Ss 1 Economics Scheme of work


Meaning of economics

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:



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





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


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)


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,

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