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Economics First Term Scheme of Work and Lesson Note for Senior Secondary School One( SSS 1)

FIRST TERM SCHEME OF WORK

Wk 1.      Meaning of Economies

2.      Economies as a science, Arts or social science subjects.

3.      Basic concepts of Economies

4.      Importance of opportunity cost

5.      Basic Economies problems

6.      Basic Tools of Economies

7.      Data collection and presentation

8.      Theory of production

9.      Land as a factor of production

10.   Labour as a factor of production

11.   Revision

12.    Examination

LESSON NOTE FOR THE FIRST WEEK ENDING 15TH OF SEPTEMBER 2020

SUBJECT – Economies

CLASS SS1

DURATION 40     Mip

NO 1 OF PER – 4

Topic –Introduction To Economies

PREVIOUS KNOWLEDGE- The students had been given some basic knowledge of Economies in business study in the Junior Secondary School.

BEHAVIOURAL OBJECTIVES: The students should be able to:

  •  Define Economies
  • State the definition of Economies giving by various scholars
  • State the scope of Economies
  • State the reasons for studying Economies   

INSTRUCTIONAL MATERIAL – Board.

REFERENCE MATERIAL – comprehensive Economies for SS1 and 3 by Johnson Ugoji Anyade

CONTENT:

Definition: Economies as a subject had been defined by various Economist base on their view of the subject. Among such definitions are as follows:

Adam Smith:- He is the father of economics, He defines  Economics as “an inquiry into the nature and   causes of the wealth of nations (1776).

John Stuart Mill (202043):- “the practical science of the production and distribution of wealth”.

Alfred Marshal (202090):- “A study of mankind in the ordinary business of life”.

Daven Port:- He defines Economics as “the Science that treats phenomena from the stand point of price”.

A.C. Pigou:- defines Economics as the science of material welfare.

Professor Lionel C. Roburst (1932):- define Economics as “a Science which studies human behaviour as a relationship between Ends and Scarce means  which have alternative uses”. This definition is seen as the most generally accepted definition because it embodies the basic concept at Economics and the fundamental problems of man – wants and opportunity cost, scarcity, choice and exchange. This concept can be summarized into:

  1. Economics is a social science since it studies the human behaviour.
  2. Human wants are unlimited
  3. The resources used to satisfy these unlimited wants are limited.
  4. Scarce resources can be put into several uses.

SCOPE OF ECONOMICS

  1. PRODUCTION:- This involves creating utiltieis.
  2. EXCHANGE:– It involves giving something in return for another thing.
  3. DISTRIBUTION:– It involves the sharing of national income as well as the channel through which goods flow from the producers to the consumers.
  4. CONSUMPTION:– It refers to the process of using up resources in order to satisfy human wants etc.

REASONS FOR THE STUDY FO ECONOMICS

  1. Economics makes us to learn a better way of thinking i.e to be rational in thought.
  2. It makes us to have better understanding of our society
  3. It allows us to learn about global affairs as it affects different countries of the world.
  4. The study of Economics makes us to become informed voters.
  5. It helps us to manage our scarce resources very well.

PRESENTATION

Step I:           Teacher recall the aspect of Economics as being taught in                   Business Studies in the Junior Class.

Step II:          He explains the meaning of Economics from various                                            definitions given by scholar.

Step III:        He states the scope of Economics

Step IV:        Teacher explains the reasons for the study of Economics.

Evaluation

  1. Mention three reasons for the study of Economics
  2. Give two definition of Economics Assignment
  3. How can an economist become an informed voter?
  4. Why do we study Economics?

Conclusion:- Teacher summarizes the lesson and gives note to the students.

LESSON PLAN FOR WEEK TWO ENDING 22ND  OF SEPTEMBER 2020.

SUBJECT:  ECONOMICS

CLASS: SS1

DURATION: 40 m/p

NO OF PERSON:- 4

TOPIC – Economics as a Science, Art and Social Science Subject etc.

OBJECTIVES:- The students are expected to:

  1. Described Economics as either a science Art or social science subject.
  2. State the career prospect for studying Economics
  3. Give the similarities and differences between Economics and pure science.

PREVIOUS KNOWLEDGE:- The students have been taught about the meaning of Economics.

INSTRUCTIONAL MATERIAL:-  The use of marker and white board

Lesson Note For Week Two Ending

Date: 2020th September, 2020 – 25th September, 2020

Period:         80 minutes

Content:       Economics as a Science, Art or Social Science Subject

There has been a great argument on whether economics is a science or art subject.  However, the argument maybe economics is regarded as a social or behavioural science since it deals with human behaviour.

Similarities Between Economics and Science meaning of science:- A science is a systemized body of knowledge consisting of laws governing a particular class  of phenomena. Thus, economics and science are related in the following ways:

  1. Observation of certain facts:  Both economics and pure sciences observe facts.
  2. Selection and Classification  of relevant data: Both economics and pure science select and classify data.
  3. Generalization: Both economics and pure science make use of laws e.g laws of demand and supply, Newton law etc.
  4. Investigation of certain facts: economics also investigates facts about human behaviour.

Differences Between Economics and Pure Science Subjects

            Economics                                                  Pure Science                          

  1. It studies  human behaviour                              It studies inanimate objects
  2. It does not make use of laboratories             It makes  use of laboratories
  3. It does not subject its object to control         It subjects its object to control
  4. It is normative. It uses the word “ought to”   It is positive. It uses the word “what is”
  5. It does not arrive at definite conclusion        It arrives at a definite conclusion
  6. It cannot isolate its object                                  It can isolate its object

Career Prospects In Studying Economics

A degree in economics  can provide a route into many areas, such as: public sector, accounting, banking and finance, marketing, human resource etc.

Branches Of Economics

  1. Micro economics:- It deals with a small unit of an economy eg personal income, individual’s demand etc.
  2. Macro economics:– It looks at the total economy as it affects the entire society e.g inflation etc.
  3. Applied economics:-  It involves the use of laws etc in analysis and solving economic problems.
  4. Pure economics:  This involves making of laws from the study of economics.
  5. Others  include: Development economics, public finance, mathematical economics etc.

Presentation

Step I:           Teacher introduces the lesson

Step II:          Teacher gives the similarities and difference between economics                              and pure science.

Step III:        Teacher looks at career prospects in studying economics

Step IV:        Teacher explains the branches of economics

Step V:         Students  ask questions

Evaluation

Mention any three similarities and four differences between economics and pure science.

Assignment

  1. Why is economics a social science?
  2. Why is it said not to have a definite definite conclusion?

Conclusions

Teacher summarizes the lesson and gives notes to the students.

Lesson Note For Third Week Ending

Date:                         25th September 2020-29th September 2020

Class:                       SS 1

Topic:                       Basic concepts of economics

Objectives:             At the end of the lesson, the students should be able to:

  1. Mention the basic concepts of economics
  2. Explain the concepts with examples

Previous knowledge: The students have been introduced to economics as a science, art or social science.

instructional materials:  The use of marker and white board.

References materials:  Fundamentals of economics by R.A.J Anyawoucha.

Content Basic Concepts Of Economics

  1. Wants: These are things we desire which are unlimited. Wants are our ends.
  2. Needs: These are our desires that we lack, hence, we cannot avoid satisfying them.
  3. Choice: This is the decision made over various options.
  4. Scarcity: This refers to limited supply of resources needed to satisfy our unlimited desires.

Note: Scarcity is the main reason for the study of economics.

  • Scale of Preference: It is a table or list showing the arrangement of our wants in accordance of how pressing or important the wants are to us. For example, let’s assume an individual has an income of N11,000.

Items                                                                    Amount

A bag of rice                                                                       N10,000

5kg of meat                                                                         N1,000

10 tubers of yam                                                                N2,500

A pair of shoes                                                                   N7,000

A hat                                                                                      N1,800

From the scale of preference above, a bag of rice and 5kg of meat will be purchased, while the other items will be kept until there is money to purchase them.

  • Opportunity cost:- This is the next best option or alternative forgone  for an individual to be satisfied. For example, if a farmer has N2000 and wants a hoe as well as a cutlass, and each costs N1,800, one of them would have to be sacrificed for the other. Hence, if the farmer buys the cutlass and decides to abandon the hoe, than his opportunity cost is the hoe that he left unbought.

Examples: Calculate the opportunity cost below if the revenue is N11,000.

                        Items                                                                    Amount

                        A bag of rice                                                                       N10,000

                        5 kg of meat                                                                        N1,000

                        10 tubers of yam                                                                N2,500

                        A pair of shoes                                                                   N7000

                        A hat                                                                                      N1,800

Remember, the in previous example, the  choices were a bag of rice and 5kg of meat, but the opportunity cost (real cost) is 10 tubers of yam, a pair of shoes and the hat not bought.

Presentation

Step 1:          Teacher introduces the lesson to the students

Step 2:          Teacher lists the basic concepts: choice wants, needs etc.

Step 3:          Teacher explains the concepts using examples.

Step 4:          Students ask questions

Evaluation

  1. State the basic concepts of economics
  2. Explain opportunity cost
  3. Why do we make choices?

Assignment: Use the table below to answer the following questions.

                        Items                                                                    Amount

                        Car                                                                                         N1,000,000

                        House                                                                                   N2,000,000

                        1 Plot of land                                                                       N1,000,000

                        Generator Set                                                                    N2,900,000

                        Fish pond                                                                             N400,000

Assume the resource available   is N3m.

  1. What is/are the man’s choice/choices?
  2. What is/are his opportunity cost(s)?
  3. What is/his nominal cost(s)?
  4. What is/are his real cost(s)?
  5. What problem is the man facing?
  6. How did he solve this problem?

Conclusion: Teacher  summarizes the lesson and gives notes to the students.

Lesson Note for Week Four Ending

Dated:          2nd October, 2020- 6th October, 2020

Class:           SS 1

Subject:       Economics

Topic:           importance of Opportunity Cost

                        Objectives: At the end of the lesson, the students should be able to:

                        Give the importance of opportunity cost to the individual firm and                              government.

                        Previous knowledge: Students have been introduced to opportunity                         cost.

Instructional materials: The use of flow charts, marker and white       board.

Reference Book: Fundamentals of Economics By RAI Anyawoucha

Content: Importance Of Opportunity Cost

Economic decisions are made every day. An employer may decide to hire a young apprentice worker, a consumer may choose to spend some aspects of his income on luxury goods rather than on necessities, while the government may decide to spend more on education, rather than on politics. All these actions require some sacrifices. Which is central to the subject matter of economics.

Note: The main groups that make up the economy include: i) Consumers ii)                         Producers iii) Government.

As these represent the actors of the economy, we shall see how opportunity cost affects their decisions.

Importance Of Opportunity Cost to:

  1. The Individual: Individuals are faced with the problem of opportunity cost and as such will have to make choices. Thus, the study of opportunity cost helps the individual to be rational in decisions in order to maximize satisfaction (get the best satisfaction).
  2. The firm (Business):   The firm uses opportunity cost to make rational decisions in order to maximize the use of its limited resources to achieve maximum profit (highest profit). For example, a firm may choose to allocate its raw materials and resources to a product with high demand at the expense of other products with low demand in order to maximize profit.
  3. The government:- Opportunity cost concept allows the government  to allocate  resources equitably and fairly. Opportunity cost comes in handy in preparation of the national budget. The government will therefore decide the sector it will need to allocate more resources to.

