2018 - JAMB Economics Past Questions and Answers - page 8

Want may be defined as insatiable desire by human beings to own goods or services that give satisfaction.

Mortgage banks are financial institutions that specialize in granting loans to individuals and corporate bodies for building purposes

Circulating capital is the form of capital used for the day-to-day running of production activities. This includes things like raw materials, and goods in the process of production, which are continuously used and replaced.

Public Limited Liability Company is defined as one which allows the public to subscribe for its shares. The number of shareholder range from seven to infinity, however, owners must be at least seven.

Utility is the satisfaction or pleasure a consumer receives from consuming a good or service.

The Primary Concerns of Economics is the study of the organization of economic activities in society. Economics attempts to answer questions related to market prices, production and the gain of wealth. ... The basic economic problem states that while the desire of people is infinite, our resources are limited.

The economic commission for Africa (ECA) also known as the United Nations Economic Commission for Africa was established in 1958 with its headquarters in Addis Ababa, Ethiopia. It is an organ of the United Nations Organization (UNO). Its major aim is to promote the social and economic development of Africa.

Capital is the man made wealth or goods used to produce other goods and services such as cash, machine, buildings, motor vehicles, raw materials etc. The reward on capital such as these is interest