SS3 Economics 1st Term Lesson Note and Scheme of Work
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International Trade - Introduction
SUB TOPICS:
A. Meaning of International Trade
B. Difference between national and international trade
C. Comparative cost theory
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LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Define international trade.
2 Give examples of international trade.
3 Explain how domestic trade differs from international trade.
4 Explain the theory of comparative cost advantage.
5 ETC
International Trade - Advantages, Disadvantages and Procedures
SUB TOPICS:
A. Reasons or basis for international trade
B. Advantages and disadvantages of international trade
C. Procedures for international trade
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 List and explain reasons for international trade.
2 Mention the barriers or problems of international trade.
3 List and explain the advantages and disadvantages of international trade.
4 Itemise and explain the procedures to follow when dealing in international trade.
5 ETC
International Trade - Balance of Trade and Balance of Payment
SUB TOPICS:
A. Division of international trade
B. Balance of trade and balance of payment
C. Restriction to trade
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Explain import and export trade, visible and invisible import and export and entre port.
2 Define balance of trade.
3 Explain balance of payment.
4 List and explain accounts involved in balance of payment.
5 ETC
International Trade- Principle of Absolute Advantage
SUB TOPICS:
A. Principle of absolute advantage and term of trade
B. Export promotion
C. Economic integration in Africa
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Discuss how the theory was propounded by Adam Smith.
2 State the principle of absolute advantage.
3 Define term of trade.
4 Write the formula for term of trade.
5 ETC
International Trade - Economic Integration
SUB TOPICS:
A. Economic integration in Africa
B. Nigeria’s external trade, trend and structure
C. Definition and components of BOP
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 List and explain the problems or disadvantages of economic integration.
2 List those countries trading with Nigeria in: a. Western Europe b. North and South America c. Eastern countries
3 Highlight major commodities involved in international trade.
4 Define balance of payment.
5 ETC
International Trade
SUB TOPICS:
A. Balance of payment dis-equilibrium and adjustment
B. Devaluation and depreciation of currency
C. Mathematical approach to currency devaluation and exchange rate
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Identify the different types of balance of payment disequilibrium as surplus and deficit.
2 Explain the meaning of depreciation.
3 Define depreciation of currency.
4 List and explain the effects of devaluation of currency.
5 ETC
Revision and Mid Term Test
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Economic Growth and Development
SUB TOPICS:
A. Meaning of and reasons for economic growth and development
B. Problems of economic development in Nigeria
LEARNING OBJECTIVES: At the end of the lesson, learners should be able to:
1 Define growth in economics.
2 Define development.
3 Explain how growth leads to development.
4 Differentiate between growth and development.
5 ETC
Theory of Income Determination
SUB TOPICS:
The Circular flow of Income, Concept of Savings, Investment and Consumption and their determinants, APC and MPC, APS and MPS, The concept of Multiplier, Equilibrium of income consumption and investment
Economic Planning or Development Planning
SUB TOPICS:
Elements of development planning. Types of Economic planning, Objectives of Planning, Problems of Planning in Nigeria, Nigeria’s planning experiences
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Functions and Roles of Regulatory Agencies in the Nigerian Financial System
Theory of Income Determination
International Trade
Balance of Payments
Economic Growth and Development
Economic Planning (or Development Planning)
Economic integration in West Africa
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Reference Textbooks
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