Finally, all said and done, there is an element of opportunity cost in the activities of an individual, a firm and a government.

Presentation

Step I:           Teacher introduces the topic

Step II:          Teacher revises the previous topics

Step III:        Teacher states the major actors of the economy

Step IV:        Teacher explains the roles of opportunity cost to the individual,                                  firm and government.

Evaluation

  1. Who are the main actors of the economy?
  2. Why is opportunity cost important to the firm?

Assignment

  1. Why do we make choices?
  2. Is opportunity cost important to choice making? Explain.

Conclusion: Teacher summarizes the lesson and gives notices to the students.

Lesson Note For Week Five Ending

Date:             9th October – 13th October 2020

Subject:       Economics

Class:           SSI

Topic:           Basic Economic Problems of Society

Objectives: The students should be able to:

  1. State the basic economic problems of the society
  2. Explain the causes of these problems
  3.  Give their solutions

Previous knowledge: Students have knowledge of the importance of opportunity cost.

Instructional materials: The use of diagrams, marker and white board.

Reference materials: Comprehensive Economics by Johnson U. Anyaele

Content: Basic Economic Problems Of The Society

Every society, irrespective of its level of development is faced with some basic economic problems:

  1. What to produce
  2. What quantity to produce
  3. How to produce
  4. For whom to produce
  5. Efficiency of resources used.
  6. Problem of what to produce:- The problem came as a result of the problem of scarcity of resources. The problem therefore is what do we produce? Should we produce one product and leave others? Unproduced or should we produce everything?

Solution to “what to Produce”

The solution depends on the type of economic system. In a capitalist system, production will depend on what will yield the highest profit, while in a socialist  system, production is based on the needs of the people.

  • What Quantity  To Produce: After the issue of what to produce is resolved, the next is “what quantity of a given product should be produced? Do we produce a large quantity of a particular product or a small quantity of then product?

Solution to “what Quantity To Produce”

The solution to this problem is dependent on the demand for the particular product.

  • How To produce: In economics, there are two methods of production;
  • Labour Intensive method: This involves the use of human efforts more than the use of machines.
  • Capital intensive method:  This has to do with the use of  more of machine than human efforts in production.

Solution to “How To Produce”

The producer may decide to use labour if he wants to apply a cheap means of production, although this will be very slow, while another producer may decide to use capital intensive which is fast but expensive.

  • For Whom To Produce: Who do the producers of goods bear in mind when they manufacture goods? Are goods produced for the rich, poor or for everybody.

Solution To “For Whom To Produce”

This depends on the economic system. In a capitalist state, producers direct their production on commodities that would yield more profits while in a socialist system goods and services are produced for those who contribute their efforts for the state.

  • Efficiency Of Resourced Used: The question is how are resources made use of? Are they well utilized? Resources that are utilized will make everyone better off and nobody worse off.

Presentation

Step  I:    Teacher introduces the lesson to the students

Step  II:   He revises the previous lesson with the students

Step  III: He gives their solutions

Step  IV: Students ask questions

Evaluation

  • Why are countries faced with the problems of what, how to produce etc.
  • What advise will you give to solve these problems?

Conclusion

Teacher summarizes the lesson and gives notes  to the students.

Lesson Note For The Sixty Week

Class:                       SS 1

Duration:                 40 m/p

Nos of Person:       4

Topic:                       Basic tools of Economic

Objectives:             The students should be able to:

  1. Define table, graph and chart
  2. Construct tables, graphs and charts
  3. Give the merits and demerits of table, charts and graphs.

Previous knowledge – students have been introduced to the basic Economic problems of the society.

Instructional Materials- Flow charts markers and white board

Reference materials- Comprehensive Economics by J.U. Anyaele and fundamental of economic by R.A.I Anyawuocha.

Content:                   Table

A bale is systematic arrangement of data in rows and columns. Example of a table.

Demand schedule for bags of rice

            Prices  ( per bag)                              Quantity of bags demand

            N2,500                                                                                  10

            N2000                                                                                   20

            N1000                                                                                   30

            N500                                                                                      50

Feature of a Table

  1. It has rows and columns
  2. It has sub-heading
  3. It has title
  4. It has source of information.

Merits of a table

  1. It makes it easy to compare two things
  2. It is easy  to understand
  3. It does not consume much space
  4. It is easy to construct
  5. It makes work to be very neat
  6. It is sued to construct graphs, charts etc.
  7. It avoids repetitions.

Graphs

It graph is  a diagram showing the statistical relationship between two variables. Graphs  could be straight line or curved. i.e linear and non – linear graphs. Example of graphs.

pD
 10          20         30        40        50
0
2500 2000 1500 1000 500 10

Demand curve for bag of rice

Features of graphs

  1. Graphs have positive and negative sides
  2. Graphs have X and Y axes
  3. Graphs have dependent and independent variables
  4. They have scale of measurement.

Merits

  1. It shows clearer and quicker impression about quantitative information
  2. It is used for analysis.
  3. It helps in showing relationship  between two variables
  4. It helps to illustrate changes in variables or quantities.

Types of Bar Charts

  1. Simple Bar Charts
  2. Component Bar Charts
  3. Multiple Bar Charts

Simple Bar Charts:-  Tens  is the use of rectangular bars is representing  tabulated data e.g use the National income of the following countries to represent a simple bar chart.

Country                                                                 National Income

Nigeria                                                                                  50,000,000

Cameroun                                                                            30,000,000

Benin Republic                                                                   15,000,000

Niger                                                                                     10,000,00

Nig.
Cam.
Benin
Niger
50 40 30 20 10

Component Bar Char –  A component  bar chart is used when data  are more than one. In this a  bar is divided into various segments that make up the entire class. For Example: use the table below to form a component bar chart.

Class                              Boys                              Girls                               Total

SS1A                                     19                                           13                                           32

SS1B                                     23                                           17                                           40

SS1C                                     25                                           20                                           45

=  Girls =  Boys
50 40 30 20 10 0

SOLUTION

Multiple Bar Charts:-  It shows how two or more variables vary. It has multiple bars each representing a component bars each representing a component  variable for example, use the information below to form a multiple bar chart.

Section                          1985                     1995                              2005

Past                                       30                               40                                           50

West                                      40                               30                                           60

North                                     50                               70                                           40

1985
1995
2005
70 60 50 40 30 20 10 0

Presentation

Step 1:        Teacher introduces the lesson

Step 2:        Defines table, graphs and charts

Step 3:        Presents example of table, charts and graphs to the students

Step 4:        General Class discussion.

Evaluation

  1. Mention any four features of tables
  2. List any three features of graphs

Assignment – Use   the information below to form a component bar chart.

Class                    Boys                     Girls                               Total

SS1                            10                               5                                              15

SS2                            10                               10                                           20

SS 3                           20                               8                                              28

Conclusion:  The teacher summarizes the lesson and gives note to the students.

LESSON NOTE FOR THE SEVENTH WEEK ENDING 27TH OF OCTOBER 2020.

Class:                                   SS1

Duration:                             40 m/p

Nos of Person:                   4

Topic:                            Data collection and presentation.

Objectives:                         The students should be able to:

  • Formulate a frequency table
  • Calculate the mean, median and mode of a given data.

Previous knowledge- The students are familiar to the calculation of averages.

Instructional Material: Marker and white board

Reference Material:  Fundamental Economics by R.A.I Anyawuocha.

Content:- Frequency Distribution. To illustrate a frequency distribution, let us examine the following sets of data.

20       25       10       15       30       15       30       20

10       20       10       15       20       20       50       10

40       30       40       10       15       25       50       30

25       35       20       20       40       10       30       25

30       15       25       20       40       40       45       20

From the figure above it is difficult to understand the information given. Hence let’s present it on a table in order to have a clearer understanding of the above information.

            Age                                                   Frequency

          10                                                                               6

            15                                                                               5

            20                                                                               9

            25                                                                               5

            30                                                                               6

            31                                                                               1

            40                                                                               5

            45                                                                               1

            50                                                                               2

Meaning of data collection: This refers to low data are collected while data presentation refers to the use of tables, charts, graphs  etc in representing  data.

MEASURE OF CENTRAL TENDENCY

It is a measurement which show how figures concentrate in their mid points.

Types of measures of central tendency/location

i.          mean (ii) Median (iii) mode

i.          Mean ( ) – varies is the summation of the total value: divided by the number of times – the occurred. The symbol for arithmetic mean is   while the formula is:    =   or

example find the arithmetic mean of 1,2,3,4,5,9

solution

mean ( ) =

                        =  =

(2)       Median: unit is the middle value obtained after figures  are arranged in orderly manner.

                                                Formula

              (For odd numbers)   (for even numbers)

Example: Find the median of the data below. 11, 12, 15, 14, 16

Solution

Re-arrange x-c 11, 12, 14, 15, 16

Median =  =           3rd position.

Median =  ———-à the middle number starting at the 3rd postion.

Mode:- This represents the value that occurs mostly e.g find the mode of the following data.

2,6,7,2,3,1,1,1,1,2,4,1.

Solution

The mode = 1 (it appears more than other numbers).

Presentation:

Step 1: The teacher revises the previous lesson

Step 2: Introduction of the new topic

Step 3: Expiration of salient point

Step 4: General class discussion

Evaluation

  • What is data collection?
  • What is data presentation?
  • Define mean, median and mode.

Assignment. Find the mean, median and the mode of the following

  • 2,4,3,4,2,3,3,4,4,4
  • 106,200,200,300,400

Conclusion:  The teacher summarizes the lesson and gives the students  note on the topic taught.

Lesson Note for The Eight Week Ending 03/11/17

Class:                   CS1

Duration:              40 m/p

Nos of person:     4

Topic:                  Theory of production

Previous knowledge: The students are familiar to the production of goods e.g production of bread.

B – Objectives:- The students are expected to:

  • Define production
  • Mention the types of production
  • Explain the stages of production
  • Give the factors that determine  the volume of production.

Instructional materials:  The use of flow charts, white board and marker.

Reference Material –  Fundamental of Economics by R.A.I Anyawuocha.

Content

Production – This can be defined as the creation of utility. Utility refers to the satisfaction derived from the consumption of goods. It is also the conversion  of raw materials  into finished goods or  semi-finished goods. Production  is not complete until goods get to the final consumer.

Types of Production

  1. Direct production:-  This  is the production meant for personal consumption i.e for one’s family  use e.g subsistence farming.
  2. Indirect production:- It is the production for exchange in order to have money to solve other needs that one cannot produce.

FORMS/STAGES OF PRODUCTION

  1. PRIMARY PRODUCTION
  2. SECONDARY PRODUCTION
  3. TERTIARY PRODUCTION

FACTORS OF PRODUCTION

Factors of production represents  the agents  of production. They are: land, labour, capital and entrepreneur.

