SS1 Economics 1st Term Lesson Note and Scheme of Work
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Meaning of Economics and Related Concepts
SUB TOPICS:
A. Meaning, Nature and Scope, Importance and Methodology of Economics
B. Economics as a science
C. Basic Concepts of Economics: Concepts of Want, Scarcity, Choice, Opportunity cost and Scale of Preference
D. Why we study Economics
E. Branches of economics
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Explain the meaning of economics.
2 Highlight the importance of economics.
3 Describe economics methods.
4 Explain why economics is a science subject.
5 Explain the basic concepts of economics.
6 Discuss how the basic concepts of economics are relevant to individual, firm and government day-to-day activities.
7 Discuss the importance of economics.
8 Mentions some branches of economics.
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Basic Tools for Economic Analysis
SUB TOPICS:
A. Meaning, Uses and Importance of Tables, Charts and Graphs
B. Constructing Tables and Graphs
C. Constructing and interpreting tables of values, bar chart and pie chart from given data
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Define tables, graphs and charts.
2 State four uses and importance of tables, graphs and charts.
3 Construct a table of values from a given function/equation.
4 Construct graphs from set out tables of values.
5 Construct Pie chart from given data.
6 Identify and construct different types of bar chart and Histogram from given data.
7 Interpret any given table, graph or chart.
Basic Tools for Economic Analysis
SUB TOPICS:
A. Frequency Distribution
B. Measure of Central Tendency: (a) The mode of a distribution (b) Mean – meaning and types (Arithmetic mean, Geometric mean, harmonic mean, quadratic mean)
C. Meaning, merits and shortcomings of the mean, median and mode
D. Calculating the mean, median and mode of ungrouped data
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Explain measures of central tendency.
2 Define mean, median and mode.
3 Describe the different types of mean and state the formula for calculating them.
4 State the merits and shortcomings of mean as a statistical value.
5 State the merits and shortcomings of median as a statistical value.
6 Obtain the median of a given distribution involving ungrouped data.
7 Obtain the mean, median and mode of a given distribution involving ungrouped data.
Concepts of Demand and Supply
SUB TOPICS:
A. Meaning of supply and law of supply
B. Supply schedule and supply curve
C. Changes in quantity supplied and change in supply
D. Factors affecting the supply of a commodity
E. Meaning of demand and law of demand
F. Demand schedule and demand curve
G. Changes in quantity demanded and change in demand
H. Factors affecting the demand for a commodity
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Define supply and explain the law of supply.
2 Explain and construct hypothetical supply schedule and curve.
3 State at least five determinants of supply.
4 Explain and illustrate change in quantity supplied and change in supply with the aid of diagrams.
5 State factors responsible for change in quantity supplied and factors responsible for change in supply.
6 Define demand and state the law of demand.
7 Construct demand schedule and demand curve.
8 State at least five determinants of demand.
9 Explain and illustrate change in quantity demanded and change in demand with diagrams.
Concepts of Demand and Supply
SUB TOPICS:
A. The concept of equilibrium price
B. Determination of equilibrium price and quantity a) from the demand function b) from the demand and supply schedule
C. Determination of equilibrium price and quantity from the demand and supply curve
D. Exceptional demand and supply
E. Reasons for exceptional demand and supply
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 State and explain various ways by which price is determined.
2 Explain the term price mechanism.
3 Plot price mechanism in a diagram.
4 Explain the equilibrium point, price and quantity.
5 Determine the equilibrium price and quantity using a. demand and supply function b. demand and supply schedule c. demand and supply curves.
6 Explain exceptional demand and factors responsible for exceptional demand with diagrams.
7 Explain exceptional supply and factors responsible for exceptional supply with diagrams.
Theory of Production
SUB TOPICS:
A. Definition of Production
B. Types of Production
C. Factors of Production
D. Land: Meaning, characteristics and importance in production
E. Capital: Meaning, types, characteristics and importance in production
F. Labour: Meaning, characteristics and importance in production
G. Entrepreneur: Meaning, characteristics and importance in production
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Define Production.
2 State and explain types of production.
3 List and explain stages of production.
4 Mention and describe factors of production.
5 Define land and state its features.
6 Outline the importance of land in production.
7 Define capital and state the types of capital.
8 Outline the features of capital and its importance in production.
9 Define labour and state its features.
10 Outline the importance of labour in production.
11 Define Entrepreneur, state its features and its importance in production.
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Theory of Production
SUB TOPICS:
A. Division of Labour and specialization
B. Advantages, disadvantages and limitations of division of labour and specialization
C. Scale of production – internal economies and external economies of scale
D. Limitations to the growth of businesses
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Explain the meaning and evolution of division of labour and specialisation.
2 Discuss the advantages and limitations of division of labour and specialization.
3 Define scale of production and explain small-scale and large-scale productions.
4 Explain internal economies and external economies of scale with types.
5 Describe the concept of diseconomies of scale.
6 Discuss the factors limiting the growth of a firm.
7 Discuss the reasons for the predominance of small-scale businesses in Nigeria.
Firms and Industry
SUB TOPICS:
A. Definitions of firms and industry
B. Factors that determine the size of a firm
C. Meaning and features of public and private enterprises
D. Difference between private and public enterprises
E. Problems of business enterprises
F. Reasons for the predominance of small firms in West Africa
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Explain the meaning of firms and industry.
2 State the differences between firms and industry.
3 Itemise the factors that determine the size of a firm.
4 State the meaning of private enterprises and public enterprises.
5 Identify the problems associated with business enterprises.
6 Explain the reasons for the predominance of small firms in Nigeria.
Economic Systems
SUB TOPICS:
A. Definition of Economic Systems
B. Types of Economic Systems (capitalist or free market, socialist or command and mixed economies)
C. Basic Economic Problems of the Society: (a) What to produce (b) how to produce (c) For whom to produce (d) efficiency of resources use.
D. Examples of how the Basic Economic Problems of the Society are solved under different economic systems
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Define economic systems.
2 State three types of economic systems.
3 Highlight the four economic problems of the society.
4 State the factors that determine what to produce and how to produce.
5 State the factors that determine for whom to produce and efficient use of resources.
6 Explain how each of the problems above is solved under each economic system.
7 Show and give examples of how the Basic Economic Problems of the Society are solved under different economic systems.
(Ana Arm Technologies)
Meaning of Economics and Related Concepts
Basic Tools for Economic Analysis
Concepts of Demand and Supply
Theory of Production
Firms and Industry
Economic Systems
Online Quiz
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