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Thursday, November 30, 2017

Rewards To Factors of Production

In the production of goods and services, firms combine factors of production in various proportions. The baker, for instance, needs flour, baking powder, sugar, baking equipment, such as an oven and other ingredients for baking. If he operates on commercial scale, he will need to employ workers.
   Payments are made to secure these factors. We have classified factors of production into four main headings: namely, land, labour, capital and entrepreneurship. The rewards to factors of production are:

  1. rents paid to owners for the use of their lands,
  2. wages paid to workers for the use of their services.
  3. profits earned by entrepreneurs. In other words, rents, wages, interests and profits are rewards to the owners of production and
  4. interests received by owners of capitals
Rents are classified into
  • Commercial rent
  • economic rent
  • quasi-rent

Commercial Rent

Commercial rent is defined as payment made for the use of  property, such as buildings and machinery. In other words, it is a reward for investment in property.

Economic Rent

This describe as any payment made to a factor of production over and above what is necessary to keep it operative or functional.  It is a surplus payment made to any factor of production - land, labour, capital or enterprise. The economic rent earned by a factor is the difference between its earnings and its opportunity cost.
That is to say, economic rent refers to the difference between the payment made to a factor of production and the minimum it would accept in its next paid employment.
    For example the minimum wage a medical officer will accept for his next employment is #300 but he is receiving #900 presently, his economic rent is #600 (that is #900-#300). If he were given #300, he would reject any sum less than #300. The extra #600 he makes represents his transfer earning or opportunity cost. It is what he will accept for his next employment if he were forced to.


Quasi-rent is payment made to any factor that is temporarily fixed in supply. It is a temporary surplus payment that is made to a factor, Such payment is expected to disappear when the supply condition of that factor improves.
    Quasi-rent disappears in the long run when adjustments are made to improve the supply and demand situation . The rents charged by landlords in Nigeria are often in the forms of quasi-rent and commercial rent.

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Wednesday, November 29, 2017



Suffixes are added to the end of the word. Suffixes frequently alter the word-class of the base. For example, the adjective kind is changed to abstract noun when the suffix - ness is added to the adjective - kind; to form - kindness.

Noun suffixes:

Occupational (Noun to noun)
  • -ster (person's identity) as in gangster, superstar
  • -eer (an occupation/activity) as in engineer, pensioneer
  • -er (varied meanings) as in teenager, Londoner
  • -let as in booklet, piglet
  • -ette as in kitchenette, statuette, flannette,usherette
  • -ess as in waitress, hostess
-y, ie as in daddy, auntie    
Noun/adjectives to noun/adjectives
  • -(i)-ite as in Israelite, socialite
  • -an as in Indonesian, republican
  • -ese as in Chinese
  • -ist as in socialist, violinist 
  • -ism as in idealism, communism  
Verb to noun
  • -er, or as in driver, processor
  • -ant inhabitant, disinfectant
  • -ee as in employee, testee
  • -ation as in exploration, organisation     
  • -ment as in amazement, fulfillment
  • -al as in refusal, dismissal
  • -age as in drainage
 Adjective to noun
  • -ness as in happiness, goodness
  • -ity as in sanity, humility
Verb to noun/adjective/verb
  • -ify as in simplify
  • -ize as in popularize,advertize
  • -en as in deafen, sadden
Noun to adjectives
  • -ful as in useful, helpful
  • -less as in childless, harmless
  • -ly as in cowardly, outwardly
  • -like  as in childlike, christlike
  • -y  as in creamy, hairy
  • ish as in Turkish, foolish, rubbish
  • -ian as in Darwinian, Christian
Other suffix common in borrowed and neo-classical words
  • -al as in criminal
  • -ial as in editorial
  • -ical as in musical
  • - ic as in heroic, historic
  • -ive as in attractive, affirmative, sensitive
Other adjectives suffix added to form v-noun. For example readable, bearable, etc.

Adverb suffix
  • -ly  as in happily, strangely, brightly
  • -ward as in backward, forward
  • -wise (in the manner of/as far as/is concerned) as in crabwise, otherwise, weather-wise.
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    Monday, November 27, 2017

    The Resurrection, Appearance And Ascension of Jesus

    The study of the Resurrection, Appearance And Ascension of Jesus is very important because the bible chapter gave an account of it, we are going to study them one after the other.
    Matthew 28:1-8; Mark 16:1-8; Luke 24:1-11 these bible verse gave an account of it.


    According to Matthew, Mary Magdalene and the other Mary went to see the sepulcher. There was a great earthquake for the angel of the Lord descended from heaven and rolled back the stone from the door and sat upon it.
      The angel told the women not to fear and that he knew they were looking for Jesus. The angel told them that Jesus had risen. The angel commanded them to go quickly to tell the disciples that Christ has risen from the dead and that he has gone before them to Galilee. They quickly went to tell the disciples.

    Mark recorded that Mary Magdalene and Mary the mother of James and Salome had brought sweet spices to anoint Jesus' body. They came to the sepulcher early in the morning on the first day of the week. They questioned themselves who roll away the stone from the door of the sepulcher. When they got there,they saw that the stone had been rolled away. When they entered the sepulcher, they saw a young man,sitting on the right side clothed in long white garment and they were afraid. The young man told them not to be afraid and that Jesus had risen. The young man instructed them to tell his disciples and Peter that Jesus had gone to Galilee.

    Luke recorded that the women entered the tomb and could not see the body of Jesus but they saw two men standing by them in white shinning garment. The men questioned the women "Why seek ye living among the dead"? 
    They reminded them of Jesus said, "The son of man must be delivered into the hands of sinful men, and be crucified and the third day rise again". The women returned to tell the eleven disciples their experience.
       Those are the account Matthew Mark and Luke gave about the resurrection, appearance and ascension of Jesus.


    Matthew 28:9-20; Luke 24:13-49
      It was the same day that Jesus had risen from the dead and had spoken to Mary Magdalene near the tomb that two disciples were going home from Jerusalem to the village of  Emmanus. One of the disciples was Cleopas. As they walked along they were discussing sadly the death of Jesus, as they walked Jesus himself came up to them, but they could not know him. He asked them what they were talking about and why they were so sad. Cleopas told him all that happened to Jesus and how they had heard the amazing news that he was alive again. Then Jesus began to talk about himself and how all these things had happen for they were the will of God.
          Soon they came to Emmaus. It was nearly evening and the two disciples asked Jesus to stay the night with them. As they sat down to eat Jesus took some bread, blessed it and broke it and gave it to the disciples. At once they knew who he was, but Jesus vanished from their sight.
    The two disciples set off again for the city of Jerusalem to tell the other disciples the great news. They found eleven with some others in the upper room. With joy they told them all that has happened on the road to Emmaus, and how they spoke, Jesus stood in the room. Many of them were afraid because they thought that he was a spirit. but when he showed them his wounds in his hands and feet, they knew who he was.
    Jesus was to appear to his disciples many times before he left them to ascend into Heaven. Forty days were to pass before his ascension and these days are often called "THE GREAT FORTY DAYS"
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