FACTORS THAT DETERMINE THE VOLUME OF PRODUCTION

  1. Size of the market
  2. The quantity and quality of factors  of production
  3. Nature of the product
  4. Number of producers
  5. Level of technology
  6. Management

Presentation:

Step i:  Revision of the previous lesson

Step ii:  Introduction  to the new topic

Step iii: Explanation of salient points

Step iv: General class discussion

Evaluation

  1. What is production?
  2. List and explain the stages of production with examples.
  3. List at least four factors affecting the volume of production.

Assignment:

In tabular form list the forms of production and at least five occupations under each of them.

Conclusion                                                                                                          

The teacher summarizes the lesson and give students note on the topic.

Lesson Note For the Nineth Week Ending 10-11-2019

Class: SS1

Duration: 40 m/p

Nos of person: 4

Topic: – land as a factor of production

Behavioural objective:- the students should be able to:

  1. Define  land as a factor of production
  2. Give the characteristic of land as  a factor of production
  3. State the law of diminishing return.

Previous Knowledge:  The students are familiar with the production of goods.

INSTRUCTIONAL MATERIALS –  Chart  – white board and marker.

Reference material – Comprehensive Economics by J.T.U Anyaele.

Content:-

Land is a free gift of nature given to man by God. It is the oldest factor of production. It also includes:- water, forest, mineral resources etc its supply is limited and its reward is rent.

Features of land

  1. It is fixed in supply
  2. It is a gift of nature
  3. Its quality and value vary from one place to the other.
  4. It is subject to diminishing returns
  5. Its reward is rent.

Importance of land to Economic Activities

  1. It is through land that we build our offices, houses, schools, etc.
  2. It is through land that various mineral resources are obtained
  3. It is through land that we grow our crops
  4. It is from land that we get our forest materials – timbers, animal etc.
  5. It is a means of transportation – water and road transportations.

The law of diminishing Returns

The law states that as more and more variable factors are combined with a fixed factor of production such as land, production will increase to a certain point after which there will be decrease in total output as a result of continuous addition of variable factors. This law is mainly applicable to agriculture and in the short run.

Illustration of the land of diminishing returns.

Fixed factors Variable factors Total output  Average output Marginal output
1 1 25 25
1 2 80 40 55
1 3 150 50 70
1 4 220 55 70
1 5 200 40 – 20
1 6 20200 30 -20
1 7 175 25 -5

Diminishing returns sets in at the 5th variable factor where marginal output decreased from 70 to -20.

ZP
AP
MP
o
Text Box: Output

Graph of the law of Diminishing Returns

Presentation:

Step 1:        The Teacher revises the previous lesson

Step 2:        Introduction of the new sub-topic

Step 3:        Explanation of the new topic

Step 4:        Demonstration and general class discussion.

Evaluation

  • State the law of diminishing returns
  • What do you understand by the term “short run and long run”.

Assignment

Show the relationship between total Average and marginal output (using a graph book).

Conclusion: Teacher summarizes the lesson and gives note to the students.

Lesson Note for The Tenth Week Ending  17-10-17;.

Class:         SS 1

Duration:    40m/p

Nos of person: 4

Topic: Production

Sub-topic: LABOUR AS A FACTOR OF PRODUCTIONS.

B- OBJECTIVES:-  The students are expected to:

  1. Define labour
  2. List and state the meaning of the type of labour
  3. State the features and efficiency of labour
  4. State the importance of labour I production of goods.

Previous knowledge –  The students had been taught about Land as a factor of production.

Instructional Material –  Charts, white board and marker.

Reference Materials-  Comprehensive Economics for SS 1-3 by Johnson U. Anyaele.

Content:

Labour can be defined as man mental and physical efforts  directed towards production. Is reward is wages and salaries.

TYPES OF LABOUR

  1. Skilled Labour :- This is the use of  mental efforts of man which is directed towards production. Example of skilled labour include, Doctors, Teachers, Engineers, Lawyers etc.
  2. Semi – skilled   Labour:- This is the combination of both man’s mental and physical efforts in production process e.g driver, bricklayers, carpenters etc.
  3. Unskilled Labour:-  This is the use of physical efforts only in production eg. Truck pushers, cleaners, messengers etc.

FACTORS OF LABOUR

  1. It is a human factors of production.;
  2. Its consent must be sorted before usage.
  3. It is mobile i.e can move from one place to the other.
  4. It is not predictable
  5. Labour cannot be stored
  6. It can improve upon its skills.

EFFICIENCY OF LABOUR

Labour is said to be efficient it when combined with other factors of production,  will produces the highest output per hand. That is, labour is at its best.

FACTORS THAT DETERMINE EFFICIENCY OF LABOUR

  1. Training
  2. Motivation
  3. The quality of other factors of production
  4. Work environment
  5. Work tools.

IMPORTANCE OF LABOUR

  1. Provision of skill or personnel  
  2. Influence production
  3. Serve as an active working population.

An active factor of production

Presentation

Step i:           Revision of the previous lesson

Step ii:        Introduction of the new sub-topic

Step iii:       Explanation of the topic

Step iv:       General class discussion.

Evaluation

  1. What is labour?
  2. List and define the type of labour

Assignment

Labour is very important in the production process discuss.

Conclusion

The teacher summarizes the lesson and give  students note on the topic taught.

2nd Term Scheme

  1. Capital as a factor of production – Entrepreneur as a factor of production
  2. Division of labour and specialization
  3. Scale of production
  4. Firm and industry
  5. Business organization
  6. Sole proprietor ship and partnership
  7. Joint  stock company
  8. Co-operative societies
  9. Public enterprises
  10. Population
  11. Population census
  12. Theories of population
  13. Labour market
  14. Revision

Lesson Note For The First Week Ending January 12th 2020.

CLASS: SS1

Duration: 40 m/p

NUMBER OF PERIOD : 4

Topic: – production

Sub-topics –  Capital as a factor of production

                        – Entrepreneur as a factor of production

OBJECTIVES – The students are expected to:

  1. State the meaning of capital and entrepreneur
  2. State the feature/characteristics of capital
  3. List and explain the various type of capital
  4. State the function of an entrepreneur.

PREVIOUS  KNOWLEDGE –  The students have been taught about land and labour as a factor of production.

INSTRUCTIONAL MATERIAL –   white board and marker.

REFERENCE MATERIAL –  Comprehensive Economics for SS1-3 by Johnson Ugoji Anyaele :- fundamentals of Economics for SSS by R.A.I Anyawuocha.

Content:

Period 1 & 2

CAPITAL –  capital is simply man made factor of production. It is the wealth set aside for the creation of further wealth. Capital and a factor of production include: physical cash, machines tools, building, raw materials, fuel etc.

CHARACTERISTICS OF CAPITAL

  1. It is a man made  factor of production
  2. It takes difference forms e.g  machinery, money, stock etc.
  3. It may be fixed e.g building
  4. The reward of capital is interest.

TYPES OF CAPITAL

  1. FIXED CAPITAL:- These are durable Assets or properties of an organization that can last for a long period of time.
  2. CIRCULATING CAPITAL OR WORKING CAPITAL – This refers to those materials that changes from one form to another during production process e.g raw material, fuel etc. They are needed for everyday productive purposes.
  3. CURRENT CAPITAL –  This refers to those things needed for day to day running of a business organization e.g cash or money they also change from one form to another.
  4. SOCIAL CAPITAL – This refers to social amenities proceeded by the state/Government e.g electricity, roads, water etc.

IMPORTANCE OF CAPITAL

  1. It aids production
  2. It facilitates efficiency
  3. It facilitates the production of quality products
  4. Determinants of the location of industry.
  5. Increase in standard of living
  6. Allows for smooth running of a business organization

Period 3 & 4

Entrepreneur –  An entrepreneur  may simply be referred to as the organizer  of other factors of production.  An entrepreneur co-ordinates and organizes other factors of production for more productive purpose. The reward of an entrepreneur  is profit or loss.

FUNCTIONS OF AN ENTREPRENEUR

  1. Provides of capital for the business
  2. Bears the risk of the business.
  3. Co-ordinates other factors up production  
  4. Takes decision  for the business
  5. Ensure efficiency in the management of the business.
  6. Carries out research for the improvement of the business

Presentation

Step 1:          The teacher revises the previous labour.

Step 2:        Introduces the new topics

Step 3:        Explanation of salient points

Step 4:        General class discussion.

Evaluation

  1. Why is capital necessary in the running of a business enterprise?
  2. The entrepreneur is the brain behind the  successful running of a business discuss.

Assignment:

  1. List and explain the various forms of capital
  2. What are the importance of capital to an organization
  3. List and explain at least five (5) functions of an entrepreneur.

Conclusion: The teacher summarizes the lesson and give the students note on the topic taught.

Lessons Note For The Second Week Ending 19-01-2020

CLASS:                SS1

Duration:              40 m/p

Nos of person:     4

Topic:                  DIVISIONS OF LABOUR AND SPECIALIZATION.

OBJECTIVES:      The Students should be able to:

  • State the meaning of division of labour and specialization.
  • Give a brief history of division of labour.
  • State the advantages and disadvantages of division of labour and specialization.

PREVIOUS KNOWLEDGE:  The students are familiar with the production process.

INSTRUCTIONAL MATERIAL –  White board and marker.

REFERENCE MATERIAL – Comprehension Economics for SS1 – 3 by Johnson Ugoji Anyaele and fundamentals economics for SS1-3 by R.A.I Anyawuocha.

CONTENT PER 1 & 2

Division of labour is the breaking down of production process into similar components  and each of the component/ unit is performed by different people.

Specialization can be defined as the concentration of a worker in an aspect of production.

HISTORY

Adam Smith in his book, written in 1976 titled “The wealth of Nation” made an illustration of division of labour through a pin production factory. The factory has 2020 laid down process for the production of pin and one person was employed to handle the while process, at the end of the day he was only able to produced 20 pins but when Adam Smith advices on the use of division of labour so that one person handled only one process it was found that 48,000 pins were produced in a day. This is how the application of modern division of labour came into existence in  our present day.

Presentation

Step i:           The teacher review the previous lesson

Step ii:        Introduces the new topic.

Step iii:       Explains the salient point in the subject matter.

Step iv:         General class discussion.

Evaluation

  1. State the difference(s) between division of labour and specialization.

Assignment:

How can division of labour be applied to a bread factory.

Conclusion

The teacher summarizes the lesson and give student note.

Period 3  & 4

Duration:              40 m/p

Content:

Advantages of Division of labour and specialization.

  1. It increases output
  2. It saves time
  3. It increases skill
  4. It also reduces fatigue
  5. It creates employment opportunity
  6. It leads to specialization.

Disadvantages of division of labour and specialization

  1. It brings about monotony of task
  2. It brings about  immobility of labour
  3. It results in decline in craftsmanship
  4. It leads to unemployment
  5. It increases interdependence among individuals

Limitation of Division of Labour

  1.  The size of the marker
  2. Availability of labour
  3. The nature of the product
  4. Availability  of capital
  5. Government policy
  6. Technical difficulties or possibilities presentation

Presentation

Step 1:        Revision of the last topic

Step 2:        Introduction of the new topic

Step 3:        General class discussion

Evaluation

  1. What  is the effect of division of labour and specialization on production of goods.

Assignment

  1. State at least 5 advantages and 5 disadvantages of division of labour and specialization
  2. What are the limiting factors to division of labour.

