Definition, Scope, Importance, Methodology, Economics as a Science Economics SS 1 First Term Lesson Notes Week 1

Subject: Economics
Class: SS 1
Term: First Term
Week: 1
Age: 14-16 years
Topic: Meaning of Economics and Related Concepts
Sub-topic: Definition, Scope, Importance, Methodology, Economics as a Science
Duration: 80 minutes

Behavioral Objectives

By the end of this lesson, students should be able to:

1. Define Economics and explain its scope.
2. Outline the importance of Economics.
3. Describe the methodology used in Economics.
4. Explain why Economics is considered a science.

Keywords

• Economics
• Scarcity
• Wants
• Resources
• Methodology
• Science

Set Induction

The teacher will ask students questions on their daily needs and wants, such as food, clothing, or gadgets, and discuss how resources are used to meet these needs.

Entry Behavior

Students have a basic understanding of daily wants and needs.

Learning Resources and Materials

1. Textbook on Economics
2. Whiteboard and marker
3. Diagrams illustrating scarcity and choice

Building Background/Connection to Prior Knowledge

Students will be encouraged to discuss examples of things they need or want and how they obtain them, building a connection to the concept of scarcity and choice.

Embedded Core Skills

• Critical thinking
• Communication
• Problem-solving

Learning Materials

1. Diagrams showing scarcity, choice, and resources
2. Relevant textbooks and reference books

Reference Books

1. “Economics for Senior Secondary Schools” by Adegoke, Lagos State Scheme of Work
2. “Introduction to Economics” by Oluyemi

Content

1. Definition of Economics

Economics is a social science that studies how individuals, businesses, and governments make choices on allocating scarce resources to satisfy their unlimited wants. It is concerned with the production, distribution, and consumption of goods and services.

2. Scope of Economics

Economics has a broad scope, including:

• Microeconomics: Studies individual and business decision-making.
• Macroeconomics: Examines the economy as a whole, including inflation, unemployment, and national income.
• International Economics: Deals with trade and finance among nations.
• Development Economics: Focuses on economic growth in low-income countries.

3. Importance of Economics

Economics is important because it:

• Helps us understand and manage scarcity and resource allocation.
• Guides decision-making at individual, business, and government levels.
• Improves living standards by promoting efficient use of resources.
• Provides solutions to economic problems such as inflation, unemployment, and poverty.

4. Methodology of Economics

Economics uses both qualitative and quantitative methods, including:

• Observation: Studying real-world economic behavior.
• Hypothesis Formulation: Making educated guesses about economic phenomena.
• Data Collection: Gathering information on variables such as prices, income, and employment.
• Analysis and Conclusion: Analyzing data to understand trends and make predictions.

5. Economics as a Science

Economics is considered a science because it uses systematic methods to study economic behavior. It involves observation, data collection, analysis, and formulation of laws and theories to explain human behavior concerning resources.

Presentation Steps

Step 1:
Teacher’s Activities: The teacher will define Economics and explain its scope with examples.
Learners’ Activities: Students will take notes and ask questions for clarification.

Step 2:
Teacher’s Activities: The teacher will discuss the importance of Economics, asking students why they think studying Economics is valuable.
Learners’ Activities: Students will share their ideas on the value of Economics in their daily lives.

Step 3:
Teacher’s Activities: The teacher will explain the methodology used in Economics, focusing on data collection and analysis.
Learners’ Activities: Students will write down the steps in the methodology and provide examples.

Step 4:
Teacher’s Activities: The teacher will explain why Economics is considered a science, linking it to the methods used in other sciences.
Learners’ Activities: Students will discuss how Economics compares to other sciences in terms of systematic analysis.

Assessment

1. Define Economics.
2. State three reasons why Economics is important.
3. Describe two branches of Economics.
4. Explain the term “methodology” in Economics.
5. Why is Economics considered a science?

Conclusion

The teacher will summarize the lesson by reviewing key points and ensuring students understand the definition, scope, importance, methodology, and scientific nature of Economics.

 Learn why Economics is vital in our daily lives and how it operates as a science.”

Fill-in-the-Blank Questions

1. Economics is the study of ________ and ________.
2. The two main branches of Economics are ________ and ________.
3. Economics helps manage ________ and ________.
4. ________ refers to a limited supply of resources.
5. ________ studies the behavior of individuals and firms in making decisions.
6. ________ studies the economy as a whole.
7. One key method used in Economics is ________.
8. Data in Economics is collected through ________.
9. Economics is considered a ________ because it uses systematic analysis.
10. ________ is a key factor in Economics due to limited resources.
11. ________ Economics focuses on trade among nations.
12. ________ Economics deals with growth in low-income countries.
13. Economics helps us make ________ choices with limited resources.
14. ________ and ________ are examples of quantitative methods in Economics.
15. Economics studies the ________, ________, and ________ of goods and services.

FAQs with Answers

1. What is Economics?
   Economics is the study of how people allocate limited resources to meet unlimited wants.
2. What are the main branches of Economics?
   The main branches are microeconomics and macroeconomics.
3. Why is Economics important?
   It helps manage resources efficiently and improves living standards.
4. How does Economics relate to scarcity?
   Economics addresses how scarce resources are allocated to meet various needs.
5. What is microeconomics?
   Microeconomics studies individual and business decision-making.
6. What is macroeconomics?
   Macroeconomics examines the economy as a whole.
7. How is Economics a science?
   It uses systematic methods like data collection and analysis.
8. What is opportunity cost?
   The cost of choosing one option over another.
9. What is a hypothesis in Economics?
   An educated guess about an economic phenomenon.
10. How is data collected in Economics?
    Through surveys, experiments, and historical data.
11. What does methodology mean in Economics?
    The techniques and methods used to study economic activities.
12. Why study Economics in school?
    It develops critical thinking and decision-making skills.
13. What is scarcity?
    Limited availability of resources compared to wants.
14. What is resource allocation?
    The process of distributing resources efficiently.
15. How does Economics help in business?
    It guides businesses in resource management and decision-making.

Evaluation Questions

1. Define Economics in your own words.
2. Mention two branches of Economics.
3. Explain the concept of scarcity.
4. Why is resource allocation important?
5. List two reasons why Economics is important.
6. Describe the term “methodology” in Economics.
7. Give an example of a quantitative method in Economics.
8. How does Economics differ from other sciences?
9. What is opportunity cost?
10. Explain the importance of Economics in daily life.