Definition of economics (at least five definitions)
Scope of economics (production, distribution and consumption)
Why do 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 as related to:
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 resource.
State examples of different economic system 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) Factor of production and their reward Factors that determines volume of production Land as a factor of production
Meaning Characteristics Uses (contribution) Laws of diminishing return (illustrate with table and graph) 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
Meaning/ origin Advantages and disadvantages Limitations Specialisation Meaning
Advantages and disadvantages Scale of production (small, medium and large)
Meaning of scale of production Characteristics of scale of production (Internal and external economies of scale) Internal and external economies Firm and industry
Definition of firm, plant and industry Factors that determine the size of a firm Concept of total product (TP), marginal product (MP) and average product (AP) With table and graphical illustrations Business organisation
Meaning and types Sole proprietorship and partnership Their meaning Characteristics Source of fund Advantages and disadvantages Contributions to the economy Joint stock companies
Private and public liability companies Characteristics Advantages and disadvantages
Contribution to the economy Shares, bonds, debentures etc. Cooperatives societies
Meaning Features Advantages and disadvantages Public enterprises Meaning Features
Reasons for setting up Merits Demerits Population
Definition Determinants of population size Population growth, (increasing population and ageing) declining population Implication of size and growth of population Population census
Definition Types Importance (uses) Problems Population structure or distribution (sex, age, geographical and occupational distribution) Theories of population
Malthusian theory Demographic transition theory Population and economic development: under population optimum and over population How to control population growth
Labour market
Definition Concept of labour force Factors affecting the size of labour force Mobility of labour (meaning, types and importance) Revision and examination
THIRD TERM
Revision of 2nd term unified examination
Distributive trade Meaning Channel of distribution Process of distribution Wholesalers (functions to producers and retailers) Retailers (functions to wholesalers and consumers)
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,