Conclusion –  The teacher summarizes the lesson nd give the students note.

Lesson Note For The Third Week Ending 26-01-2020

Class:                            SS1

Duration:                       40 m/p

NUMBER OF PERIOD :   4

Topic:                            Scale of production

Objectives –  The students are expected to:

  1. Define the term economic of scale
  2. State the types of economics of scarce
  3. Give the advantages a large firm has over smaller firms.

PREVIOUS KNOWLEDGE: The students have been taught about production and the factors of production.

INSTRUCTIONAL MATERIAL – White board and marker

REFERENCE MATERIALS –  Comprehensive  economics by J.U. Anyaele

Content P. 1 & 2

Economics of scale mean the growth of a firm or an industry resulting from the expansion of the volume of productive capacity which leads to increase in output and decrease in its post of production   per unit of output. It is also on economics term that describes a competitive advantage that large entities (firm or industry) have over smaller entities. It means that the large  the business, nor profit or government, the lower its cost. For example the cost of producing one unit is less when many units are produced at once.

TYPES OF ECONOMICS OF SCALE

  1. Internal economics and internal diseconomies of scale.
  2. External economics and internal diseconomies of scale.

INTERNAL ECONOMIES OF SCALE

Internal economies of scale is known as the economies of large scale production. This is the advantages a firm derives from the expansion of its scale of production as a result of its own efforts. In this case, as the size of the firm increases, there will be greater efficiency resulting in the fall in the cost per unit of output.

INTERNAL DISECONOMIES:- This  is the expansion of the production capacity which would lead to decrease in efficiency  and increase in  cost of production per unit of output.

EXTERNAL ECONOMIES:- This is the advantages  a business experiences  as a result of being close to other business that would provides benefits to the business.

EXTERNAL DISECONOMIES:- This  is the disadvantages that a business suffers due to the competition within the environment.

Presentation:

Step i:           The Teacher introduces the lesson

Step ii:        Revises the previous lesson

Step iii:       Explanation of cogent points.

Step iv:       General class discussion.

Evaluation

  1. What is External diseconomies and Economies of scale.

Conclusion

The teacher summarizes the lesson and gives note to the student.

Period 4 & 5

Duration:                        40 m/p

NUMBER OF PERIOD               2

Content – Advantages of large scale of production.

  1. Marketing Economies:- A large firm can embark  on advertisement for its product in order to increase scales.
  2. Financial Economies:- A large firm due to its financial capacity can obtain ban from the bank, issues shares  and debenture to the member of the public in order to raise more money.
  3. Technological or technical Economies:- A large firm can afford to use advanced machines, apply division of labour etc. to increase its productive capacity as well as lower its cost of production  per unit.
  4. Research economies:-  A large firm due to its position can undergo some researchers.
  5. Managerial Economies: With strong financial base and large size, a large firm can employ managerial experts from various fields to manage the firm.
  6. Welfare Economies:- A large firm provides welfare facilities like hospital, housing, canteen etc for its staff.
  7. Training Economies:– A large firm is in a better position of warding off  competitors  and bearing  business risks than a small firm.

Disadvantages of large scale of production

  1. Evil of factory system:-  The large scale economies is accompanied  by the evils of the factory system  like our – crowding, density, pollution  bad morals etc. Dirty habits of drinking and gambling spread very easily.
  2. The relationship between employer and employees of a large firm is more interpersonal than a small scale firm.
  3. Large scale firm spends more money to maintain its complex organization than a small scale firm.
  4. A large scale firm has increased business risk more than small scale firm.
  5. In a time of economic depression a large scale firm may retrence more workers than a small firm.
  6. Supervision of workers is more difficult in a large scale firm than a small scale firm.
  7. Decision money is more complex due to the bureaucratic nature of the large scale firm than a small scale firm.

Presentation:

Step 1:        The teacher revises the previous lesson

Step 2:        Introduces the new lesson

Step 3:        Explanation of cogent points

Step 4:        General class discussion.

Evaluation

  1. Of what important is the large scale of production to an organization.

Assignment

  1. Differentiate between internal economies and external economies.
  2. What are the advantages and disadvantages of large scale of production.

Conclusion – The Teacher summarizes the lesson and gives students note.

Lesson Note For Fourth Week Ending 02-01-2020

Class  –                           SS I

Duration –                       40 m/p

NUMBER OF PERIOD  –  4

Topic –  FIRM AND INDUSTRY

OBJECTIVES  –  The student should be able to:

  1. State the differences between firm, plant and industry
  2. State some of the factors to be considered when sitting a firm.

PREVIOUS KNOWLEDGE –  The student are familiar to organization around them e.g. schools, bakery, shops etc.

INSTRUCTIONAL MATERIALS – Charts

REFERENCE MATERIALS – Comprehensive Economics for SS1-3 by Johnson Ugoji Anyaele.

CONTENT

  1. Plant: The place where production occurs
  2. Firm – This refers to an independent business unit e.g U.A.C Nigeria Ltd. Unilever Plc etc.
  3. Industry – An industry is made up of various combinations of firms that are into similar activities.

FACTORS THAT DETERMINE

  1. Amount of capital available for investment.
  2. The number of owners
  3. Sources of capital available to a firm.
  4. The efficiency or inefficiency of the business management
  5. The size of its market
  6. The nature of the business
  7. The number of owners

Presentation

Step 1:        The teacher revises the previous lesson

Step 2:        Introduces the new topic

Step 3:        Explanation of salient point

Step 4:        General class description

Evaluation

  • What is a firm?
  • Differentiate between a firm and industry

Assignment

Write out the various factors that will necessitate the size of a business unit.

Conclusion

The teacher summarizes the lesson and gives students note.

Lesson Note for The Fifth  Week  Ending  01 – 02 -2020

CLASS:                          SSI

DURATION:                   40 M/P

NUMBER OF PERIOD:    4

TOPIC:                           BUSINESS ORGANIZATIONS

SUB-TOPIC:                   (i) SOLE PROPRIETORSHIP

                                      (ii) PARTNERSHIP

OBJECTIVES: The students are expected to:

  • State the meaning of sole proprietorship  and partnership
  • Differentiate between the sole trader and a partnership business
  • State the advantages and disadvantages of a sole proprietorship and a partnership business.

PREVIOUS KNOWLEDGE –  The students are familiar  to firm and industry.

INSTRUCTIONAL MATERIAL – Charts/Picture

REFERENCE MATERIALS – Fundamental of Economics by R.A.I Anyanwuocha: Comprehensive Economics for SS1 – 3 by Johnson U. Anyaele.

CONTENT

Period 1 & 2

SOLE PROPRIETORSHIP – It is simply means one man business. It is a business owned by one man. The owner can engage a number of employees to work for him. It is the oldest form of business in African.

Advantages of the sole proprietorship

  1. The business requires little capital for its take off
  2. He makes quick decision
  3. He enjoys close personal relationship with the worker.
  4. He is not under any law to publish h is book of account for public scrutiny
  5. He can convert his business capital at any given time.
  6. The business is not difficult to operate.

Disadvantages of the sole proprietorship

  1. Inadequate capital
  2. Absence of specialization
  3. Death of the owner may lead to collapse of the business.
  4. It is an unlimited liability outfit
  5. It is not a legal entity

Presentation

Step i:         Teacher review the previous lesson

Step ii:        He explains the term sole proprietorship

Step iii:       General class discussion.

Evaluation

  • What is a proprietorship?
  • Give two advantages and two disadvantages of sole proprietorship.

Assignment

List and explain the characteristic of a sole proprietorship.

Period 3 & 4

Duration –    40 m/p

Number of period – 2

CONTENT – PARTNERSHIP FORM OF BUSINESS

A partnership firm of business is a business that is owned by 2 to 20 people, though in banking it is usually 2 to 10.

Advantages

  1. The business enjoys privacy
  2. There is a better decision making since good head is better than one
  3. It has greater opportunity to raise capital than a sole proprietorship.
  4. To a greater extent continuity is ensured.
  5. There is personal relationship with both employers and customers.
  6. Business risk and shared
  7. Capital is easily obtained.

Disadvantages

  1. It suffers unlimited liability
  2. The death of a partner could result to the end of the business
  3. It is a non legal entity
  4. Problem may spring up due to the inability to arrive at a specific decision.
  5. It has limited expansion.

Presentation:

  1. Step 1:          Review of the last lesson
  2. Step 2:          Introduction of the new topic
  3. Step 3:          explanation  of the topic
  4. Step 4:          General class discussion

Evaluation

  1. What is a partnership?
  2. What are the differences between a sole trader and a partnership.

Assignment

  1. What are the basic feature of a partnership
  2. Write out at least four advantages and disadvantages of a partnership.

Lesson Note For The Sixth Week Ending 16-02-2020

Class:                             SSI

Duration:                        40 m/p

Number of period:          4

Topic:                            JOINT STOCK COMPANY

Sub-topic:                      (i) Private limited liability

                                                (ii) Public limited liability

Objectives: The students are expected to:

  1. Define  Limited liability company
  2. Differentiate between a private and public limited liability company
  3. State the advantages and disadvantages of the limited liability company.

PREVIOUS KNOWLEDGE – The students had been taught about sole proprietorship and partnership in the previous class.

INSTRUCTIONAL MATERIALS:-  Charts

REFERENCE MATERIAL:-  Comprehensive Economics for SS1 – 3 by Johnson Ugoji Anyaele fundamentals of Economics for SSCE by R.A.I Anyanwuocha.

CONTENT P 1 & 2

A company may be defined as a business organization established by an association of people distinct from the owners. A limited liability Company is a company which the liabilities of the owners are limited to the capital contributed unto the business.

FEATURES OF A LIMITED LIABILITY COMPANY

  1. Legal entity or legal status
  2. Perpetual existence
  3. Limited liabilities
  4. Dividend payment

TYPES OF LIMITED LIABILITY COMPANY

  1. Private Limited  Liability Company
  2. Public Limited Liability Company

Presentation

Step 1:        The teacher revises the previous topic

Step 2:        Introduces the new topic

Step 3:        Explanation of cogent points.

Step 4:        General class discussion

Evaluation

  1. Differentiate between a limited liability company and the partnership business.

Period 3 & 4

Duration  –                 40m/p

Number of period –    2

Content –                   PARTNERSHIP FORM OF BUSINESS

A partnership form of business is a business that is owned by 2 to 20 people, though in banking it is usually 2 to 10.

  1. The business enjoys privacy
  2. There is better decision making since good head is better than one.
  3. It has opportunity to raise capital than a sole proprietorship.
  4. To a greater extent continuity is ensured.
  5. There is personal relationship with both employers and customers.
  6. Business risk are shared
  7. Capital is easily obtained

DISADVANTAGES

  1. It suffers unlimited liability
  2. The death of a partner could result to the end of the business
  3. It is a non legal entity
  4. Problem may spring up due to the inability to arrive at a specific decisions
  5. It has limited expansion.

Presentation

  1. Step 1:          Review of the last lesson
  2. Step 2:        Introduction of the new topic
  3. Step 3:        Explanation of the topic
  4. Step 4:        General class discussion.

