SS1 Second Term Economics Senior Secondary School Lesson Note
Scheme Of Work
Week One: Revision
Week Two: Division of Labour
Week Three: Scale of Production
Week Four: Firm and Industry
Week Five: Business Organization
Week Six: Joint Stock Companies
Week Seven: Public Enterprises
Week Eight: Population
Week Nine: Population
Week Ten: Theories of Population
Week Eleven: Labour Market
Week Twelve: Revision
Week Thirteen: Examination
Economics Lesson Note for SS1 Second Term
Below are the 2022 complete SS1 Second Term Economics Lesson Note
Week One: Revision
Week Two: Division of Labour
INTRODUCTION:
Division of Labour has to do with the narrow specialization of tasks within a production process so that each worker can become a specialist in doing one thing, especially on an assembly line. In traditional industries (see sunset industries), division of labor is a major motive force for economic growth. However, in the era of mass customization (which requires multiple skills and very short machine change-over time), division of labor has become much more flexible. Also called specialization of labor. To learn more, click here.
Week Three: Scale of Production
INTRODUCTION:
Scale of Production has to do with the amount of factors used, the quantities of products produced, and the techniques of production adopted by a producer. As production increases with the increase in the quantities of land, labour and capital, the scale of production expands. The Scale of Production can also be determined by the size of plant, the number of plants installed and the technique of production adopted by the producer. To learn more, click here.
Week Four: Firm and Industry
INTRODUCTION:
A firm is more or less similar to the concept of a business establishment. The term is mostly used in relation to companies providing judicial services to clients. These are business establishments referred to as law firms. A firm can be a sole proprietorship or a partnership, but the basic premise is that it is run for making profits. In US alone, there are an equal number of firms and establishments. A firm can operate inside an industry such as a firm that makes and supplies steel to other companies requiring steel while all these companies exist under the steel industry. To learn more, click here.
Week Five: Business Organization
INTRODUCTION:
A business organization can be defined as an entity with the objective of carrying on commercial enterprise by providing goods/services; to meet needs and wants of the customers. All business organizations have certain features in common such as formal structure, the aim to achieve objectives, the use of resources, the requirement for direction, and some legal regulations controlling them.
A business organization can also be defined as an individual or group of people that collaborate to achieve certain commercial goals. Some business organizations are formed to earn income for owners. Other business organizations, called nonprofits, are formed for public purposes. The different forms of business organizations are Sole Proprietorship, General Partnership, Corporation. To learn more, click here.
Week Six: Joint Stock Companies
INTRODUCTION:
Joint stock companies are organizations that fall between the definitions of a partnership and corporation in terms of shareholder liability. In other words, these are the types of business entities where different stocks can be bought and owned by shareholders. Each shareholder owns company stock in proportion; evidenced by their shares (certificates of ownership). That allows for the unequal ownership of a business with some shareholders owning more of a company than others. Shareholders are able to transfer their shares to others without any effect to the continued existence of the company. To learn more, click here.
Week Seven: Public Enterprises
INTRODUCTION:
Simply defined, Public Enterprises are business organizations that are wholly or partly owned by the government of a country and controlled through a public authority. Some public enterprises are placed under public ownership for social reasons as it is thought that for effective delivery of such products and services to the people, state monopoly is inevitable. Public utilities such as gas, electricity, etc and others such as broadcasting, telecommunications, and certain forms of transport are examples of this kind of public enterprise. To learn more, click here.
Week Eight: Population
INTRODUCTION:
Population is best defined as a collection of humans. Demography is a social science which entails the statistical study of human populations. It can also be defined as the number of people living in a given geographical or territorial area such as a village, a town or even a country. We can also refer to the world population in this regard. A secondary meaning of population is the inhabitants themselves, but in most uses population means numbers. To learn more, click here.
Week Nine: Population
INTRODUCTION:
Population is best defined as a collection of humans. Demography is a social science which entails the statistical study of human populations. It can also be defined as the number of people living in a given geographical or territorial area such as a village, a town or even a country. We can also refer to the world population in this regard. A secondary meaning of population is the inhabitants themselves, but in most uses population means numbers. To learn more, click here.
Week Ten: Theories of Population
INTRODUCTION:
The Malthusian theory is about the position of a 19th-century Political Economist called Reverend Thomas Robert Malthus, who argued about how and why population changes. His works, such as An Essay on the Principle of Population, seek to explain the natural pushes and pulls of population fluctuation. At it core, his argument remind us that humans are ultimately tied to their environment. Even the most highly developed society can be obliterated by a severe enough drought or plague. Even with the most modern technological advancements in agriculture, Earth will eventually reach its carrying capacity, rendering further population growth impossible. To learn more, click here.
Week Eleven: 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 cutting 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 Twelve: Revision
This week, we would be doing a revision of all that we learned during the term.
Week Thirteen: Examination
Afterward, we would write an examination, which would test our knowledge of what has been taught so far.
