SS1 Third Term Economics Senior Secondary School Lesson Note


 Scheme Of Work 











Economics Lesson Note for SS1 Third Term 


Below are the 2022 complete SS1 Third Term Economics Lesson Note 

Week 1

Meaning of Distributive Trade

Distributive trade is defined as the totality of all forms of trade activities, from the procurement of goods from the manufacturer to the delivery of these goods to the consumers. It includes wholesale and intermediation trade, retail and trade in motor vehicles and motorcycles trade. It is known as the chain of distribution. It is the various stages or channels through which finished goods are moved from the manufacturer to the final consumers. To learn more, Click here 

Week 2


The Definition of Middlemen

Middleman are intermediaries in a transaction process chain. They (middlemen) facilitate interactions between parties (i.e., manufacturers and final consumers) typically for a commission or fee. Their functions are important, even though some critics have argued that businesses and customers should try to “cut out the middlemen” by dealing directly with each other. They believe this would avoid the increased costs that inevitably arise whenever the middlemen get involved. But despite this argument, this has never been successful achieved; for a reason. Note that in the supply chain, middlemen are the distributors who purchase goods from the manufacturer and sell them to a retailer,; often at increased prices.  To learn more, Click here

Week 3

Definition of Money

Money is anything that is generally accepted as a medium of exchange and in the settlement of debts. Money is anything that is generally accepted as a means of payment. Money is primarily a medium of exchange or means of exchange. It is a way for a person to trade what he has for what he wants. It is a medium of exchange, a store of value and a unit of account. It is used to pay debts, purchase goods and services and is accepted by the government for taxes.The term medium of exchange is used to describe money’s ability to settle debts and to increase the purchasing power of individuals. Money derives its power and value from being the legal tender that is accepted as a universal method of payment within the boundaries of each country or an economic bloc. Legal Tender laws are enacted to require people to use the government’s money in payment of lawful debts among private citizens.  To learn more, Click here

Week 4

The Definition of Financial Institutions

Financial institutions are establishments that render financial services or conduct financial transactions such as investmentsloans and deposits for clients. Most people deal with financial services providers (i.e., financial institutions) almost on a daily basis on a regular basis. This is because every financial activity such as depositing money and getting loans as well as exchanging currencies are done through financial institutions.  To learn more, Click here

Week 5

Definition of Demand

Demand can be defined as the ability and willingness to buy a specific quantity of goods or services at a given price and at a particular period of time. In other words, demand is not the same as want or desire, as want or need is defined is just a mere desire for a commodity but not backed up by the willingness to ability to pay for that commodity at the same time. To differentiate demand from want we call it effective demand; this is a situation where desire is backed up by the ability and willingness to pay for specific quantities of a commodity at alternative prices within a period time.  To learn more, Click here

Week 6

Definition of Supply

Supply can be defined as the quantity of a commodity that a producer is willing and able to offer for sale at a particular price and at a particular period of time. The supply of of a commodity is the quantity of that commodity that a producer is willing and able to sell at a given price over a given period of time. Supply is also said to be the part of the total production actually offered for sale at the ruling market price at a particular time, it is said to be “effective supply”.

Law of Supply

The law of supply states that all being equal, the higher the price the higher the quantity of of a commodity that will be supplied or the lower the price, the lower the quantity of the commodity that will be supplied. This law is often regarded as the second law of demand and supply.This law explains that when the price of a commodity is high in the market, more quantity of it will be supplied by the producer and vice versa.  To learn more, Click here

Week 7

What is Equilibrium Price?

The equilibrium price can be defined as the market price where the quantity of goods supplied is equal to the quantity of goods demanded. This is the point at which the demand and supply curves in the market intersect. It can also be seen as the interaction between the demand and supply in the free market that is used to determine the costs for a goods or service. In other words, the equilibrium price is achieved when the market supply and demand balance each other as a result of which prices become stable. Generally speaking, when there is too much supply for goods or services, the price goes down, which results in higher demand. In the light of this therefore, the balancing effect of supply and demand results in a state of equilibrium.  To learn more, Click here

Week 8

General Overview of the Nigerian Economy

Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal GDP, and the 20th largest in terms of Purchasing Power Parity. It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and produces a large proportion of goods and services for the West African subcontinent. Also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio.  To learn more, Click here

Week 9

Definition of Agriculture

Agriculture is the systematic cultivation of useful plants and the rearing of livestock under the management of man for the purposes of proving food and raw materials. It is the production of crops and rearing of animals for man’s use. It is the deliberate effort made by man to till the soil, cultivate crops, and rear animals for consumption and other purposes. Agriculture can also be defined as the science or practice of farming, including the cultivation of the soil for the growing of crops and the rearing of animals to provide food, wool, and other products for the use of man.  To learn more, Click here

Week 10

What is Mining?

Mining is the extraction of valuable minerals or other geological materials from the earth usually from an orebody, lode, vein, seam, reef or placer deposits. These deposits form a mineralized package that is of economic interest to the miner.

Ores recovered by mining include metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay. Mining is required to obtain any material that cannot be grown through agricultural processes or created artificially in a laboratory or factory. Mining in a wider sense includes the extraction of any non-renewable resource such as petroleum, natural gas, or even water.  To learn more, Click here

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