Evaluation

  1. What is a partnership?
  2. What are the differences between a sole trader and a partnership

Assignment

  1. What are the basic feature at a partnership?
  2. Write out at least four advantages and disadvantages of a partnership.

Lesson Note For The Sixth Week Ending 16/02/2020

Class:                            SS1

Duration:                       40 m/p

Number of period:          4

Topic:                            JOINT STOCK COMPANY SUB-TOPIC (a) Private                                                 Limited Liability.

Objectives:                    The students are expected to:

  1. Define Limited Liability Company
  2. Differentiate between a private and public Limited Liability Company
  3. State the advantages and disadvantages  of the Limited Liability Company.

PREVIOUS KNOWLEDGE –  The students had been taught about sole proprietorship and partnership in the previous class.

INSTRUCTIONAL MATERIALS – Charts

REFERENCES MATERIAL – Comprehensive  Economics for SS1 – 3 by Johnson Ugoji Anyaele fundamentals of Economies for SSCE by R.A.I Anyanwuocha.

Content  P 1 & 2

A company may be defined as a business organization established by an association of people distinct from the owners.

A Limited Liability Company is a Company which the liability of the owners are limited to the capital contributed unto the business.

FEATURES OF A LIMITED LIABILITY COMPANY

  1. Legal entity or legal status
  2. Perpetual existence
  3. Limited Liabilities
  4. Dividend Payment

TYPES OF LIMITED LIABILITY COMPANY

  1. Private Limited Liability Company
  2. Public Limited Liability  Company.

Presentation

Step 1:          The teacher revises the previous topic

Step 2:        Introduces the new topic

Step 3:        Explanation of cogent point

Step 4:        General class discussion evaluation

  1. Differentiate between a limited liability company and the partnership business.

Period 3 & 4

Duration:                       40 m/p

Number of period:          2

Content:               Advantages and Disadvantages of Limited Liability                                     Company.

Advantages

  1. It is a legal entity
  2. Shareholders enjoys limited Liability
  3. Continuity is ensured
  4. Ownership is separated from management
  5. Enjoyment of large scale production
  6. There is application of division of labour
  7. There is democracy in its management
  8. Provision of investment opportunities  
  9. Employees may become co-owner.

Disadvantages

  1. It is hard to establish
  2. Delay in policy and decision making
  3. Denies individual initiatives
  4. Lack of flexibility
  5. Decrease in personal interest
  6. Lack of cordial relationship between the employers and the employees
  7. Prone to frequent  disagreement
  8. Ownership is separated from the management.

Presentation:

Step 1:        The teacher revises the previous lesson

Step 2:        Introduction of the new topics

Step 3:        Explanation of salient point

Step 4:        General class discussion.

Evaluation

  1. What are the differences between a private Limited Liability Company and a public Limited Liability Company.

Assignment

  1. List and explain the various documents needed in the formation of a company
  2. List and explain the types of capital available to a limited liability company.

Conclusion

The teacher summarizes the lesson and gives the student note.

Lesson Note For The Seventh Week Ending 23-02-2020

Class –         SS1

Duration –   40 m/p

Number of period – 4

Topic – BUSINESS ORGANIZATION

Sub-topic    (i)      Co-operative societies

                   (ii)     Public Corporate

Objectives –  The students should be able to (i)

  • State the meaning of co-operative societies as well as public enterprises.
  • State the features of a corporative  society and a public enterprise
  • State the advantages and disadvantages of cooperative societies and push corporation.

PREVIOUS KNOWLEDGE –  The students had been taught about Limited Liability Company.

INSTRUCTIONAL MATERIAL – Charts

REFERENCE MATERIAL – Comprehensive Economics by J.U. Anyaele.

Content period 1 & 2

Co-operative society can be defined as a business organization in which individuals with common mutual interest agreed to come together to establish it in order to promote their economic activities like production, distribution etc.

FEATURES OF CO-OPERATIVE SOCIETIES

  1. They are not necessarily formed to make profit
  2. They apply the principle of democracy in decision making
  3. It is owned by minimum of two and has no limits to its membership
  4. Profits if made, are shared on the basic of patronage.

TYPES OF CO-OPERATIVES

  1. Consumers Co-operate Societies
  2. Producers Co-operative Societies
  3. Credit and Thrift Co-operative Society.

Presentation:

Step 1:          The teacher revises the previous lesson

Step 2:        Introduction to the new topic

Step 3:        Explanation of cogent points

Step 4:        General class discussion

Evaluation

  • What is co-operative Society?
  • List at least three features of co-operative societies

Assignment

  1. Write out at least five advantages and disadvantages of co-operative societies.

Period 3 & 4

Duration  –   40 m/p

Number of period – 2

CONTENT  –  Public Corporative/Enterprises

Public Enterprise are business organization owned, financed by the government in order to provide some essential services at a reduced cost e.g. N.T.A, N.E.P.A.

FEATURES OF PUBLIC ENTERPRISES

  1. It is owned and financed by the government
  2. It is to break even and not to make profit
  3. It is established through act of parliament
  4. It enjoys monopoly i.e no competition
  5. It requires large sum of money for its establishment

REASONS FOR ESTABLISHING PUBLIC ENTERPRISE

  1. To render essential services
  2. To avoid exploitation
  3. For security/strategic reason
  4. To create job opportunities
  5. It requires large  capital for its take off.

PROBLEMS OF PUBLIC ENTERPRISE

  1. There is lack of qualified personnel
  2. Employment is not based on merits but on good fatherism
  3. There is political interference and victims
  4. There is mismanagement and corruption
  5. Poor attitude to work by the workers
  6. There is bureaucratic, favouritism nepotism and redterpism.

Presentation

Step i:         Teacher introduces the lesson

Step ii:        Teacher reviews the previous lesson

Step iii:       Explanation of salient point

Step iv:       General class discussion

Evaluation

  1. What is public enterprise?
  2. State at least three features and three problems of  the enterprise.

Assignment

  1. What are the likely advantages and disadvantages of the public enterprise

Conclusion

The teacher summarizes the lesson and give students note on the topic taught.

Lesson For The Eight Week Ending 02-03-2020

Class –                            SS I

Duration –                       40 m/p

Number of period –         4

Topic – POPULATION

Sub-topic – POPULATION LESSONS

OBJECTIVES – The  students are expected to:

  • Define population and population census
  • Explain the types of population census
  • Explain the importance of population census
  • State the problems in conducting population census.

PREVIOUS KNOWLEDGE –  The students  are familiar  to counting  the number of people.

REFERENCES MATERIALS – chart

Content p 1 & 2

Definition – population can be defined as the total number of animals, things or people living in particular geographical area.

Population census

This is the periodic head count of people, things etc in a given country. It is usually done every 10 years. It is also called demography.

Types of population census

  1. Defacto population census:- This involves the physical head count of people.
  2. Dejure population census:– It is the head count of those present and alos those not present, that is, it is country on proxy.

Importance of census

  1. To determine the size of population
  2. It is used for future forecast
  3. It is used to determine the distribution of population base on, sex, age, occupation etc.
  4. It is used for Economic planning
  5. It is used by Government to allocate resources.
  6. It reveals the rate of immigration and emigration
  7. It is sued in the delimitation of constitution.

PROBLEM OF CONDUCTING CENSUS

  1. Illiteracy and ignorance
  2. Superstitions and beliefs
  3. Lack  of trained manpower
  4. Poor town planning
  5. Ethnical clashes
  6. Political problems

Presentation

Step 1:        Teacher reviews the previous topic

Step 2:        Introduction to the new topic

Step 3:          Explanation of salient point

Step 4:        General class discussion

Evaluation

What is (a) population (b) population census?

Period 3 & 4

Duration:-                      40 m/p

Nos of period –               2

Content –                        FACTORS AFFECTING POPULATION GROWTH

  1. Birth rate
  2. Death rate
  3. Health care facility
  4. Immigration & emigration
  5. Early or late marriages
  6. Poverty
  7. The quest for a male child

Types of population

  1. Optimum population – It is the population that is not too small or great i.e moderate population. It is the best  type of population where output  per head is the highest.
  2. Over Population – It is the population where the available resources are less than the population i.e population is greater than resources
  3. Under population:- This population is less than available resources.
Optimum
Under
over

Megram showing various type of population

Presentation:

Step i:         Teacher review the previous lesson

Step ii:        He introduces the new topic

Step iii:       Explanation of cogent points

Step iv:       General class discussion

Evaluation

  1. What is optimum population?
  2. List some factors affecting population census.

Assignment

  1. Explain the types of population
  2. List and explain at least six factors affecting the growth of population in your country.

Conclusion

The teacher summarizes the lesson and gives the students note.

Lesson Note For The Nineth Week Ending 09-03-2020

Class –                            SSI

Duration –                       40 m/p

Number of period –         4

Topic –                            POPULATION DISTRIBUTION

OBJECTIVES –                The students should be able to:

  • Identify the various types of population
  • Explain the formula for calculating population rate.

PREVIOUS KNOWLEDGE –  The students have been introduced to population.

REFERENCES MATERIALS –  Comprehensive Economics by J.U. Anyaele

INSTRUCTIONAL MATERIALS –  Charts

CONTENT

DISTRIBUTION OF POPULATION ARE-  This refers to how the population of a country is divided or categorized.

TYPES OF POPULATION DISTRIBUTION

  1. Age Distribution of the population  of a country into various age group i.e 0-17, 2020-60 and 61 and above.

Age                population distribution

0-14               dependent  population

2020-60                    Independent population

61 & above  dependent population    

(2)       Sex Distribution of Population:- This is the division of population based on gender i.e male and female.

(3)       Occupational Distribution:-  This is the division of population based on the types of job done e.g banking, teaching, sports and entertainment etc.

(4)       Geographical Distribution:- This is the division of population based on areas people reside e.g North, West, East and South.

POPULATION CALCULATION

The population of a given area can be estimated in two ways.

  1. New Population = old population + Birth rate – death rate + immigration – Emigration.
  2. New population = old population + Natural growth rate + Net Immigration.

Where:

  • Natural growth rate = Birth rate – death rate
  • Net  immigration = Immigration – Emigration

Presentation

Step i:         The Teacher introduces the new topic

Step ii:        Teacher revises the previous topic.

Step iii:       Explanation of salient points

Step iv:       General class discussion.

Evaluation

  1. Differentiate between Age and sex population distribution.

Assignment

  • With the aid of Internet, write out the population distribution according to the 2005/2006 census in Nigeria.
  •  

Conclusion

The Teacher summarizes the lesson and gives notes to the student on the subject matter.

Lesson Note For The Tenth Week Ending 16-03-2020.

Class –                           SS I

Duration –                      40 m/p

Number of period –         4

Topic – THEORIES OF POPULATION

Objectives –    The students are expected to:

  • State the theories of population
  • State the factors or events that proved Reverend Thomas Malthus Wrong.

PREVIOUS KNOWLEDGE –  The students have been target about population census.

INSTRUCTIONAL MATERIAL –  Charts

REFERENCE MATERIAL – Comprehensive Economics  for SS I – 3 by Johnson Ugoji Anyaele.

CONTENT:

  1. MALTHUSIAN THEORY OF POPULATION:- Reverend Thomas Malthus a political economist was disturbed about the rising population in England and  he opined that, if the population is not controlled. The population would exceed food supply.

