SS3 Economics 1st Term

SS3 Economics First Term Scheme of Work & Lesson Note

Economics is one of the social science subjects SS3 students are required to study in first term. The Unit of Instruction for SS3 Economics 1st Term is carefully developed from the Scheme of Work, which in turn is, based on NERDC current curriculum and SSCE syllabus.

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Week 1   Week 2   Week 3
Week 4   Week 5   Week 6
Week 7   Week 8   Week 9
Week 10
SS3 ECONOMICS 1ST TERM
SS3 Economics First Term main topics are:

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, Development Planning, Economic Integration in West Africa, etc

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Week 1: 09-09-2024

International Trade - Introduction

SUB TOPICS:
A. Meaning of International Trade
B. Difference between national and international trade
C. Comparative cost theory

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

Week 2: 16-09-2024

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

Week 3: 23-09-2024

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

Week 4: 30-09-2024

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

Week 5: 07-10-2024

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

Week 6: 14-10-2024

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

Week 7: 21-10-2024

SS3 Economics 1st Term Revision and Mid Term Test

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1. Which of the following is not emphasized in a production possibility curve? 2018, Q2

 
 
 
 

2. What happens when the central bank increases bank rate in an economy —2018, Q34

 
 
 
 

3. Nations engage in international trade because of difference in? 2018, Q41

 
 
 
 

4. The largest component of national income in developing countries consist of? 2018, Q27

 
 
 
 

5. In the event of bankruptcy owners of joint-stock companies lose? 2018, Q20

 
 
 
 

6. One advantage of international trade is that —2018, Q42

 
 
 
 

7. The poorer the country, the larger the percentage of labour force engaged in? 2018, Q38

 
 
 
 

8. Wholesalers play an important role in the distribution of goods and services because they? 2018, Q21

 
 
 
 

9. One benefit a country can derive from the extraction of crude oil is increase in? 2018, Q46

 
 
 
 

10. Producers operating in a free market economy are more efficient as a result of? 2018, Q4

 
 
 
 

Question 1 of 10

Week 8: 28-10-2024

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

Week 9: 04-11-2024

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

Week 10: 11-11-2024

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

Work in Progress. Please check back 49

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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