ECONOMIC DEVELOPMENT PLANNING
SECOND TERM E-LEARNING NOTE SCHEME OF WORK FOR SS 3 SECOND TERM ECONOMICS
SUBJECT: ECONOMICS
CLASS: SS 3
PLAN LESSON NOTE
WEEK 2
Topic :
ECONOMICS DEVELOPMENT PLANNING
Objectives:
- Define economic development planning
- Identify the reasons for planning in economic development
- Describe the different types of plans used in economic development
- Explain the problems associated with planning in economic development
Materials:
- Whiteboard or blackboard
- Markers or chalk
- PowerPoint presentation
- Handouts on economic development planning
RECOMMENDED BOOKS
- Amplified and Simplified Economics for SSS by Femi Longe
- Essential Economics for SSS for SSS by C E Ande
- SSCE Economics Past question pack.
CONTENT
ECONOMICS DEVELOPMENT PLANNING
ECONOMIC DEVELOPMENT PLANING
CONTENT
- Meaning and reasons for planning
- Types of plan.
- Problems of Planning
As discussed in Week 2 and 3 respectively that economic development is an essential feature of any country. In achieving this, there is need to influence some principal economic variables such as production, distribution, inflation, import and export in order to achieve a predetermined goal and objectives. Then Economic planning can be simply defined as a conscious governmental effort to influence some principal economic variables such as: production, distribution, inflation import and export in order to achieve a predetermined goal and objectives.
TYPES OF PLAN
The various types of economic planning are:
- Financial economic planning.
- Strategic planning.
- Comprehensive economic planning.
- Partial economic planning.
- Controlled economic planning.
- Financial Economic Planning – This plan deals with how National Income is distributed to various sectors of the economy.
- Strategic Planning – This is a plan designed to address a specific objective in the economy.
- Comprehensive economic planning – This type of plan covers all major aspects of the national economy.
- Partial Economic Planning – This is a plan directed or targeted at specific segment of the national economy e.g. plans to boost agricultural production.
- Controlled Economic Planning – This plan is common in a socialist economic system. This is a plan in which government formulates and executes plans for the economy. This is also known as authoritarian planning
EVALUATION
- What is Economic plan?
- List and explain four types of Economic planning.
PROBLEMS OF PLANNING
- Frequent change in government i.e. political instability.
- Insufficient capital to execute the project itemized in the plan.
- Misplacement of priorities – Resources are sometimes diverted to white elephant projects i.e. unproductive projects.
- Inaccurate statistical data and information.
- Lack of skilled personnel
- Reliance on foreign aid.
- Rapid population growth
- Corruption and embezzlement.
- Exchange rate volatility i.e. fluctuation in exchange rate.
EVALUATION
- Give five reasons for planning.
- What are the problems facing planning in Nigeria.
READING ASSIGNMENT
- Amplified and Simplified Economics for SSS by Femi Longe page 454-458.
- Essential Economics for SSS by C E Ande page 403 – 405.
WEEKEND ASSIGNMENT
- Economic development is reflected in _____A. scarcity of capital B. increase in the price level C. decline in agricultural productive D. Increase in productive capacity
- Development plans in Nigeria have deviated from their targets due to ____ A. Lack of power B. political instability C.High population growth rate D. brain drain in the country
- The level of economic development is low in Nigeria because _____ A. planning has no practical relevance B. of the pattern of consumers spending C. the country is too large D. of ineffective plan implementation
- Development of planning which takes an overall view of the economy is described as ____ A. Aggregate /comprehensive economic planning B. Disaggregated economic planning C. Sectorial economic planning D. system economic planning
- The type of economic planning that deals with distribution of National Income to various sectors is known as _____ A. Financial planning B. sectorial planning C. strategic planning D. partial economic planning
THEORY
- What are the problems of planning in Nigeria?
- Outline any five reasons for planning.
Meaning and reasons for planning: Economic development planning is the process of creating and implementing strategies to promote sustainable economic growth and development. It involves identifying goals, setting priorities, and allocating resources to achieve these goals. Planning is important in economic development because it helps to ensure that resources are used efficiently, that priorities are aligned with development objectives, and that policies and programs are coordinated and effective.
Types of plan: There are several types of plans that can be used in economic development, including:
- National Development Plans: These are plans that are developed at the national level and set out a country’s overall development priorities and goals.
- Regional Development Plans: These plans focus on specific regions within a country and aim to promote economic growth and development in these areas.
- Sectoral Development Plans: These plans focus on specific economic sectors, such as agriculture, tourism, or manufacturing, and aim to promote growth and development in these sectors.
- Strategic Development Plans: These plans focus on long-term goals and objectives, and typically include a detailed analysis of a country’s strengths, weaknesses, opportunities, and threats.
Problems of Planning: While planning can be an effective tool for promoting economic development, there are also several challenges and problems that can arise, including:
- Lack of resources: Planning requires resources, including financial resources, human resources, and data. In many developing countries, these resources are limited, making it difficult to develop and implement effective plans.