Below were his assumptions:-

  • Population was growing geometrically while food supply was growing arithmetically.
  • There should be a check on the population
  • Positive check – It includes war, pestilence, earthquake, epidemics, famine etc.
  • Preventive check – It includes celibacy, family planning, use of contraceptives, postponement of early marriages etc.

EVEN THAT PROVED MALTHUS WRONG

Through this theory is a warning to countries that have over population but however, Thomas Malthus was seen as a prophet of doom, an alarmist, an extremist by some scholars. These scholars believed that:

  1. There is international trade which can provide food for countries that lack food.
  2. There is also an improved medical facilities that can help to sustain lives.
  3. There are new found areas where people could go and reside
  4. There is also industrial revolution that has enlarged production explosion.

DEMOGRAPHIC TRANSITION THEORY:- This theory is the newest in the theory of population. According to the theory, there are three stages of demographic transition.

  1. First stage:- The pre-industrialization:- This stage is characterized with high birth rate and high death rate. In this stage the population is static increasing and decreasing at a low rate.
  2. Second stage:- Transitional  stage:- At this stage fertility is still rising while mortality has dropped.
  3. Third stage:-  This is the final stage where both mortality and fertility have leveled down to a low level.

Presentation:

Step i:         Teacher introduces the lesson

Step ii:        Teacher revises the previous lesson

Step iii:       Explanation of cogent points

Step iv:       General class discussion

Evaluation

  1. What are the assumptions of Rev. Thomas Malthus?

Assignment

  1. Criticize Malthus theory as regard to Nigeria population.

Lesson Note For The Eleventh Week Ending 23-03-15

Class –                             SS 1

Duration –                       40 m/p

Number of period –         4

Topic – LABOUR MARKET

Objectives – The students  are expected to:

  1. Explain the concept of labour market
  2. Justify the concept of demand for labour
  3. Explain in detail the supply of labour
  4. Explain the determinant of wages

PREVIOUS KNOWLEDGE –  The students have been taught about the different type of labour  i.e skill, semi skilled and unskilled previously.

INSTRUCTIONAL MATERIAL – White board and marker

REFERENCE MATERIAL – Essential Economics for SS I – 3  by C.E. Andy

CONTENT P 1 & 2

DEFINITIONS – Labour Market is a place where wages and salaries and other condition of employment and determined.

DEMAND  FOR LABOUR

This refers to the total number of man power needed by an employer.

FACTORS INFLUENCING DEMAND FOR LABOUR

  1. The wage rate
  2. The size of the market
  3. Productivity of labour
  4. Intensity of production
  5. Expectation of Business condition
  6. The number of Enterprises

SUPPLY FOR LABOUR

This refers to the total number of manpower (Men or women) offered for employment over a period of time and at a given wage rate.

FACTORS AFFECTING THE SIZE OF LABOUR FORCE AND THE SUPPLY OF LABOUR IN A COUNTRY

  1. The size of the country population
  2. Death rate within the labour force
  3. Working class immigration
  4. Working class emigration
  5. School entity and leaving period (age)
  6. Official retirement age
  7. The number of disabled
  8. Working hours
  9. The number of women who are totally or completely a house wife.

Presentation:

Step i:         Teacher introduces the  lesson

Step ii:        Revises the previous related topic

Step iii:       Explanation of cogent point

Step iv:       General  class discussion.

Evaluation:

  1. Define a demand of labour and supply of labour
  2. List some factors that may likely affect the supply of labour in a country.

Period 3 and 4

Duration –                       40 m/p

Number of period –         2

Content

REASONS FOR DIFFERENCES IN REWARD FOR LABOUR

  1. Period of training
  2. Amount spent on training
  3. Trade unions
  4. Level of productivity
  5. Risk involved
  6. Societal value of the job
  7. Relationship between employee and employers
  8. Sex consideration

Presentation:

Step i:         Introduction of the lesson

Step ii:        Revision of the last lesson

Step iii:       Explanation of salient points

Step iv:       General class discussion

Evaluation:

  1. Why will a doctor be paid higher than a teacher?

Assignment

Explain any three theories of wage payment.

Conclusion

Teach, summarizes the lesson and give note to the students.

SS I THIRD TERM SCHEME OF WORK FOR 2020/2020 ACADEMIC SESSION.

WEEK         1.      Distributive trade

  • Middlemen
  • Money
  • Financial institutions
  • Concept of demand and supply
  • Supply
  • Equilibrium price/price determination
  • The nature of the Nigerian Economy
  • Agriculture
  • Mining
  • Revision
  • Examination

Lesson Note For The First Week Ending 27-04-2020

Class –                            SSI

Duration –                       40 m/p

Number of period-          4

Topic – DISTRIBUTIVE TRADE

Sub-Topic – THE WHOLESALER

Objectives – The students are expected to:

  1. Give the meaning of distributive trade
  2. State the functions of all parties involved  in distributive trade (chain of distribution)
  3. State the meaning and functions of the wholesaler to the producers and to the retailers.

PREVIOUS KNOWLEDGE –  The students are familiar to the method of buying and selling of goods and services.

INSTRUCTIONAL MATERIALS –  Charts

REFERENCE MATERIAL –  Essential Economics by C.E. Andy; fundamental Economics by R.A.I Anyawuocha.

CONTENT: Period 1 & 2

Chain of distribution  

DISTRIBUTIVE TRADE- It shows how goods and services flow from the production point to the point of consumption. This  movement is usually done by the middlemen.

Manufacturer  
Retailer  
Consumer  
Wholesaler  

THE WHOLESALER –  He is a middleman that buys goods in large quantity from the producers and sells to the retailer in small units. i.e He buys goods n gross from the manufacturer and sells in scores or dozens to the retailer.

Presentation:

Step 1:          The teacher revises the previous term work.

Step 2:        He introduces the new topic.

Step 3:        Gives explanation of salient  points

Step 4:        General class discussion

Evaluation

  1. What  is distributive trade?
  2. Define the term wholesaler

Assignment

  1. Give the various chains at which goods can flow/move from the manufacturer/producer to the final consumer.

Period 3 and 4

Duration –                       40 m/p

Number of period –         2

CONTENT – FUNCTIONED OF THE WHOLESALER

  • TO THE PRODUCER:
  • Trade Credit:-  He makes money available to the producer in advance by making payment before goods are supplied to him.
  • Warehouse function: He helps the producers to produce more by solving the problem of space and storage by keeping goods in his own warehouse.
  • Advertisement:- He provides local (door to door) advert for the product.
  • He finds  market for the manufacturer
  • He advises the manufacturers
  • He bears the risk of fall in prices
  • Keeps manufacturers informed about market

3.        TO THE RETAILERS:

1.        Breaking of bulk: He sells in small units to the retailers.

2.        Credit facilities:  He sells on credit to the retailers

3.        Offers the Retailers variety of choice

4.        He bears the risk if fall in price

5.        He advises the Retailers

6.        He performs the function of grading and packaging of goods.

7.        He promotes the retailers trade.

THE RETAILERS: He is the middleman that buys all sorts of goods and services in small quantities in order to sell to the final consumers.

Functions of Retailers

  1. He sells in small units
  2. He advises the consumers and wholesalers
  3. He sells on credit to the consumers
  4. He renders after sales service
  5. He brings goods nearer to the consumer
  6. He completes the process of production
  7. He advertises the goods.

TYPES OF METHODS OF RETAIL TRADE

  1. Hawking:  It has to do with carrying goods from one place to another.
  2. Market place Retailing: These are  retailers found in the market place.
  3. Street Retailing:-  These are retailers found along the street
  4. Small stores:-  They represent retailer that operate in rented shops.
  5. Departmental stores:  It is a store with different units  selling various item.
  6. Multiple shops:- A shop that has various branches across the country.
  7. Supermarket: It is like a self service shop. It deals mainly in household goods like fruits etc others include, mails order business, retail co-operative society, self service shops etc.

Presentation:

Step 1:        The teacher revises the previous lesson

Step 2:        Introduces the new lesson

Step 3:        General class discussion

Evaluation

  1. What are the functions of the wholesaler to the retailers and the manufacturers?

Assignment

List out the various type of Retailers, stating their features, functions, advantages and disadvantages if any.

Lesson Note For The Second Week Ending 4th May 2020

Class –                            SSI

Duration –                       40 m/p

Number of period-          4

Topic-                            THE MIDDLEMEN

Objectives –                    The students should be able to:

  • State the meaning of the middle men.
  • Argued for and against the elimination of the middlemen.
  • State some problems associated with distribution in Nigeria

PREVIOUS KNOWLEDGE –  The students are already familiar with the wholesalers and retailers.

INSTRUCTIONAL MATERIALS –  Charts

REFERENCES MATERIAL – Fundamental Economics for SSCE by R.A.I Anyawuocha Essential Economics by C.E. Andy.

CONTENT  P 1 & 2

ARGUMENT FOR AND AGAINST THE ELIMINATION FO THE MIDDLEMEN

Argument for:

  1. Price Hike: It is believe that the middlemen are responsible for increase in price of goods and services.
  2. Creation of artificial scarcity:  The middlemen sometimes hoard goods causing  artificial scarcity in order to  raise  the price.
  3. Product adulteration:  The middlemen sometimes reduce the quality of product so as to make more profit.

Argument against

  1. Middlemen help to bring goods from production units to consumption points.
  2. The middlemen degree their profit since they are engaged in risk during distribution.
  3. Other functions performed by middle men include:
  4. Buying and breaking the bulk
  5. Provides after sales service
  6. Providing warehousing facilities and credits

Presentation:

Step 1:        The teacher revises the previous  topic

Step 2:        Introduces the new topic

Step 3:        Explanation of salient point

Step 4:        General class discussion

Assessment

  1. The middlemen are devil  in nature juxtapose

Period 3 & 4

Duration –                       40 m/p

Number of period –         2

Topic:                            The middlemen

CONTENT

Some reasons that may warrant the elimination of middlemen.

  1. When  perishable goods are involved
  2. When it involves goods with low demand
  3. When manufacturers have their own retail outlet.
  4. When goods required direct services to the consumer by the producer
  5. When it involves some technicality in service delivery.

Problems of product distribution in Nigeria

  1. Poor transportation
  2. Inadequate storage facilities
  3. Hoarding
  4. Too many middlemen
  5. Inadequate credit facilities
  6. The nature of the product
  7. Inadequate information

Presentation

Step i:         Revision of the last lesson

Step ii:        Introduction of the new lesson

Step iii:       General class discussion.

Assessment

  • List at least five reasons why the middlemen should be eliminated
  • List some factors affecting as  anything product distribution in for the Africa.

Assignment

  1. Write out at least six ways of improving the system of consumer goods in West Africa.

Lesson Note For The Third Week Ending 11-05-2020

Class –                  SSI

Duration –             40 m/p

Number of period- 4

Topic – MONEY

Objectives –  The students  should be  able to:

  1. Define money
  2. Say brief history of money
  3. States the problems of barter system that led to money
  4. List and explain the qualities, types and function of money.

PREVIOUS KNOWLEDGE – The students are familiar with money and the use of money.

