SS2 Economics 1st Term Lesson Note and Scheme of Work
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Basic Tools for Economic Analysis
SUB TOPICS:
A. Simple linear equations (simple algebraic determination of equilibrium price)
B. Measures of dispersion (Range, variance and Standard deviation)
C. Calculations involving Pie charts, Bar charts, Histograms and Polygons.
SS2 Biology 2nd Term to get started.
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Show simple economic relationship with tables, graphs and charts.
2 Solve simple linear equations.
3 Determine the equilibrium price and quantity given demand and supply function.
4 Define table, graph and chart.
5 ETC
Concepts of Demand and Supply
SUB TOPICS:
A. Changes in quantity demanded vs change in demand {with factors}
B. Types of demand
C. Elasticity of demand
D. Factors affecting elasticity of demand
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Distinguish between change in quantity demanded and change in demand.
2 Distinguish between the factors influencing change in quantity demanded and the factors determining change in demand.
3 Highlight four types of demand.
4 Define elasticity of demand.
5 ETC
Concepts of Demand and Supply (CONT'D)
SUB TOPICS:
A. Changes in quantity supplied vs change in supply {with factors}
B. Types of demand
C. Price mechanism
D. Effects of changes in supply and demand on equilibrium price and quantity.
E. Elasticity of supply and its determinants
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Define elasticity of supply.
2 State and describe three types of elasticity of supply.
3 Illustrate different degrees of elasticity on a graph.
4 Draw illustrative graphs of change in demand and change in supply and their effects on equilibrium price and quantity.
5 ETC
Price System
SUB TOPICS:
A. Meaning and roles of price system in resource allocation
B. Price control or price legislation (minimum and maximum price and their effects)
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Define Price system.
2 Explain five functions and five failures of price system.
3 Mention and explain other methods of determining price.
4 Explain price system using diagrams.
5 ETC
Theory of Production
SUB TOPICS:
A. The production possibility curve
B. Concepts of Total, Average and Marginal Productivity
C. Law of variable proportions
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Define Production.
2 Explain the concepts of Total Product, Average Product and Marginal Product.
3 Determine the value of Average and Marginal Products from given data.
4 Plot the graphs of TP, AP and MP and bring out the relationship between TP, AP and MP.
5 ETC
Theory of Cost and Revenue
SUB TOPICS:
A. Definition of cost of production
B. Basic cost concepts
C. The relationship between FC, VC, TC, AC, AFC, AVC, and MC
D. Accountant view and economist view of cost
E. Short run and long run cost
F. Concepts of TR, AR and MR
G. Mathematical approach to cost and revenue concepts (including profit determination)
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Define cost of production and explain the concepts of Fixed Costs (FC), Variable Cost (VC), Total Cost (TC), Average Cost (AC) and Marginal Cost (MC).
2 Distinguish between different cost concepts.
3 Show graphs of FC, VC, TC, AC and MC.
4 Use graphs to illustrate the various cost concepts and the relationship between them.
5 ETC
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Economic Systems
SUB TOPICS:
A. Meaning, features, advantages and disadvantages of capitalism and its approach to solving basic economic problems of the society
B. Meaning, features, advantages and disadvantages of socialism and its approach to solving basic economic problems of the society
C. Meaning, features, advantages and disadvantages of mixed economy and its approach to solving basic economic problems of the society
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Explain the meaning of capitalist economic system.
2 State the features of capitalist economic system
3 Discuss how the basic economic problems are resolved under a capitalist economic system.
4 Explain the meaning of socialist economic system.
5 ETC
Labour Market
SUB TOPICS:
Supply of and demand for labour
Meaning and types of wages and wage rates
Wage determination
Factors which influence the level of wages
Trade union and other related institutions
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Define demand for labour and supply of labour and state their determinants.
2 Explain the meaning of and types of wages.
3 State reasons for differences in wages.
4 Define labour union.
5 Explain the meaning of collective bargaining.
6 State the instruments available for labour and employees to negotiate.
Unemployment
SUB TOPICS:
Definition
Concept of unemployment and underemployment
Types, causes, effects and solution to problem of unemployment
The concept of self-employment, job creation and dignity of labour
BEHAVIOURAL OBJECTIVES: At the end of the lesson, students should be able to:
1 Define unemployment and underemployment.
2 State five types of unemployment.
3 State five causes of unemployment.
4 Highlight five effects of unemployment.
5 Discuss the solutions to the problem of unemployment.
6 Explain the concept of self-employment, job creation and the dignity of labour.
(Ana Arm Technologies)
Basic Tools for Economic Analysis
Concepts of Demand and Supply
Price System
Theory of Production
Theory of Cost and Revenue
Economic Systems
Labour Market
Unemployment
Online Quiz
Reference Textbooks
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