- Political interference: Political interference can undermine the effectiveness of planning by prioritizing short-term political goals over long-term development objectives.
- Limited participation: Planning is most effective when it is participatory, involving a range of stakeholders in the process. However, in some countries, participation is limited due to political or social constraints.
- Implementation challenges: Even when plans are well-developed, implementation can be a challenge due to limited resources, poor coordination, or inadequate capacity.
Economic development planning is an important tool for promoting sustainable economic growth and development. While there are several challenges and problems associated with planning, these can be overcome through effective leadership, political will, and strong stakeholder participation
Evaluation
- What are the different types of plans used in economic development? a) National, regional, and sectoral development plans b) International, regional, and sectoral development plans c) National, international, and sectoral development plans d) National, regional, and international development plans
- What is a national development plan? a) A plan that sets out a country’s overall development priorities and goals b) A plan that focuses on specific regions within a country c) A plan that focuses on specific economic sectors d) A plan that focuses on long-term goals and objectives
- What is a regional development plan? a) A plan that sets out a country’s overall development priorities and goals b) A plan that focuses on specific regions within a country c) A plan that focuses on specific economic sectors d) A plan that focuses on long-term goals and objectives
- What is a sectoral development plan? a) A plan that sets out a country’s overall development priorities and goals b) A plan that focuses on specific regions within a country c) A plan that focuses on specific economic sectors d) A plan that focuses on long-term goals and objectives
- What is a strategic development plan? a) A plan that sets out a country’s overall development priorities and goals b) A plan that focuses on specific regions within a country c) A plan that focuses on specific economic sectors d) A plan that focuses on long-term goals and objectives
- What is one of the problems of planning in economic development? a) Lack of resources b) Too much stakeholder participation c) Limited political interference d) Strong implementation capacity
- What is one way to overcome the challenges of planning in economic development? a) Through effective leadership b) Through political interference c) Through limited stakeholder participation d) Through weak implementation capacity
- What is the ultimate goal of economic development planning? a) To promote sustainable economic growth and development b) To prioritize short-term political goals c) To limit stakeholder participation in the planning process d) To implement plans without considering their effectiveness
- What is economic development planning? a) The process of creating and implementing strategies to promote economic growth and development b) The process of prioritizing short-term political goals over long-term development objectives c) The process of limiting participation in the planning process due to political or social constraints d) The process of implementing plans without considering their effectiveness
- Why is planning important in economic development? a) It ensures that resources are used efficiently b) It helps to align priorities with development objectives c) It promotes effective coordination of policies and programs d) All of the above
Lesson Presentation
Introduction (10 minutes):
- Welcome students and introduce the topic of economic development planning
- Ask students if they are familiar with the concept of planning in economic development, and if so, what they know about it
- Explain that planning is an important tool for promoting sustainable economic growth and development
Body (40 minutes):
- Define economic development planning and explain why it is important in promoting economic growth and development
- Identify the different types of plans used in economic development, including national, regional, sectoral, and strategic plans
- Use PowerPoint slides and handouts to illustrate key concepts and provide examples of each type of plan
- Discuss the problems associated with planning in economic development, such as lack of resources, political interference, limited participation, and implementation challenges
- Encourage class discussion and questions
Conclusion (10 minutes):
- Summarize key points covered in the lesson
- Emphasize the importance of planning in economic development, despite the challenges and problems that may arise
- Encourage students to further explore the topic and ask questions if they have any
- Provide resources for further reading and research
Assessment:
- Give students a short quiz or worksheet to test their understanding of the key concepts covered in the lesson
- Use class participation and discussion to assess student engagement and comprehension
- Provide feedback on student performance and encourage them to continue learning about economic development planning
Weekly Assessment /Test
- What is economic development planning?
- Why is planning important in economic development?
- What are the different types of plans used in economic development?
- What is a national development plan?
- What is a regional development plan?
- What is a sectoral development plan?
- What is a strategic development plan?
- What is one of the problems of planning in economic development?
- How can the challenges of planning be overcome in economic development?
- What is the ultimate goal of economic development planning?
Test
- Economic development planning is the process of creating and implementing strategies to promote sustainable ________ growth and development.
- Planning is important in economic development because it helps to ensure that resources are used ________.
- There are different types of plans used in economic development, including national, regional, sectoral, and ________ plans.
- A national development plan sets out a country’s overall development priorities and ________.
- A regional development plan focuses on specific ________ within a country.
- A sectoral development plan focuses on specific economic ________, such as agriculture or tourism.
- A strategic development plan focuses on long-term goals and ________.
- One of the problems associated with planning in economic development is a lack of ________.
- The challenges of planning in economic development can be overcome through effective leadership, political will, and strong ________ participation.
- The ultimate goal of economic development planning is to promote sustainable economic growth and ________.