INSTRUCTIONAL MATERIAL – Pictures and charts

REFERENCE MATERIALS – Fundamental of Economics R.A.I Anyawuocha

CONTENT

Money can be defined as anything that is generally acceptable for the payment of goods and services as well as for the settlement of debts.

ORIGIN OF MONEY

In ancient times a numbering communities used different articles as money. Some of the communities that were used in earlier times as money were cowry shells, cattle, bronze, shares, metal bars and precious metals like gold and silver. The paper money currently in use came from the receipts used by the goldsmith to back up the deposit of valuables kept with them.

BARTER SYSTEM OF TRADE

This is the system of trade which involves the exchange of goods for goods and services for services without the use of money. It was the problems of barter system that led to the introduction of money as a medium of exchange.

THE PROBLEMS OF BARTER SYSTEM

  1. Difficulty of double coincidence of wants
  2. Waste of time and energy
  3. Difficulty in assessing the tree value of commodities.
  4. Problem of divisibility of some goods
  5. Bulkiness of commodities
  6. Miscellaneous problems such as lack of portability, divisibility, durability etc.

Presentation

Step 1:          Revision of the last topic

Step 2:        Introduction to the new topic

Step 3:        Explanation of cogent point

Step 4:        General Class discussion

Assessment

  1. What is money?
  2. Differentiate between money and   barter trade
  3. What are the actors that necessitate the use of  money?

Assignment

Write out a comprehensive note tracing the history of money.

Period 3 and 4

Duration                         40 m/p

Number of period          2

Topic                             money

Content

  1. Acceptability: It must be generally acceptable as a medium of exchange and for the settlement of debt.
  2. Durability: It must be  able to  be broken down unto smaller units
  3. Homogeneity: It must be the same.
  4. Recognizable: A good money must be easily identifiable.
  5. Portability:  It must not be bulky
  6. No intrinsic value:  Its material worth must not be greater than its face value.

Types/form of money

  1. Coins
  2. Notes/paper money
  3. Commodity money
  4. Legal tender
  5. Bank deposit
  6. Fiduciary note issue
  7. Representative money

Functions of money

  1. Medium of exchange: Money serves as a means through which buying and selling takes place.
  2. Measure of commodity’s value: It is  used to calculate the worth of  an item.
  3. Store of value:  Goods can be sold and kept in money form until when they are needed. Though due to inflation, money has not been able to perform this function.
  4. Standard of deferred payment:- Money makes it possible for debt to be settled in future date.
  5. Unit of Account:  Money allows things to be calculated in monetary term/value.
  6. Encouragement of lending and borrowing:- Money makes bank loans and overdraft as well as other landing and borrowing possible.

Presentation

Step 1:        Revision of the last topic

Step 2:        Introduction of the new topic

Step 3:        Explanation of salient points

Step 4:        General class discussion

Assessment

  1. List and explain at least four qualities of money
  2. What are the functions of money?

Assignment

  1. List and explain at least seven types of money.

Conclusion

The teacher summarizes the lesson and gives the students note.

Lesson Note For The Fourth Week Ending 2020-05-2020

Class                    SSI

Duration               40 m/p

Number of period 4

Topic – FINANCIAL INSTITUTIONS

OBJECTIVE – The students are  expected to:

  1. State the meaning of financial institution
  2. List and explain the types of financial institutions
  3. Differentiate between the central but and the commercial banks
  4. State the functions of the commercial and the central bank.

INSTRUCTIONAL MATERIALS – CHARTS

REFERENCES MATERIALS – Comprehensive Economic, for SS1 – 3 by Johnson  Ugoji Anyaele.

CONTENT

Financial institutions are organizations that deal with money or money worth.

Types of financial Institution

  1. Traditional financial institution:  These are traditional association; that performs the function of lending, and borrowing as well as safe keeping of money for its members e.g Esusu
  2. Commercial Banks: (Joint Stock Bank): These are financial institution that deals in money and credit, as well as receiving deposits from the public for safe keeping. They are usually established to make profit.

FUNCTIONS OF THE COMMERCIAL BANKS

  1. They accept deposit from customers
  2. They serve as agent of payment on behalf of their customers.
  3. They lend money to customers
  4. They help to keep valuables for customers
  5. They render technical advice to their customers.
  6. The sometimes engage in direct investment.

Creation of credit

The commercial banks create credit by increasing the money in circulation through its lending of money being deposited by customer.  It does this in the following ways.

  • Charging interest on loan given
  • By granting overdrafts to customers
  • By discounting bills and purchasing treasury bills from the government.

Conditions necessary for commercial Banks to create money

  1. All commercial Bank must act the same way.
  2. The law must permit only a small portion of customer’s deposits to be kept.
  3. All money borrowed from the bank must be deposited into another bank.

Presentation:

Step 1:        Revision of the previous lesson

Step 2:        Introduction of the new lesson

Step 3:        Explanation of salient points

Step 4:        General class discussion

Assessment

  1. What is financial institution?
  2. List and explain the types of financial institutions.

Assignment:

Write out the functions of the commercial banks of Nigeria

Period 3 & 4

THE CENTRAL BANK OF NIGERIA

It is the bank established by the Federal Government which helps to regulate the entire financial and monetary system of the country.

FUNCTIONS OF THE CENTRAL BANK OF NIGERIA

  1. It serves as the government bank
  2. It severs as the bankers bank
  3. It acts as the leaders of last resort
  4. It issues the currency of the country
  5. It undertakes foreign transaction for the country
  6. It helps to promote economic growth and development in the country.

CONTROL OF THE COMMERCIAL BANK BY THE CENTRAL BANK.

  1. Open Market Operation (O.M.O): It does this by either selling or buying securities to or from the commercial banks respectively if it is sells securities money will be reduced in circulation while reverse is the case on buying securities.
  2. Bank rate: It is the rate at which interest is charged or bills are discounted. It can increase or decrease bank rate.
  3. Liquidity ratio: It represents the amount of deposited funds that must be kept with the central bank in order to meet with customers demand for money. They can increase or decrease it.
  4. Special deposit: Central Bank of Nigeria can instruct the commercial banks to keep a special amount with it.
  5. Special Directive: The Central Bank of Nigeria can direct the commercial banks on how to grant loans.
  6. Moral suasion: In this case the Central Bank of Nigeria can plead with the commercial banks in certain personal policy  etc.

Presentation

Step i:         Teacher  revises the previous lesson

Step ii:        Introduces the new topic

Step iii:       Explanation at the salient points

Step iv:       General class discussion

Assessment

  1. Define the term “Central Bank”
  2. What are the functions of the Central  Bank?

Assignment

  1. State and explain the instruments used by the Central Bank to control the activities of the commercial banks

Conclusion

The teacher summarizes  the lesson and gives students note.

Lesson Note For The Fifth Week Ending 25-05-2020

Class                    SS1

Duration               40 m/p

Number of period 4

Topic                    DEMAND

Objectives            The students are expected to:

  1. State the meaning of demand
  2. List and explain the factors affecting demand
  3. Draw a demand schedule  and graph (curve)

PREVIOUS KNOWLEDGE  –  The students are familiar with buying and selling of goods and services.

INSTRUCTIONAL MATERIAL – CHART

REFERENCE MATERIAL – Comprehensive Economics for SS1 – 3 by Johnson  Ugoji  Anyaele, fundamental Economics R.A.I Anyanwuocha.

CONTENT:

Demand may be defined as the quantity of goods and services. A consumer is willing to buy at a particular time and as a given price Demand is different from a mere desire or want in the sense that, it must be backed up with a purchasing power, ability to pay.

Wants:- These are desires which are not backed, by the ability to pay or purchasing power.

Effective demand – This is the demand backed by willingness and ability to pay.

Demand Schedule:  This is a table used to represent the quantity of goods demanded by consumers.

Example

Price (N)                                                     Quantity demanded kg

            100                                                                                         10

            50                                                                                           20

            30                                                                                           30

            20                                                                                           40

            10                                                                                           50

Demand curve –  It is the use of graph in representing the quantity of goods demanded.

100    50    30    20    10     0
Text Box: Price

Example

Laws of Demand: It states that the lower the price the higher the quantity demanded while the higher the price the lower the quantity demanded.

TYPES OF DEMAND

  • Complimentary/Joint Demand:  This is the demand for two items at the same time of which one complement the other e.g beans and bread, kerosene and stove, bread and butter.
  • Competitive demand: This is the demand for two goods that serves as substitute/replacement for each other e.g coke and pepsi, milo and Bournvita.
  • Composite Demand: This is the demand for goods that can be put to several uses e.g cassava, beans, flour etc.
  • Derived Demand: This is the demand for a good not for its sake but what it will help to provide or satisfy e.g factors of production. They are needed to produce other goods.

FACTORS AFFECTING DEMAND

  1. Price
  2. Income of the consumer
  3. Taste and fashion
  4. Price of other goods
  5. Population
  6. Advertisement
  7. Taxation
  8. Weather condition expectation of future change in price.

Presentation

Step 1:        Teacher revises the previous lesson

Step 2:        He introduces the new topic

Step 3:        Gives explanation of cogent points.

Step 4:        General class discussion.

Assignment

  1. What is demand?
  2. State at least four (4) factors affecting demand with a detail explanation.

Assignment

Differentiate between change in demand and change in quantity demand.

Conclusion

Teacher summarizes the lesson and gives note to the students.

Lesson Note For The Sixth Week Ending 01-06-2020

Class                    SSI

Duration               40 m/p

Number of period 4

Topic                    Supply

Objectives           The students are expected to:

  1. Define supply
  2. State the law  of supply
  3. Explain supply schedule  and curve
  4. State and explain the factors affecting supply

PREVIOUS KNOWLEDGE – The students have been taught about demand in the last lesson.

INSTRUCTION MATERIAL – CHART

REFERENCE MATERIAL – Fundamental Economics by R.A.I Anyawuocha

CONTENT

Supply is the quantity of goods and services a seller is willing to offer for sale at a given price and over a period of time.

Types of supply

  1. Complementary supply/Joint Supply: This is the supply of two things that  can be obtained  or gotten from the same source without one effecting the production of the other e.g palm kernel  and palm oil, garri and starch.
  2. Competitive:  It is the supply of two goods that serve as class substitutes. Once one is supplied, the other will be left unsupplied eg garri and fufu.
  3. Composite supply: It is the supply of various things that can provide the same satisfaction e.g the supply of lamp, lantern, torchlight etc these are supplied to provide lightening.

LAWS OF SUPPLY

The  law of supply states that if price increase, quantity supplied will increase while quantity supplied will decreased as price decrease.

FACTORS AFFECTING SUPPLY

  1. Price
  2. Price of other commodities
  3. Cost of production
  4. Taxation
  5. Weather condition
  6. Level of  technology
  7. Number of producers.

SUPPLY SCHEDULE

It is the table showing the quantity of goods and services supplied at a given price over a period of time e.g.

Price (N)                                           Quantity supplied (kg)

            5                                                                      500

            4                                                                      400

            3                                                                      300

            2                                                                      200

            1                                                                      100

5 4 3 2 1 0
 100       200       300            400     500     Q
SI

Supply curve: It is a graph used in representing the quantity of goods and services supplied.

