In this post, we shall look briefly into who an entrepreneur is, their functions and importance. At the end of this lesson, students should be able to: Who is an Entrepreneur? An entrepreneur is a crucial factor of production in the economic system, and they play a central role in the process of wealth creation….
There are six divisions of commerce that help facilitate economic activities. They are trade, transport and communication, banking,
Capital is the wealth that is reserved or set aside for the purpose of generating more wealth through productive activities.
Labour is the combined physical and mental efforts of individuals directed towards production. It is a vital factor of production
Commerce is the study of the various processes involved in the production, distribution, and exchange of goods and services with the primary objectives to satisfy human wants and needs
Deforestation is the process of cutting down trees or forest for the purpose of farming, lumbering mining, industrial, grazing and residential without immediate replanting of trees to replace the cut ones.
A sole proprietorship is a business organisation established, owned, financed and controlled by one person with the aim of making profits.
Production is the processing of raw materials into finished goods, and the distribution and provision of goods and services to satisfy human wants.
Climate is the long-term manifestations of weather and other atmospheric conditions in a given geographical area.
Air pollution is the contamination of the atmosphere with noxious gases such as fumes, smoke, dust particles, nuclear waste and so on.