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Entrepreneurship Revision Questions and answers What are the factors that have contributed to the growth of entrepreneurship in Kenya. – Suggested answers Outline four reasons for establishment of a business enterprise – Suggested answers State four reasons to consider when Read more
DBM 614: ECONOMICS LECTURE NOTES UNIT 7: MONEY AND BANKING Definition • Money refers to anything which is widely acceptable in payment for commodities and in settling debts, not for itself but because it can be similarly passed on. Banking: Read more
Arbitration This is a dispute resolution mechanism whereby disputes are settled of court by arbitral tribunals which make arbitral awards as opposed to judgement. This mechanism is only applicable in the settlement of civil disputes. The law relating to Arbitration Read more
This is a special ledger which is used to record cash and cheque transactions. It contains only the cash in hand and cash at bank (i.e. cash and bank) accounts Nominal ledger This ledger is used to record business expenses Read more
Introduction Population refers to the number of human beings living in a particular region at a particular time. The size of the population is ascertained through national headcount, which is referred to as a national census. It is an international Read more
This is the total income received by the providers/owners of the factors of production in a given country over a given time period. Gross Domestic Product (GDP). This is the total monetary value of all goods and services produced in Read more
The word ‘perfect’ connotes an ideal situation. This kind of situation is however very rare in real life; a perfect competition is therefore an hypothetical situation. This is a market structure in which there are many small buyers and many Read more
As production activities take place in a given area, the environment and the health of the community around may be adversely affected by these activities. Some of these effects include; Air pollution This is caused by waste which is discharged Read more
As the firm grows in size, its scale of production increases.However, many firms remain small even though they face stiff competition from larger firms. Some of the reasons for existence of small scale firms include; Size of the market Large Read more
A firm cannot continue to expand indefinitely or without a limit.As a firm grows or industry expands, the benefits the firm can reap or get from such growth or expansion have a limit. Any further expansion in the scale of Read more