Explain each of the following:
(a) Indigenisation policy
(b) Localization of industry
(c) Economies of scale
(d) National budget.
Explanation
(a)Indigenisation policy; is a deliberate effort of the government to enable the indigenes of a country to have more participation in the economy of their own country. It is a way of reducing the power of control of the economy by foreigners in a country.
(b) Localization of industry; is the concentration of different firms of a particular industry producing similar goods and services in a particular area
(c) Economies of scale; are the internal or external advantages firms enjoy as they grow in size. Internal Economies are the advantages firms enjoy from operating on a large scale, e.g. technical, market, financial, managerial, etc. External economies are the advantages a firm enjoys from its location, closeness and association with other firms.
(d) National budget; is an estimated revenue and expenditure of government during a particular period of time, usually one year. A budget could be a surplus, deficit or balanced budget.