SS3 Economics 1st Term

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Week 1: 18-09-2023

International Trade - Introduction

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.

Week 2: 25-09-2023

International Trade - Advantages, Disadvantages and Procedures

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.

Week 3: 02-10-2023

International Trade - Balance of Trade and Balance of Payment

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.

Week 4: 09-10-2023

International Trade- Principle of Absolute Advantage

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.

Week 5: 16-10-2023

International Trade - Economic Integration

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.

Week 6: 23-10-2023

International Trade

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.

Week 7: 30-10-2023

Revision and Mid Term Test

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1. If workers at the school canteen sell during the holidays, this is an example of? 2018, Q22


2. A market is in equilibrium when? 2018, Q15


3. The organisation of productive factors is the responsibility of the? 2018, Q3


4. A price floor is usually fixed —2018, Q14


5. Which of the following forms of economic integration is a member nation free to impose duty against —2018, Q43


6. If the marginal utility of a commodity is equal to its price then —2018, Q13


7. Goods whose demand vary directly with money income are called? 2018, Q7


8. Which of the following measure can be adopted to stabilize the external value of the local currency? 2018, Q39


9. If the price of commodity X rises and consumers shift to commodity Y, then commodity X and Y are? 2018, Q6


10. Public limited liability companies are democratic in nature because? 2018, Q19


Question 1 of 10

Week 8: 06-11-2023

Economic Growth and Development

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.

Week 9: 13-11-2023

Theory of Income Determination

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

Week 10: 20-11-2023

Economic Planning or Development Planning

Elements of development planning. Types of Economic planning, Objectives of Planning, Problems of Planning in Nigeria, Nigeria’s planning experiences

Attention: The internal data of table “49” is corrupted!

Other Classes are Listed Below
for Economics
SS 1 SS 2 SS 3
1st 2nd 3rd 1st 2nd 3rd 1st 2nd 3rd

Scheme of Work by Topic for:
SS3 Economics 1st Term
(Ana Arm Technologies)
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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