Presentation

Step i.         Teacher introduces the lesson

Step ii:        Introduces the new topic

Step iii:       Explanation of cogent points

Step iv:       General class discussion

Assessment:

  1. What is supply?
  2. Mention the type of supply

Assignment

  1. List and explain the factors affecting supply.

Conclusion

Teacher summarizes the lesson and gives note to the students

Lesson Note for The Seventh Week Ending 08-06-2020

Class                              SSI

Duration                         40 m/p

Number of period           4

Topic                             EQUILIBRIUM PRICE/PRICE DETERMINATION

Objectives: The students are expected to:

  1. Give the meaning of equilibrium
  2. Illustrate equilibrium price, quantity and point using a demand and supply curve.
  3. Explain price determination etc

PREVIOUS KNOWLEDGE – Students have been taught about demand and supply.

INSTRUCTION MATERIAL – The use of chart, marker and white board.

REFERENCE MATERIAL- Fundamental of Economics by R.A.I Anyawuocha.

CONTENT

Equilibrium price and quantity refers to the points where quantity demanded equals quantity supplied at equilibrium demand is equal to supply. Which above the equilibrium price, supply is greater or in excess of demand. Below the equilibrium, demand is greater than Supply.

Illustration of Equilibrium from demand and supply schedule

Price                          Qty DD                                  Qty SS

 5                                 100                                        500

 4                                 200                                        400

 3                                 300                                        300

 2                                 400                                        200

 

 1                                 500                                         100

5   4   3   2   1   0

Illustration of Equilibrium from demand and supply curves

Price  
 Excess          supply
100                         200                         300                         400                         500    
Excess    Demand    
         Qty  
Equilibrium

Food, cloth, shelter, education, healthcare

Needs: you must have for survival

Wants: good to have but not essential for survival.

Good to know for saving & spending wisely

Needs- limited,                              wants- unlimited

Something you must have,         something you wish to have

Necessary                                       Desire

Needed for sumral                        Not needed

Constant                                          changes

Time table

Tuesday:

SS1A (8:00- 8:40)

SS1B (8:40- 9:20)

SS1B (9:20- 10:00)

SS1C (3:20-4:00)

Wednesday:

SS1A (10:50-11:30)

SS1B (1:30- 2:10)

SS1A (3:20- 400)

Thursday:

SS1C (9:20-10:00)

SS1B (10:10- 10:50)

DEMAND AND SUPPLY FUNCTIONS TO

 DETERMINE EQUILIBRIUM PRICE AND QUANTITY

ILLUSTRATION

The demand and supply equation for a commodity, (in a free market) are giving as:

   Qd = 10- 2p

   QS = 4p-8

  • Given that p is in Naira, Qd and QS are in kg, determine
  • The equilibrium price and
  • The equilibrium quantity
  • i. if the price (p) were to be N4.00 what will be the excess supply?

ii. If the price is fined at N2.00, what will be the excess demand?

Solution

Qd = QS at equilibrium:  if Qd= 10-2p and QS = 4p-8 Then:

   10-2p = 4p-8

10+8 = 4p+2p 

2020 = 6p

 P =  =N3

1+p =N3 using the Qd i.e.

10-2p

10-2(3)

10-6=4

Therefore the equilibrium price = N3 and the equilibrium quantity is 4kg.

(2) It price is find at N4.00

Qd = 10-2(4)

       = 10-8 =2kg

QS = 4p-8

       = 4(4)-8

       = 16-8 =8kg

Excess supply = 8kg -2kg =6kg

(ii)  If price is find at N2.00

            Qd = 10-2(2)

                  = 10-4=6kg

                  = 4(2)-8=0

Excess demand = 6-0 = 6kg

Price system: it is a system that determines the rate at which goods and services are produced exchanged and distributed.

Importance of the price system

  1. It allocates scare resources to the maximum usage
  2. It determines demand
  3. It determines supply
  4. It influences production pattern and type
  5. It can be used to regulate the consumption pattern of consumes
  6. It encourages exchange as well as solve the problem. It borty system trade.

Presentation:

Step 1. Teacher revises the previous topic

  • Introduction of the topic
  • General class discussion

Assessment

  1. Differentiate excess demand and excess supply
  2. What is price system

Assignment

Given that:

Qd = 20-

Qs = 8+

Determine

  • Equilibrium price and quantity
  • What happen if the price is find at (i) N20 (ii) N12

Conclusion:

The Teacher Summary the lesson and gives students note.

LESSON NOTE FOR THE EIGHT WEEK ENDING 15-06-2020

CLASS –SS1

DURATION – 40 mip

NUMBER OF PERIOD -4

TOPIC- The Nature of Nigeria Economy

Objective: The students are expected to:

  1. Give the general overview of the Nigeria economy
  2. Give the structure of industries in Nigeria
  3. List the economic activities of the sex geopolitical zones in Nigeria

Pervious knowledge: The students are familiar with the happening in the society.

INSTRUCTIONAL MATERIALS: chart white board and maker.

REFERENCE MATERIALS:  Fundamentals of Economics by R.A. Anyawuoch

CONTENT:

Nigeria is a middle income, mixed economy and emerging market, with expanding manufacturing, financial, service, communication, technology and Entertainment sector. It is ranked as the 21st largest Economy in the world in term of Purchasing Power Parity (PPP). It is the largest economy in Africa.

Before the colonial era, the various ethnic groups were largest dependent and involved in agriculture. The greatest mistake made was the decision to neglect the known agriculture for the unknown industries action

NATURE AND STRUCTURE OF INDUSTRIES IN NIGERIA

  1. Mining (Non oil and solid minerals sectors) this sector includes coal, Iron, sold etc.
  2. Tele-communication sector: involves GSM operators such as MTN, GLO, AIRTEL etc.
  3. Manufactory and construction etc.
  4. Mining (oil and natural gas).This covers 80% of the revenue generated by the government. The government produces cover 2.5 million Berries per day

Presentation:

Step 1. Teacher revises the previous lesson

  2. Introduction to the new topic

3. Explanation of cogent point

4. General class discussion

Assessment:

  1. List the major sectors that made up the Nigeria Economy System

Assessment

  1. List all the resources found in Nigeria and the state where they are located.

Conclusion:

The teacher summarizes the lesson and gives students note on the topic taught.

LESSON NOTE FOR WEEK NINE

ENDING: 22-06-2020

CLASS– SS1

DURATION– 40 MIP

NOS OF PERIOD: 4

TOPIC– AGRICULTURE

Objectives: The students are expected to:

  1. State the meaning of Agriculture
  2. State the component of agriculture
  3. Explain Agriculture system
  4. State the contributions, problems and solution of Agriculture

PREVIOUS KNOWLEDGE: Students have been introduced to the nature it Nigeria Economy.

INSTRUCTIONAL MATERIAL: Flow Charts

REFERENCE MATERIALS: Fundamental Economics by R.A

CONTENT:

Agriculture can be defined as a science that studies the production of crops and rearing of animals for man’s use.

                                     Component of agriculture

Agriculture has many parts, but we are going to focus on the following:

  1. Crop production- It deals with both food and cash crops production.
  2. Livestock farming: It deals with the rearing of animals for economic use.
  3. Forestry: It involves the planting and management of timbers and other forest material.
  4. Fish farming: This involves the act of rearing selected species of fish under scientifically controlled condition.

SYSTEM OF AGRICULTURE

  1. Peasant farming system: It involves farming for ones faming use only i.e subsistence farming.
  2. Plantation farming system: It involves the cultivation of crops in a large area of land in this one crop is produced in a large space of land e.g sugarcane, banana, cocoanut, palm tree, etc plantation.  
  3. Mechanized farming- it is also called commercial agriculture. It is the cultivation of crops on a large scale basis mainly for scale.
  4. Co-operative farming: This involves farmers coming together to pool resources for large scale as well as to enjoy mutual benefit,

IMPORTANCE OF AGRICULTURE

  1. It provides food for the teaming population.
  2. It serves as a source of raw materials for industries.
  3. It serves as a source of employment
  4. It generates foreign income for a country
  5. It serves as a source of medication (medicine) as roots, seeds, leave etc.

PROBLEMS OF AGRICULTURE  IN AFRICA

  1. The use of crude implements
  2. Ignorant and illiteracy
  3. Poor credit facilities
  4. Lack of storage (good storage) system
  5. Natural disasters
  6. Pest and diseases
  7. Poor research

Presentation:

  1. Step 1:        Teacher revise the previous topic
  2. Step 2:        Introduction to the new topic
  3. Step 3:        Explanation of cogent points
  4. Step 4:        General Class discussion

Assessment

  1. What  is Agriculture?
  2. List and explain the various agricultural system

Assignment

Write out the full meaning of the following Agriculture policies in Nigeria

  • OFN (ii) RBOA (iii) NAFPP (vi) G.R. and write short note on each of them.

CONCLUSION:  The teacher summarizes the lesson and give student note.

LESSON NOTE FOR WEEK TEN ENDING 28-06-2020

CLASS        –        SS1

DURATION –        40 M/P

NUMBER OF PERIOD – 4

TOPIC – MINING

OBJECTIVES: The students are expected to:

  1. Define mining
  2. Give the components of mining in Nigeria
  3. Explain  the types of mineral
  4. Mention the types of mineral, sues and location etc.

PREVIOUS KNOWLEDGE: The students have been introduced to Agriculture.

INSTRUCTIONAL MATERIAL – Flow chart, marker and white board

REFERENCE BOOK – Fundamental  of Economics of R.A.I. Anyawuocha and Essential Economies by C. E Andy.

CONTENT:

Component of mining in Nigeria

  1. Crusher
  2. Grinder mill
  3. Screening conveyor
  4. Feeding washer
  5. Mobile crusher

TYPES OF MINERALS

  1. Petroleum (Crude oil):  It is a source of power. It is found in Delta State, Rivers, Bayelsa etc.
  2. Coal: It is also a source of power i.e is found in Enugu  and Okaba (Benue).
  3. Iron Ore: It is used for making steel. It is found in Kogi State, Delta State etc.
  4. Tin and Columbite: They are found in Pleateau State a place near Jos. This is used for coating heat resistance steel that are in jet engines. Tin and Columbite are naturally together
  5. Lime stone: It is used for making cement. It is found in Ogun State, Edo State, cross River State, Anambra State etc.
  6. Lead and zinc –  lead and zinc are sedimentary rock minerals found in Ebonyi State, Abuja, Anambra, Enugu etc.

IMPORTANCE OF MINERALS TO THE NIGERIA ECONOMY

  1. It provides employment opportunity
  2. It generates revenue to the government
  3. It provides raw materials for industries
  4. It helps to improve the standard of living of the people.
  5. It keeps to develop the level of infrastructure

Presentation:

Step 1:          Teacher revises the previous lesson

Step 2:        Introduction to the new lesson

Step 3:        Explanation of cogent points

Step 4:        General class discussion

Assessment:

  1. What is mining?
  2. Mention the various types of minerals found in Nigeria.

Assignment

Critically examine the problems of mining in Nigeria.

Conclusion:  Teacher summarizes the lesson and gives the students note on the topic taught.

Lessonplan

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