SS2 First Term Economics Senior Secondary School Lesson Note

 

Scheme Of Work

Week 1 – Basic tools for economic analysis

Week 2 – Measures of dispersion

Week 3 – Theory of consumer behaviour

Week 4 – Demand and supply

Week 5 – Elasticity of demand

Week 6 – Elasticity of supply

Week 7 – Income elasticity of demand

Week 8 – Cross elasticity of demand

Week 9 – Price control/legislation 

Week 10 – Rationing and hoarding

Week 11 – Revision

Week 12 – Examination

Week 13 – Examination

Economics Lesson Note for SS2First Term 

Below are the 2022 complete SS2 First Term Economics Lesson Note 

Complete SS2 Economics First Term Lesson Note 

Week 1 – Basic Tools for Economic Analysis

Overview – Economic analysis has to do with systematically determining the right ways to optimally utilize scarce resources.  Some number of tools are usually employed when making economic analyses. The measures of central tendency (mode, median and mean) refer to a set of tools of economic analysis. The median is defined as the middle value in distribution when the values are arranged in ascending or descending order. The mean is the average of a collection of numbers. This week, we shall learn about the basic tools for economic analysis – the measures of central tendency. We shall also learn about the advantages and disadvantages of mean, median and mode. To learn more, Click here…               

Week 2 – Measures of Dispersion

Overview –

Week 3 – Theory of Consumer Behaviour

Overview – The theory of consumer behaviour is based on the principle assumption that consumers attempt to allocate their limited money to available goods and services so as to maximize their utility (satisfaction). Utility can be defined as the satisfaction derived from the purchase of a particular commodity. The types of utility are form utility, place utility and time utility, This week, we shall learn about the theory of consumer behaviour, the concept of utility and its types. We shall also learn about the concepts of total marginal, total and average utility. To learn more, Click here…               

Week 4 – Demand and Supply

Overview – The concept of demand and supply is perhaps one of the most fundamental concepts of economics. Demand is defined as the ability and willingness of a customer to buy a specific quantity of goods or services at a given price and at a particular period of time. Supply on the other hand refers to the sum total of goods or services that is available to the final consumer. This week, we shall learn about the concept of demand and supply and the laws that govern them. We shall learn about the demand schedule, demand curve, types of demand and so on. To learn more, Click here…               

Week 5 – Elasticity of Demand

Overview – Elasticity of demand is defined as the degree of responsiveness of demand to change in the price of a commodity. The types of elasticity of supply are elastic demand, inelastic demand, unity or unitary elastic demand, perfectly elastic or infinitely elastic demand and perfectly inelastic demand. This week, we shall earn about the elasticity of demand and the types and factors that affect the elasticity of demand. To learn more, Click here…               

Week 6 – Elasticity of Supply

Overview – Elasticity of supply can be defined as the degree of responsiveness of supply too little changes in the price of a commodity. The types of elasticity of supply are elastic supply, inelastic supply or fairly inelastic supply, unity or unitary elastic supply, perfectly elastic or infinitely elastic supply and perfectly inelastic or zero elastic supply. This week, we shall earn about the elasticity of supply and the types and factors that affect the elasticity of supply. We shall also learn about the importance of elasticity of supply. To learn more, Click here…               

Week 7 – Income Elasticity of Demand

Overview – The “Income Elasticity of Demand” measures the relationship between a change in quantity demanded good X and a change in real income. It is calculated using the formula, “% change in demand divided by the % change in income”. There are two types of income elasticity of demand – positive and negative income elasticity of demand. This week, we shall learn about the income elasticity of demand and its types. To learn more, Click here…               

Week 8 – Cross Elasticity of Demand

Overview – The “Cross Elasticity of Demand” is an economic concept that measures the responsiveness in the quantity demand of one good when a change in price takes place in another good. This week, we shall learn about the cross elasticity of demand and how it is measured. To learn more, Click here…               

Week 9 – Price Control/Legislation

Overview – Price Legislation or Price Control can be defined as referring to how the government or its relevant agencies fixes the price of essential commodities such as fuel. There are two types of price control – minimum price control and maximum price control. An objective for controlling prices is to prevent the exploitation of consumers by unscrupulous producers. This week, we shall learn about price control/legislation- types, objectives and effects. To learn more, Click here…               

Week 10 – Rationing and Hoarding

Overview – Rationing is the artificial restriction of raw materials and production services from being purchased by those in need of them. Furthermore, Hoarding on the other hand has to do with obtaining and holding scarce resources (be it raw materials or mainly goods and services) possibly so that they can be sold to customers for an overly increased price. The “black market” springs up from rationing and hoarding. The Black Market is the ‘market’ where goods and services are sold in a way that is illegal or for goods and services that are illegal. It is not “a market that is black” as in the physical sense of the word. This week, we shall learn about rationing and hoarding. We shall also learn about the black market and its effects. 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 types, composition and properties of soil and the factors influencing nutrient availability in the soil.

Week 12 – Examination

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

Week 13 – Examination

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