Understanding the Market: Types and Features Business Studies JSS 2 First Term Lesson Notes Week 6
Lesson Plan: Business Studies JSS 2 First Term Lesson Notes – Week 6
Subject: Business Studies
Class: JSS 2
Term: First Term
Week: 6
Age: 12-13 years
Topic: Market
Sub-topic: Features, Types (Capital and Money Market), and Commodity Market Institutions
Duration: 40 minutes
Behavioural Objectives:
By the end of the lesson, students should be able to:
- Define the term “Market.”
- List the features of a market.
- Explain the differences between the Capital Market and Money Market.
- Identify the institutions and instruments traded in the Commodity Market.
Keywords:
Market, Capital Market, Money Market, Commodity Market, Instruments, Institutions
Set Induction:
Ask the students where they or their parents buy goods and services. Let them discuss what they know about markets.
Entry Behaviour:
Students understand basic buying and selling activities.
Learning Resources and Materials:
- Market charts showing different market types
- Flashcards with market terms and definitions
- Pictures of financial institutions and market instruments
Building Background/Connection to Prior Knowledge:
Students are familiar with local markets for buying and selling. They have an idea of how businesses sell products.
Embedded Core Skills:
- Financial literacy
- Communication
- Critical thinking
- Problem-solving
Learning Materials:
- Lagos State Scheme of Work
- Business Studies textbooks
- Market diagrams showing the structure of Capital and Money Markets
Reference Books:
- Lagos State Scheme of Work for Business Studies
- Business Studies Textbook for JSS 2
Instructional Materials:
- Charts of Capital and Money Market structures
- Pictures of commodity goods like oil, gold, and agricultural products
- Diagrams showing how markets function
Content:
I. Definition of a Market:
A market is a place where buyers and sellers meet to exchange goods, services, or financial instruments.
- Example: A physical market like Balogun Market, or online platforms like Jumia.
II. Features of a Market:
- Buyers and Sellers: Every market must have both buyers and sellers.
- Example: Shoppers at a grocery store are buyers, and the store owner is the seller.
- Goods or Services: There must be products or services available for exchange.
- Example: Food items in a local market.
- Price: Prices are set in the market based on demand and supply.
- Example: The price of bread at a local bakery.
- Exchange Process: Buyers give money, while sellers provide goods or services.
- Example: Paying for vegetables at a store.
- Competition: Sellers compete for customers, and buyers seek better prices.
- Example: Two vendors selling the same type of fruit at different prices.
III. Types of Markets:
- Capital Market:
This is where long-term financial instruments, like stocks and bonds, are traded.- Example of Institutions: Nigerian Stock Exchange, banks.
- Instruments traded: Stocks, bonds, government securities.
- Money Market:
The Money Market deals with short-term borrowing and lending of money.- Example of Institutions: Central Bank of Nigeria, commercial banks.
- Instruments traded: Treasury bills, certificates of deposit, and commercial papers.
- Commodity Market:
In the Commodity Market, raw materials like oil, gold, and agricultural products are traded.- Example of Institutions: Nigeria Commodity Exchange.
- Instruments traded: Oil, grains, gold, and agricultural products.
Evaluation:
15 Fill-in-the-Blank Questions:
- A ______ is where buyers and sellers exchange goods and services.
a) bank
b) market
c) school
d) restaurant - The ______ market deals with long-term financial instruments like stocks.
a) money
b) capital
c) commodity
d) retail - ______ is traded in the commodity market.
a) Oil
b) Money
c) Savings
d) Bonds - Banks and the Stock Exchange are examples of institutions in the ______ market.
a) capital
b) commodity
c) retail
d) local - Treasury bills are traded in the ______ market.
a) capital
b) money
c) commodity
d) retail - A major feature of a market is the presence of ______.
a) competition
b) schools
c) roads
d) houses - Stocks are traded in the ______ market.
a) money
b) capital
c) commodity
d) food - ______ is a raw material traded in the commodity market.
a) Computers
b) Bread
c) Gold
d) Shoes - ______ set the prices of goods and services in the market.
a) Buyers and sellers
b) Teachers
c) Bankers
d) Policemen - One of the institutions in the Money Market is ______.
a) Nigerian Stock Exchange
b) Central Bank of Nigeria
c) Supermarket
d) Car dealer
Class Activity Discussion:
15 FAQs with Answers:
- What is a market?
A market is a place where people buy and sell goods or services. - What are the main features of a market?
The main features include buyers and sellers, goods or services, price, competition, and exchange. - What is the Capital Market?
It is a market where long-term financial instruments like stocks and bonds are traded. - What is the Money Market?
The Money Market deals with short-term borrowing and lending of money. - What is traded in the Commodity Market?
Raw materials like oil, gold, and agricultural products are traded. - Which institutions operate in the Capital Market?
Examples include the Nigerian Stock Exchange and banks. - What instruments are traded in the Money Market?
Treasury bills, certificates of deposit, and commercial papers are traded. - What role do buyers and sellers play in the market?
Buyers purchase goods and sellers provide goods or services. - What is the role of competition in a market?
Competition helps to improve product quality and set better prices. - Why is price important in a market?
Prices determine the value of goods and services being exchanged. - What is an example of a commodity traded in Nigeria?
Oil is a common commodity traded in Nigeria. - What do banks do in the Capital Market?
Banks help to buy and sell stocks and bonds. - What is a Treasury bill?
A Treasury bill is a short-term financial instrument traded in the Money Market. - Why do companies sell stocks?
Companies sell stocks to raise money for business activities. - What is the Nigerian Commodity Exchange?
It is an institution where commodities like oil and grains are traded.
Presentation Steps:
- Step 1: The teacher revises the previous topic on “Aids to Trade.”
- Step 2: The teacher introduces the new topic, explaining the definition and features of a market.
- Step 3: The teacher allows students to give examples of different types of markets and institutions, correcting them where necessary.
Teacher’s Activities:
- Define a market and explain its features.
- Use charts and pictures to demonstrate the types of markets and instruments traded.
- Guide students to differentiate between the Capital Market, Money Market, and Commodity Market.
Learners’ Activities:
- Participate in group discussions about different types of markets.
- Share examples of items traded in local or international markets.
- Work in pairs to match institutions with the market they belong to.
Evaluation Questions:
- What is a market?
- List two features of a market.
- What is traded in the Capital Market?
- Give two examples of financial instruments traded in the Money Market.
- What is the Commodity Market?
- Name one institution in the Capital Market.
- What role do buyers play in the market?
- Mention one raw material traded in the Commodity Market.
- How do prices get determined in a market?
- Give one example of a product traded in the local market.
Conclusion:
The teacher goes around to mark students’ work and provides feedback based on their understanding of the topic.
Additional Information:
- Captivating Title: Understanding the Market: Types and Features
- Focus Keyphrase: Market
- SEO Title: Understanding the Market: Types and Features Explained
- Slug: understanding-the-market-types-features
- Meta Description: Learn the definition, features, and types of markets, including Capital and Money Markets.