Nigerian Economy - Economic Structure

Flashcards covering key concepts and definitions related to the economic structure of Nigeria as described in the lecture notes.

Economic Structure

The organizational and social framework of an economy, including the nature of resource ownership.

Lipsey's Definition of Economy

An economy comprises any specified collection of interrelated marketed and non-marketed productive activities.

Domestic Economy

Refers to all economic activities within Nigeria's geographical boundaries.

National Economy

Refers to the activities of Nigerian residents globally.

Todaro (1982)

Defined economic structure as the organizational and social framework of any economic system.

Framework for Understanding Economic Structure

Provides a basis for grasping economic indices and performance across historical and contemporary periods.