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Is norminal GDP of a country like Nigeria dependent on unemployment and inflation?

The gross domestic product (GDP) is a broad measure of the value of goods produced in an economy (Mankiw, 2015). The value can be presented in either nominal or real terms. In nominal terms, the GDP is the value given in today...

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Effect of change in demand on consumer surplus

As a concept the importance of consumer demand and supply play a vital role in business economics. Research conducted by Buvik (2001) states that the relevance of consumer demand plays a critical role on the overall market and con...

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What is the efficacy of economic order quantity in a small business?

To be efficient, businesses need to manage inventory in an effective manner. One approach used increasingly by larger businesses is economic order quantity (EOQ). EQQ involves calculating the most cost effective level for ordering...

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