SS2 Second Term Economics Senior Secondary School Lesson Note
Scheme Of Work
Week One: Production
Week Two: The Concept of Cost
Week Three: Revenue Concept
Week Four: Economic System
Week Five: Labour Market
Week Six: Supply and Demand for Labour
Week Seven: Market Structure
Week Eight: Imperfect Market
Week Nine: Industries in Nigeria
Week Ten: Location of Industry
Week Eleven: Revision
Week Twelve: Examination
Economics Lesson Note for SS2 Second Term
Below are the 2022 complete SS2 Second Term Economics Lesson Note
Week One: Production
Week Two: The Concept of Cost
INTRODUCTION:
Cost of production refers to the total cost incurred by a manufacturer in the cause of producing a good or providing a service. These expenses (costs of production) include but not limited to the following- the cost of labor, cost of raw materials, cost of consumable manufacturing supplies and general overhead. Taxes levied by the government or royalties owed by natural resources extracting companies are also part of the cost of production. To learn more, click here.
Week Three: Revenue Concept
INTRODUCTION:
The term revenue refers to the money obtained by a firm through the sale of goods at different prices and over a certain period of time. In other words, revenue is the total amount of money that a company actually receives for selling its products and services during a specific period of time (like a year). This total income include all the discounts and deductions for all merchandise. To put it in the purest economic terms, it is the “top line” or “gross income” figure from which costs are subtracted to determine net income. To learn more, click here.
Week Four: Economic System
INTRODUCTION:
By Economic systems, we mean the various means through which different countries in the world have chosen to distribute resources among its citizens as well as trade their goods/services with members of the global community. Economic Systems are also used by countries to control the five factors of production namely- labor, capital, land, raw materials and entrepreneurship. In other words, the different Economic Systems that abound have different (ad oftentimes opposing) views as to how the factors of production should be utilized. To learn more, click here.
Week Five: Labour Market
INTRODUCTION:
Simply defined, the labour market refers to the supply and demand for labour such that employees provide the supply and employers provide the demand. It is a major component of all economies and is intricately tied in with markets for capital, goods and services. At the macroeconomic level, supply and demand are influenced by both domestic and international market dynamics, as well as other important factors such as immigration, the age of the population and education levels. Relevant measures include unemployment, productivity, participation rates, total income and GDP. At the microeconomic level, individual firms interact with employees either to hire them or to fire them as well as raise or cut wages and work hours. The relationship between supply and demand influences the hours the employee works and the compensation she receives in wages, salary and benefits. To learn more, click here.
Week Six: Supply and Demand for Labour
INTRODUCTION:
Demand for labour is a concept that describes the amount of labour that an economy or specifically a company is willing and ready to hire at a given point in time. Note that this demand may not necessarily be in long-term and is typically determined by the real wage companies are capable and willing to pay for the labour and the value such labour will bring to the company. Demand for labour increases market wages and enables more workers to enter the labour market. But the inevitable costs that come with hiring more labour may cause employers to use less labour. To learn more, click here.
Week Seven: Market Structure
INTRODUCTION:
Market structure can be defined as the organisational framework of a market. It can also entail of the basic characteristics that make a particular market distinct and unique from the others. In this vein therefore, the focus is on those characteristics that affect the nature of the competition and pricing within a certain market. By the way, the meaning is the organised system of trading peculiar to people in certain industries. To learn more, click here.
Week Eight: Imperfect Market
INTRODUCTION:
An imperfect competition is one in which the market structure shows some but not all the features of competitive or perfect market. It is a form of market situation whereby some of the important rules of a perfect market are not followed. It the direct opposite of a perfect market. In other words, an imperfect market refers to any market situation that does not meet the so called rigorous standards of a hypothetical perfectly competitive market. An imperfect market arises whenever individual buyers and sellers can influence prices and production, or otherwise when perfect information is not known to all market actors. To learn more, click here.
Week Nine: Industries in Nigeria
INTRODUCTION:
Nigeria is one of the many developing nations of the world. As a result of this, there are quite a number of industries in the country. Although many of these industries are generally located in major cities such as Lagos, Port Harcourt and Kano, they still manage to cut across various sectors of the economy. Most of the manufacturing industries in the country include those in mining, agricultural production, rubber, wood, textiles, cement manufacturing as well as the manufacturing of other construction materials. There are also those involved in food production, footwear, petrochemicals, fertiliser, printing, ceramics, iron and steel etc. Indeed, the Nigerian economy is assorted even though some unfortunate circumstances/situations have consistently hampered growth. To learn more, click here.
Week Ten: Location of Industry
INTRODUCTION:
This simply has to do with the geographical spread of economic activity in an economy. Every economy in every country in the world has its own economic hub, even though some countries (such as the very developed countries) are fortunate enough to have their own locations of industries spread across. Note that there are several factors responsible for the location of industries. Locating an industry is a major business decision made by business executives. And they often make these decisions bearing the aforementioned factors in mind. Some of these factors include but not limited to the following- proximity to raw material supplies, availability of labour,good communications and nearness to markets. One of the good things about locating an industry is that once Once it is established in a particular area, it serves as a focal point for more economic expansion by attracting the establishment of ancillary trades. To learn more, click here.
Week Eleven: Revision
This week, we would be doing a revision of all that we learned during the term.
Week Twelve: Examination
Afterward, we would write an examination, which would test our knowledge of what has been taught so far.
