JAMB Past Questions and Answers - Page 29

privatization is moving something from the public sector into the private sector.  The transfer of ownership, property or business from the government to the private sector is termed privatization. The government ceases to be the owner of the entity or business. Government owned businesses or agencies are primarily established for the purpose of providing various products and services to the general public at a subsidized rate. Their aim isnt to make profit unlike privately owned businesses, whose major aim is to maximize profit while for offering such goods / services. 

A liquidator is a person appointed to wind up the affairs of a company or firm. A person assigned to supervise the liquidation of a business concern and whose legal authorization, rights, and duties differ according to whether the liquidation is compulsory or voluntary.

Money is a type of asset in an economy that is used to buy goods and services from other people. A commodity is a physical item that is interchangeable with another item of the same type or value.

This is the use of specific commodity as a form of money. Its value as a piece of metal is the same with its value as a piece of money.

land is a different type of factor of production than others. it possesses the following characteristics:-

1) free gift of nature- land is a gift of nature given to man free of cost

2) land is limited in supply- other factors of production can be increased in supply to a greater or lesser extent. but it is impossible to increase the supply of land

3) land is a primary factor of production- in every kind of production, we have to make use of land

4) land is a passive factor of production- land is a passive factor of production because it cannot produce anything by itself

5) land is permanent- land is indestructible

6)land is immovable

7) land varies in fertility

A contract is an agreement or law binding the creation of business and enforceable in law.