MEANING OF NATIONAL ECONOMY

JSS 3 Social Studies Second Term 

WEEK 2

Date:………………………

TOPIC: NATIONAL ECONOMY

CONTENT:1. Meaning of Nationwide Economy

1. Examples of economic activities

SUB-TOPIC 1: MEANING OF NATIONAL ECONOMY

National economy describes how the nation’s wealth is produced and utilized. It refers back to the items and providers which a rustic is ready to produce at any given time utilizing all of the Natural, Human and Capital assets out there to it. Merely put, it’s all actions that relate to the manufacturing, distribution and consumption of products and providers in a rustic. Additionally, It may well imply the administration and use of assets or wealth of a nation.

The financial lifetime of a nation is set by the bodily setting and the human and materials assets out there.

The Natural Resources are the free present of nature. They’re these assets that the character has endowed a rustic which can be used within the manufacturing of products and providers. Human Resourcescheck with the ability and qualities of individuals out there and able to work throughout the economic system. The human assets represent nearly all of the nation’s labour drive each expert and unskilled. Capital resources are these issues made by human beings to make the manufacturing of products and providers straightforward.

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:

1. (a) .Outline nationwide economic system.

Sub-Matter 2:

EXAMPLES OF NATIONAL ECONOMIC ACTIVITIES

Examples of economic activities which can be undertaken within the manufacturing of nationwide economic system embody:

1. Buying and selling 2. Farming 3. Mining 4. Banking 5. Manufacturing 6. Fishing
2. Forestry 8. Educating 9. Driving 10. Quarrying 11. Constructing and building.

1. Processing 13. Transportation and communication 14.Insurance coverage 15. Forestry
2. Safety 17. Analysis and many others.

TRADING

That is the act of shopping for and promoting of products and providers to maintain the financial lifetime of a nation. Commerce might be categorised into two: Residence commerce and international or worldwide commerce

Residence Commerce is the act of shopping for and promoting of products and providers inside a geographical space of a nation.

Worldwide Commerce or international commerce is the method of shopping for and promoting of products and providers between two or extra or extra international locations. It’s divided into import and export.

FARMING

Farming involves cultivation of crops and rearing of animals for man’s use. We get meals crops, money crops in addition to livestock by way of farming. A great variety of Nigerians are farmers. Farming was Nigeria mainstay of the economic system earlier than crude oil was found.

Meals crops like yam, beans, cassava, rice, cocoyam and many others. and money crops like cotton, cocoa, groundnut, rubber and many others. are made out there by way of farming.

MINING

Mining deals with evacuation or extraction of that means assets from the soil. Examples of mineral assets are gold, tin, petroleum, limestone, iron-ore, coal, and many others. these mineral assets are main export commodities for Nigeria and as nicely present uncooked supplies for our industries.

MANUFACTURING

That is the appliance of artificial instruments (machineries) to provide meals gadgets and industrial items. It’s carried out in factories and is a serious supply of employment in industrial societies. To fabricate means to make or produce items, particularly in giant portions, machines. Manufacturing is carried out the place there are uncooked supplies.

Most manufacturing enterprises in Nigeria are situated primarily within the state capitals and in massive cities. Examples are Lagos (Apapa, Ikeja) Ibadan, Kano, Kaduna, Zaria, Jos, Aba, Onitsha, Shagamu, Ijebu-Ode, Ondo, Makurdi, Warri and Port Harcourt.

FISHING

That is the catching and gathering of fish and other aquatic animals from rivers and seas. It’s the occupation or main financial exercise of people that stay across the riverine areas. Fish as a supply of protein is richer than meat.These days, provide of fish by pure water has not been assembly man’s excessive demand for fish. So, fish farming in synthetic waters like ponds, is now extensively practiced to complement pure provide.

Evaluation:

Goal Check:

1. An establishment which offers with the manufacturing and distribution of products and providers is ————
2. Political establishment b. Non secular establishment c. Authorized establishment

d. Financial establishment

1. ————- refers back to the ability and qualities of individuals out there and able to work

Throughout the economic system.

1. Human resources b. Natural assets c. Capital resources d. Earthly resources
2. These issues made by human beings to make the manufacturing of products and providers straightforward are often called ————-
3. Earthly assets b. Capital assets c. Pure assets d. Human assets
4. The financial lifetime of a nation is set by the bodily setting, the human and materials assets out there. Sure or no?
5. These assets that the character has endowed a rustic which can be utilized in manufacturing of products and providers are referred to as ————
6. Pure assets b. Human assets c. Earthly assets d. Capital assets
7. ————- is the act of shopping for and promoting of products and providers to maintain the financial lifetime of a nation.
8. Mining b. Buying and selling c. Manufacturing d. Fishing
9. ——— is the mainstay of Nigeria economic system earlier than she found crude oil within the late 1950’s
10. Mining b. Farming c. Manufacturing d. Fishing
11. The Nigeria main mineral assets that gives the best international change earnings is the ————
12. Crude oil (petroleum) b. Iron-ore c. Coal d. Gold
13. —————- is a serious supply of employment in industrial societies
14. Babies factories b. Manufacturing factories c. farming factories d. mining factories
15. In our world right this moment, farming in synthetic waters like pond is important as a result of
16. Provide of fish by pure water has not been assembly man’s excessive demand for fish b. with out it, fish is not going to be out there for public consumption

c. Fish farming in pure waters is harmful for fisher males

d. Synthetic waters produce extra fishes than pure waters

Essay Check:

1. Write quick notes on the next nationwide financial actions

i. Buying and selling

ii. Manufacturing

iii. Farming

iv. Fishing

Clarify the following economic phrases shortly:

1. Natural resources
2. Human resources
3. Capital resources