Economics SS 1 First Term Lesson Notes

Economics SS 1 First Term Lesson Notes Weekly Topics Brief

Week 1: Introduction to Economics

• Topic: Definition and Scope of Economics
• Sub-topic: Wants, Needs, Scarcity, and Choice
• Key Concepts: Basic economic problems, importance of economics in daily life.

Week 2: The Concept of Demand

• Topic: Definition of Demand and the Law of Demand
• Sub-topic: Factors Affecting Demand
• Key Concepts: Demand curve, price effect, shift in demand curve.

Week 3: The Concept of Supply

• Topic: Definition of Supply and the Law of Supply
• Sub-topic: Factors Affecting Supply
• Key Concepts: Supply curve, shift in supply curve, price and quantity supplied relationship.

Week 4: The Concept of Market Equilibrium

• Topic: Definition of Market Equilibrium and Equilibrium Price
• Sub-topic: Determinants of Equilibrium Price
• Key Concepts: Market forces of demand and supply, achieving equilibrium.

Week 5: Theory of Production

• Topic: Meaning of Production
• Sub-topic: Primary, Secondary, and Tertiary Production
• Key Concepts: Factors of production, direct and indirect production.

Week 6: Theory of Production (Continued)

• Topic: Factors of Production
• Sub-topic: Land, Labor, Capital, and Entrepreneurship
• Key Concepts: Rewards for factors of production.

Week 7: Division of Labor and Specialization

• Topic: Definition, Advantages, and Disadvantages of Division of Labor
• Sub-topic: Limitations of Specialization
• Key Concepts: Impact of division of labor on productivity.

Week 8: Scale of Production

• Topic: Definition of Scale of Production
• Sub-topic: Internal and External Economies and Diseconomies of Scale
• Key Concepts: Classifications of internal economies, limitations of production scale.

Week 9: Revision of All Topics Covered

• Topic: Review and Revision of Key Concepts
• Sub-topic: Recap of Demand, Supply, Market Equilibrium, and Production
• Key Concepts: Recap exercises, fill-in-the-blank, theory, and true/false questions.

Week 10: Mid-Term Assessment and Break

• Topic: Mid-Term Evaluation of Students’ Understanding
• Sub-topic: Objective, Theory, True/False, and Gap-Filling Questions
• Key Concepts: Comprehensive assessment based on topics covered.

Week 11: Revision of All Topics Covered

• Topic: Detailed Review of All Concepts Taught
• Sub-topic: Final Preparation for End of Term Assessment
• Key Concepts: FAQs, revision questions, fill-in-the-blank and true/false questions.

Week 12: Examination of the First Term Topics

• Topic: End of Term Examination
• Sub-topic: Objective Questions, Theory Questions, True/False, and Fill-in-the-Gaps
• Key Concepts: Summative assessment based on all topics covered during the term.

This weekly brief outlines the topics covered during the Economics SS 1 first term, helping both teachers and students track the progress of the course and prepare for upcoming assessments.