Economic Terminologies - JSS3 Civic education Lesson Note

Infrastructure: Infrastructure refers to the physical and organizational structures and facilities needed for the operation of a society or enterprise, including transportation systems, communication networks, utilities, and public services. Infrastructure plays a vital role in promoting economic development, facilitating trade and commerce, and enhancing quality of life.

Nationalization: Nationalization is the process of transferring ownership and control of private assets or industries to the government. Nationalization may occur for various reasons, such as promoting public welfare, ensuring equitable distribution of resources, or addressing market failures.

Privatization: Privatization is the opposite of nationalization, involving the transfer of government-owned assets or industries to private ownership and control. Privatization aims to improve efficiency, enhance competition, and stimulate economic growth by reducing government intervention in the economy and promoting private sector involvement.

Commercialization: Commercialization refers to the process of transforming non-commercial or publicly funded activities, goods, or services into market-driven enterprises or ventures. Commercialization often involves the introduction of profit motives, market-oriented strategies, and competition in previously non-commercial sectors, such as education, healthcare, and scientific research.