Scheme of work for secondary Economics Senior Secondary School 2



Basic tools for economic analysis


Measures of central tendency (mean, median, mode, using grouped data) Measures of dispersion


Range, variance, mean deviation, standard deviation Theory of consumer behaviour


Concept of utility (TU, AU and MU) Law of diminishing marginal utility Relationship between marginal utility and demand curve, utility




Demand and supply


Change in quantity demanded Change in demand Change in supply Effects of changes in demand and supply on equilibrium price and quantity


Elasticity of demand


Meaning, types and measurement of elasticity of demand (graphical illustration) Importance of elasticity of demand to consumers, producers and


government Elasticity of supply


Meaning, types and measurement of elasticity of supply (graphical illustration) Importance of elasticity of supply to consumers, producers and


government Income elasticity of demand


Definition Types (positive and negative) Measurement of income elasticity of demand Cross elasticity of demand


Definition Measurement of cross elasticity of demand Price control/legislation


Meaning Types (minimum and maximum) Rationing and hoarding


Meaning of rationing and hoarding Effects of rationing and hoarding Black market and its effects Revision






Revision of last term’s work


Production possibility curve Meaning and graphical illustration Law of variable proportion Concept of total, average and marginal productivity


Cost concept


Meaning of cost of production Meaning of cost to an Accountant and Economist Types of cost (TC, FC, VC, AFC, MC etc.) Explain with schedule


and graph Short run and long run cost Revenue concept


Meaning of revenue to an Economist Types (Total, Average and Marginal revenue) Graphical illustration, schedule and curve Calculations


Economic system


Meaning of economic system Types of economic system (capitalism, socialism, mixed economy and welfarism) Features of each Factors to be


considered in the adoption of the economic system Labour market


Meaning of labour market Concept of labour force Factors affecting the size of labour force Efficiency and mobility of labour Supply and demand


for labour


Wage determination Unemployment (meaning and types) Trade union Market structure


Meaning and types of market (perfect and imperfect) Perfect (meaning, features and market equilibrium position (P=MR=MC=AR=D) Imperfect




Meaning and types with graphical illustration Price determination Equilibrium position (short and long run) Industries in Nigeria




Meaning of plants, firm, industry and factory Types of industries (mining, construction etc.) Location of industry


Meaning of location of industry Factory affecting location of industry Localisation of industry (meaning Factors affecting localisation of industry


Advantages and disadvantages of localisation of industries Revision and examination






Money Motive for holding money Demand for and supply of money Elementary quantity theory of money Value of money and price level


Financial institutions


Money market (meaning, functions and instruments used) Capital market (meaning, functions and instruments used) Inflation


Meaning, types, causes of inflation Effects and controls of inflation Deflation Meaning and causes Effects and controls Public finance


Meaning, objectives Taxation (meaning, types (direct and indirect) Advantages and disadvantages Sources of government revenue


Incidence of taxation/ effects Structures of public expenditure (re-current and capital expenditure) Budget


Meaning, types and importance National debt (meaning and types) Financing deficit budget Revenue allocation in Nigeria Capital market


Meaning and functions Stock exchange How stock exchange operates Secondary and primary market Development bank (functions) National




Meaning and concept (GDP, GNP, NNP) Measurement of national income Problems of measuring

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