Scheme of work for secondary Economics Senior Secondary School 2
SS2 FIRST TERM
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
maximisation
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
Examination
SECOND TERM
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
market
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
ECONOMICS SS2 THIRD TERM
Revision
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
income
Meaning and concept (GDP, GNP, NNP) Measurement of national income Problems of measuring
