SS3 First Term Economics Senior Secondary School Lesson Note
Scheme Of Work
Week 1 – Economic lesson from the Asian tigers, Japan, Europe and America
Week 2 – Human capital development
Week 3 – Petroleum and the Nigerian economy
Week 4 – Manufacturing and construction
Week 5 – Service industries
Week 6 – Agencies that regulate the financial markets
Week 7 – Functions and roles of regulatory agencies
Week 8 – International trade
Week 9 – International trade II
Week 10 – Balance of payment
Economics Lesson Note for SS3 First Term
Below are the 2022 complete SS3 First Term Economics Lesson Note
Complete SS3 Economics First Term Lesson Note
Week 1 – Economic Lesson from the Asian Tigers, Japan, Europe and America
Overview – The Asian Tigers comprises four countries in South East Asia- Hong Kong, Taiwan, South Korea and Singapore- which have over the years become the fastest growing economies as well as some of the strongest economies in the world. The Asian Tigers rank in the same status as the United States of America and most Western/Northern European countries; in terms of industrialization and economic advancement that is. This week, we shall learn about economic lessons from the Asian tigers, Japan, Europe and America. To learn more, Click here…
Week 2 – Human Capital Development
Overview – What is human capital development? Human Capital Development involves measuring the economic value of employees’ skill sets. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved. Factors such as knowledge, competencies, risk and organizational development affect the efficiency of human capital. This week, we shall learn about human capital development – factors that affect the efficiency of human capital. We shall also learn about human capital and physical capital as well as brain drain and its effects on the Nigerian economy. To learn more, Click here…
Week 3 – Petroleum and the Nigerian Economy
Overview – Petroleum which is also known as crude oil can be located together with natural gas as fossil fuels. Petroleum is a non-renewable source of energy that is used in in the transportation industry and other sectors of the economy. Oil was discovered in Nigeria in 1956 at Oloibiri in the Niger Delta after half a century of exploration. This week, we shall learn about petroleum and the Nigerian economy. To learn more, Click here…
Week 4 – Manufacturing and Construction
Overview – Manufacturing can be defined as the process of converting raw materials into finished products in ways that meet a customer’ expectations/specifications. Construction refers to the creation of physical structures such as buildings, bridges or roadways. Manufacturing entails the use of heavy equipment, construction workers typically use more of hand tools. The types of manufacturing include food processing, textile, chemical and hi-tech manufacturing. This week, we shall learn about manufacturing and construction – types of manufacturing and manufacturing processes. To learn more, Click here…
Week 5 – Service Industries
Overview – What are service industries? Service industries are typically comprised of companies that primarily earn their revenue through the provision of intangible products and services to clients. Examples of service industries are transport, tourism, insurance, etc. This week, we shall learn about the service industries and their contributions to the economic development. TTo learn more, Click here…
Week 6 – Agencies that Regulate the Financial Markets
Overview – Financial regulation is a form of supervision of financial institutions which subjects them to always comply with certain requirements, restrictions and guidelines. In Nigeria, agencies such as the Central Bank of Nigeria (CBN), the Nigerian Deposit Insurance Corporation (NDIC) are some of the agencies that regulate the money market in Nigeria. The instruments such as treasury bills, commercial paper, certificates of deposit, etc. are used in the money market. This week, we shall learn about the agencies that regulate the financial markets as well as the instruments used in the money markets.
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Week 7 – Functions and Roles of Regulatory Agencies
Overview – In the last lesson, we learnt about the agencies that regulate the financial markets such as the Central Bank of Nigeria (CBN). This week, we shall learn about the functions and roles of regulatory agencies. Functions of CBN include issuing legal tender currency notes and coins, maintaining Nigeria’s external reserves, etc. We shall also learn about the functions of the Securities Exchange Commission (SEC) and Nigerian Deposit Insurance Company (NDIC).
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Week 8 – International Trade
Overview – What is international trade? International Trade can be defined as the exchange of products and services between countries. It is important in fostering peace among nations. A product that is sold to the global market is an export, and a product that is bought from the global market is an import. They are accounted for in a country’s current account in the balance of payments. Types of international trade are import trade, export trade and entrepot trade. International trade can be hindered by factors such as political barriers, cultural and social barriers, etc. This week, we shall learn about internal trade – types, advantages, disadvantages, barriers and importance. We shall also learn about the differences between domestic and international trade.
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Week 9 – International Trade II
Overview – International trade has to do with trading between countries and it helps foster peace. Trade should be protected. Trade protection is the deliberate attempt to limit imports or promote exports by putting up barriers to trade. This week, we shall learn about the reasons for trade protection and the instruments of trade protection.
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Week 10 – Balance of Payment
Overview – What is a balance of payment? Balance of payments can be defined as the relationship between the total sum of a country’s payment for the importation of goods and her receipts for exportation. Its components are the current account, capital account, and monetary movement account. This week, we shall learn about the balance of payment and balance of trade which is the difference between a country’s imports and its exports for a given time period. We shall also learn about terms of trade and devaluation. Terms of trade have to do with the relative price of imports in terms of exports and is defined as the ratio of export prices to import prices. Devaluation is a deliberate downward adjustment to the value of a country’s currency relative to another currency, group of currencies or standard.
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