Ss 1 Economics Scheme of work

First Term

Meaning of Economics

Definition of Economics

• At least five definitions

Scope of Economics

• Production
• Distribution
• Consumption

Why Study Economics?

• Economics as a Science, Art, or Social Subject

Career Prospects of Studying Economics

Basic Concepts of Economics

• Wants
• Scarcity
• Scale of Preference
• Choice
• Opportunity Cost
  • Importance of Opportunity Cost:
    • Individual
    • Firm
    • Government
    • Either as a Consumer or Producer

Basic Economic Problems of Society

• The Origin of Economic Problems
• Problem of What to Produce?
• How to Produce?
• For Whom to Produce?
• Efficient Use of Resources
• State Examples of Different Economic Systems and How They Solve Their Economic Problems

Basic Tools for Economic Analysis

• Table
• Graphs
• Charts (Simple, Component, and Multiple Bar Chart)
• Merits and Demerits
• Data Collection and Presentation
• Formulation of Frequency Table (Ungrouped Data)

Measures of Central Tendency

• Mean
• Median
• Mode
• Merits and Demerits
• Theory of Production

Meaning of Production

• Types (Primary, Secondary, and Tertiary)
• Factors of Production and Their Reward
• Factors That Determine Volume of Production
• Land as a Factor of Production
  • Meaning
  • Characteristics
  • Uses (Contribution)
  • Laws of Diminishing Return
  • Labour as a Factor of Production
    • Meaning
    • Types
    • Characteristics
    • Efficiency of Labour
    • Importance of Labour

Revision

• Examination

Second Term

Revision

Production

• Capital as a Factor of Production
  • Meaning
  • Types
  • Characteristics
  • Importance of Capital
• Entrepreneur as a Factor of Production
  • Meaning and Function
  • Division of Labour
  • Specialisation
    • Meaning
    • Advantages and Disadvantages
    • Limitations
• Scale of Production
  • Meaning
  • Characteristics
  • Internal and External Economies of Scale
  • Firm and Industry
• Definition of Firm, Plant, and Industry
• Factors That Determine the Size of a Firm
• Concept of Total Product, Marginal Product, and Average Product
• Business Organisation
  • Meaning and Types
  • Sole Proprietorship and Partnership
  • Joint Stock Companies
  • Cooperatives Societies
  • Public Enterprises
• Population
  • Definition
  • Determinants of Population Size
  • Population Growth
  • Implication of Size and Growth of Population
  • Population Census
  • Population Structure or Distribution
  • Theories of Population

Labour Market

• Definition
• Concept of Labour Force
• Factors Affecting the Size of Labour Force
• Mobility of Labour
• Revision and Examination

Third Term

Revision of 2nd Term Unified Examination

Distributive Trade

• Meaning
• Channel of Distribution
• Process of Distribution
• Wholesalers
• Retailers
• Middlemen
  • Argument for or Against the Elimination of Middlemen
  • Problems of Product Distribution in Nigeria
  • Ways of Improving the System of Distribution of Consumer Goods in Nigeria
  • Roles of Government Agencies in Product Distribution

Money

• Definition of Money and Its Origin
• Trade by Barter System and Its Deficiencies
• Types of Money (Including Credit Card, Value Card, etc.)