SS1 First Term Economics Senior Secondary School Lesson Note

 

Scheme Of Work 

Week 1 – Meaning of Economics

Week 2 – Economics as a science, arts, and social subject

Week 3 – Basic concepts of Economics

Week 4 – Importance of opportunity cost

Week 5 – Basic economic problems of society

Week 6 – Basic tools of economic analysis

Week 7 – Economic problems of the society

Week 8 – Theory of production

Week 9 – Labour market

Week 10 – Labour as a factor of production

Week 11 – Revision

Week 12 – Examination

Week 13 – Examination

 

Economics Lesson Note for SS1 First Term 

Below are the 2022 complete SS1 First Term Economics Lesson Note 

Complete SS1 Economics First Term Lesson Note 

 Week 1 – Meaning of Economics

Overview – According to the father of Economics, Adam Smith, Economics is about the making of wealth. There are several definitions of Economics but the most acceptable definition was formulated by Lionel Robbins in 1932. He defined Economics as the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. This definition comprises all the major aspects of Economics. Economics is a social science because it deals with human behaviour towards the change in prices of goods and services. This week, we shall be introduced to the subject of Economics. We shall learn about its meaning, nature, scope, and why we study Economics. We shall also learn about the basic concepts of Economics which include needs/wants, scarcity, choice, opportunity cost and scale of preference. To learn more, Click here…               

Week 2 – Economics as a Science, Arts, Social Subject

Overview – There is always this confusion as to whether or not Economics is an Arts, Social or Science subject. The subject called Economics is a composition of Science, Arts and Social Science. It is considered a Science subject because it is based on logic, as a Social science because it deals with economic planning and as an Art because it gives guidance to the solutions of all economic problems. This week, we shall learn about Economics as a science, arts, and social subject. To learn more, Click here…               

Week 3 – Basic Concepts of Economics

Overview –  In order to understand how Economic rules are applied to everyday life, it is imperative for students of the subject to familiarize themselves with the basic concepts. There are five basic concepts of Economics.  Needs are defined as products and services that are required on a daily basis for human survival while wants are goods or services that are not necessary but that we desire or wish for.  Scarcity refers to the basic economic problem, the gap between limited – that is, scarce– resources and theoretically limitless wants. A scale of preference in Economics is a basic tool that determines the demand of certain products. Choice refers to selecting an alternative over another. Opportunity cost refers to a benefit that a person could have received, but gave up, to take another course of action. This week, we shall learn about the basic concepts of economics. To learn more, Click here…               

Week 4 – Importance of Opportunity Cost

Overview – Opportunity cost is a basic concept of Economics that refers to a benefit that a person could have received, but gave up and to take another course of action. This concept is important to individuals, firms and to the government. Opportunity is important in helping to determine the relative prices of goods. This week, we shall learn about the importance of opportunity cost. To learn more, Click here…               

Week 5 – Basic Economic Problems of Society

Overview – Basic economic problems refer to the everyday problem people encounter while making their choice in trying to satisfy their numerous wants with the limited resources available to them. These major economic problems are what to produce, how to produce, for whom to produce and the efficiency of the resources used. This week, we shall learn about the basic economic problems of society and the factors that determine them. To learn more, Click here…               

Week 6 – Basic Tools of Economic Analysis

Overview – An analytic check on the economics of a nation requires the use of some basic tools which include tables and graphs. This, we shall learn about the basic tools of economic analysis – table, graph, arithmetic mean, range, mean, median and mode. To learn more, Click here               

Week 7 – Economic Problems of the Society

Overview – Basic economic problems refer to the everyday problem people encounter while making their choice in trying to satisfy their numerous wants with the limited resources available for them. These major economic problems are what to produce, how to produce, for whom to produce and the efficiency of the resources used. This week, we shall learn about the basic economic problems of society and the factors that determine them. To learn more, Click here…               

Week 8 – Theory of Production

Overview – Production can be defined as an economic activity aimed at the creation of goods and services and the distribution of these to the final consumers for the satisfaction of human wants. There are several categories of production – direct, indirect, primary, secondary and tertiary production. Production has several importance, one of which is it provides employment opportunities. Production is affected by several factors which are land, labour, capital and entrepreneurship. This week, we shall learn about the theory of production – types, importance, factors that affect it and the factors that determine the volume of production. To learn more, Click here…               

Week 9 – Labour Market

Overview – Labour market refers to the supply and demand for labour such that employees provide the supply and employers provide the demand. The relationship between supply and demand influences the hours the employee works and the compensation she receives in wages, salary and benefits. A Labour force describes a set of people working for either a single company or an entire workforce of a particular industrial sector, region or country. This week, we shall learn about the labour market, the concept of labour force and the factors that affect the size of labour force. Labour tends to move from place to place. This is referred to as mobility of labour. We shall also learn about the mobility of labour and the factors that determine it. To learn more, Click here

Week 10 – Labour as a Factor of Production

Overview – Labour is a primary factor of production that is defined as all forms of human efforts put into production. It is the mental and physical effort put into the process of production. There are two types of labour – skilled and unskilled labour. Labour is important because it influences other factors of production. This week, we shall learn about labour as a factor of production – types, characteristics and its importance. We shall also learn about the efficiency of labour. To learn more, Click here

Week 11 – Revision

Overview – This week, there will be a revision on all the topics covered this term, from the meaning of Economics to labour as a factor of production.

Week 12 – Examination

Overview – We shall be examined all we have learned this term.

Week 13 – Examination

Overview – This week, we shall be examined all we have learned this term.