1 Quiz
  5. Business Organisation | Week 5
    3 Topics
  6. Money | Week 6
    5 Topics
    |
    1 Quiz
  7. Channels of Distribution I | Week 7
    5 Topics
    |
    1 Quiz
  8. Channels of Distribution II | Week 8
    6 Topics
    |
    1 Quiz
  9. Business Finance | Week 9
    7 Topics
    |
    1 Quiz



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Lesson 1, Topic 2
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Economic Importance of Mining

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The economic opportunities and wealth generated by mining for many producing countries are substantial.

Economic importance of Mining includes;

1. Employment Generation: It provides jobs for many people. 

2. Revenue Generation: Taxes paid by mining companies including export and import duties on the minerals are sources of revenue for the government.

3. Foreign Exchange Earning: The export of minerals like crude oil serves as foreign exchange for the country.

4. Raw Materials for Industries: Raw materials like limestone and oil are used by the cement and petroleum industries respectively.

5. Improvement in Standard of Living: Money earned from minerals, including foreign exchange, is used to provide social and basic amenities which improve the standard of living.

6. Acquisition of Skills: The presence and extraction of this mineral enable people to acquire different skills.

8. Infrastructural Development: The presence of minerals in an area leads to the development of infrastructures like roads, electricity, and pipe-borne water in such areas.

10. Generation of Income to Workers: The exploitation of mineral resources also provides income to workers.

11. Provision of Essential Goods: Goods that play a vital role in our everyday lives, such as cement, petrol, plastic, etc are produced through mining activities.

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