BASIC ECONOMIC AGRICULTURAL PRINCIPLES
Subject:
Agricultural Science
Class:
SS 2
Term:
THIRD Term / 3RD Term
Week:
Week 5
Topic:
BASIC ECONOMIC PRINCIPLES IN AGRICULTURE
Previous Knowledge: The pupils have previous knowledge of
that was taught in their previous lesson.
Behavioural Objectives : At the end of the lesson, learners will be able to
- Say the Basic economic concepts
- Principle of demand and supply
- Effects of demand and supply
- Law of diminishing return
Instructional Materials
- Wall charts
- Online Resource
- Textbooks
- Laptop
- Crop samples
- Pictures that are related to the subject matter
- Flash cards
- www.edudelighttutors.com
Methods of Teaching
- Role modelling
- Questions and Answers
- Explanation
- Discussion
- Recitation
- Imitation
- Story Telling
- Dramatization
WEEK FIVE
TOPIC: BASIC ECONOMIC PRINCIPLES
CONTENT
- Basic economic concepts
- Principle of demand and supply
- Effects of demand and supply
- Law of diminishing return
BASIC ECONOMIC CONCEPTS
The following economic concept explains the behavior of consumers of agricultural goods. These concepts or elements includes
- Wants: this is the desire or needs of man to own goods and services that give satisfaction. These wants are insatiable because the resources needed to cater for them are limited (in short supply). The basic need or wants of man are food, clothing and shelter.
- Scarcity: this refers to the limited supply of resources needed to meet (satisfy) wants.
- Choice: this is the system employed in selecting one need to satisfy out of a number of alternatives.
- Scale of preference: is a list of unsatisfied wants in order of importance. This is relative to the individual
- Opportunity cost: is the satisfaction of one want or need at the expense of another. It is expressed in terms of the value or worth of forgone alternative. It is also referred to as the true or real cost while money cost is the amount spent in order to acquire a particular good or service.
PRINCIPLES OF DEMAND AND SUPPLY
Demand: Demand may be defined as the quality of goods a consumer is willing and ready to buy at a given price over a given period of time. Demand is effective when willingness to buy is backed with the ability to pay.
LAW OF DEMAND
The law of demand states that the higher the price, the lower the quantity of goods that will be demanded or the lower the price, the higher the quantity of goods that will be demanded.
DEMAND SCHEDULE
This is a table showing the relationship between the price and quantity of that commodity demanded. This table below obeys the law of demand.
| Price N | Quantity Demanded (kg) |
| 100 | 10 |
| 80 | 20 |
| 60 | 30 |
| 40 | 40 |
| 20 | 50 |
DEMAND CURVE
Demand Curve is a graph showing the relationship between price and quantity of that commodity demanded. This curve derived from demand schedule.
Demand Curve:
FACTORS AFFECTING DEMAND
- Price of good
- The price of other commodities
- Income of the consumer
- Changes in taste of consumer
- Population
- Periods of festivals
- Expectation of changes in prices
- Taxation
Presentation :
The topic is presented step by step
Step 1: The class teacher revises the old topic
Step 2: The class teacher introduces the new topic
Step 3: The class teacher allows the pupils to give their own contributions and gives room for pupils” participation
Class Teacher and Pupils Activities. Interaction or Participation
This involves class teacher and pupils’ interaction, conversation, imitation or modeling through discussion, play method or just by recitation or asking and answering questions that are related to the topic that has just been taught.
EVALUATION
- What is demand?
- List five factors affecting demand
Conclusion :
The class teacher concludes the lesson by giving the pupils some notes on the topic that has just been taught. He goes round to mark and he does the necessary corrections.