Jss 3 Social Studies Second Term Week 2 National Economy
WEEK 2
Date:………………………
TOPIC: NATIONAL ECONOMY
CONTENT:1. Meaning of National Economy
- Examples of economic activities
SUB-TOPIC 1: MEANING OF NATIONAL ECONOMY
National economy describes how the country’s wealth is produced and utilized. It refers to the goods and services which a country is able to produce at any given time using all the Natural, Human and Capital resources available to it. Simply put, it is all activities that relate to the production, distribution and consumption of goods and services in a country. Also, It can mean the management and use of resources or wealth of a nation.
The economic life of a nation is determined by the physical environment and the human and material resources available.
The Natural Resources are the free gift of nature. They are those resources that the nature has endowed a country that are used in the production of goods and services. Human Resourcesrefer to the skill and qualities of people available and ready to work within the economy. The human resources constitute the majority of the country’s labour force both skilled and unskilled. Capital resources are those things made by human beings to make the production of goods and services easy.
HARVESTING PEANUTS (GROUNDNUTS) FROM NORTHERN NIGERIA.
NIGERIAN FARMING VILLAGE
TEXTILE ART IN OSHOGBO.
DRYING COCOA BEANS
OIL STORAGE TANKS, NIGERIA
TIN MINING IN NIGERIA.
FISHING NEAR THE NIGER DELTA TOWN OF BRASS WHICH IS SITUATED ON THE GULF OF GUINEA.
Evaluation:
- (a) .Define national economy.
Sub-Topic 2:
EXAMPLES OF NATIONAL ECONOMIC ACTIVITIES
Examples of economic activities that are undertaken in the production of national economy include:
- Trading 2. Farming 3. Mining 4. Banking 5. Manufacturing 6. Fishing
- Forestry 8. Teaching 9. Driving 10. Quarrying 11. Building and construction.
- Processing 13. Transportation and communication 14.Insurance 15. Forestry
- Security 17. Research etc.
TRADING
This is the act of buying and selling of goods and services to sustain the economic life of a nation. Trade can be classified into two: Home trade and foreign or international trade
Home Trade is the act of buying and selling of goods and services within a geographical area of a nation.
International Trade or foreign trade is the process of buying and selling of goods and services between two or more or more countries. It is divided into import and export.
FARMING
Farming involves cultivation of crops and rearing of animals for man’s use. We get food crops, cash crops as well as livestock through farming. A good number of Nigerians are farmers. Farming was Nigeria mainstay of the economy before crude oil was discovered.
Food crops like yam, beans, cassava, rice, cocoyam etc. and cash crops like cotton, cocoa, groundnut, rubber etc. are made available through farming.
MINING
Mining deals with evacuation or extraction of meaning resources from the soil. Examples of mineral resources are gold, tin, petroleum, limestone, iron-ore, coal, etc. these mineral resources are major export commodities for Nigeria and as well provide raw materials for our industries.
MANUFACTURING
This is the application of man-made tools (machineries) to produce food items and industrial goods. It is carried out in factories and is a major source of employment in industrial societies. To manufacture means to make or produce goods, especially in large quantities, machines. Manufacturing is carried out where there are raw materials.
Most manufacturing enterprises in Nigeria are located mainly in the state capitals and in big cities. Examples are Lagos (Apapa, Ikeja) Ibadan, Kano, Kaduna, Zaria, Jos, Aba, Onitsha, Shagamu, Ijebu-Ode, Ondo, Makurdi, Warri and Port Harcourt.
FISHING
This is the catching and gathering of fish and other aquatic animals from rivers and seas. It is the occupation or major economic activity of people who live around the riverine areas. Fish as a source of protein is richer than meat.Nowadays, supply of fish by natural water has not been meeting man’s high demand for fish. So, fish farming in artificial waters like ponds, is now extensively practiced to supplement natural supply.
Evaluation:
Objective Test:
- An institution which deals with the production and distribution of goods and services is ————
- Political institution b. Religious institution c. Legal institution
d. Economic institution
- ————- refers to the skill and qualities of people available and ready to work
Within the economy.
- Human resources b. Natural resources c. Capital resources d. Earthly resources
- Those things made by human beings to make the production of goods and services easy are known as ————-
- Earthly resources b. Capital resources c. Natural resources d. Human resources
- The economic life of a nation is determined by the physical environment, the human and material resources available. Yes or no?
- Those resources that the nature has endowed a country that are used in production of goods and services are called ————
- Natural resources b. Human resources c. Earthly resources d. Capital resources
- ————- is the act of buying and selling of goods and services to sustain the economic life of a nation.
- Mining b. Trading c. Manufacturing d. Fishing
- ——— is the mainstay of Nigeria economy before she discovered crude oil in the late 1950’s
- Mining b. Farming c. Manufacturing d. Fishing
- The Nigeria major mineral resources that provides the highest foreign exchange earnings is the ————
- Crude oil (petroleum) b. Iron-ore c. Coal d. Gold
- —————- is a major source of employment in industrial societies
- Babies factories b. Manufacturing factories c. farming factories d. mining factories
- In our world today, farming in artificial waters like pond is necessary because
- Supply of fish by natural water has not been meeting man’s high demand for fish b. without it, fish will not be available for public consumption
c. Fish farming in natural waters is dangerous for fisher men
d. Artificial waters produce more fishes than natural waters
Essay Test:
- Write short notes on the following national economic activities
i. Trading
ii. Manufacturing
iii. Farming
iv. Fishing
- Explain the following economic terms shortly:
- Natural resources
- Human resources
- Capital resources