FIRST TERM E-LEARNING NOTE SUBJECT: ECONOMICS CLASS: SS1 SCHEME WEEK TOPIC 1. Meaning of Economics. 2. Economics as a Science, Arts or Social subject. 3. Basic Concept of Economics. 4. Importance of Opportunity Cost to an Individual, Firms and the Government. 5. Basic Economic Problems of the
SS 2 FIRST TERM LESSON NOTE PLAN SCHEME OF WORK SUBJECT: ECONOMICS CLASS: SSS 2 SCHEME OF WORK WEEK TOPIC MEASURES OF CENTRAL TENDENCY MEASURES OF DISPERSION OF A GROUPED FREQUENCY DISTRIBUTION THEORY OF CONSUMER BEHAVIOUR DEMAND AND SUPPLY ELASTICITY OF DEMAND ELASTICITY OF SUPPLY
WEEK TEN RATIONING AND HOARDING CONTENT Meaning of Rationing and Hoarding Effects of Rationing and Hoarding Black Market and its Effects DEFINITIONS: RATIONING: is a prevailing economic situation of scarcity of essential commodities in the market in which consumers are allowed to have access to these commodities at specified quantities and at regulated period of
WEEK NINE PRICE CONTROL/ LEGISLATION CONTENT Meaning Objectives Types (Minimum and Maximum) Effects of price control policy PRICE CONTROL POLICY: It is defined as a process by which the government or its agency fixes the price of essential commodities. That is, it is a situation where the government uses the instrument of law to fix
WEEK EIGHT CROSS ELASTICITY OF DEMAND CONTENT Definition Types (Positive and Negative) Measurement of Income Elasticity of Demand DEFINITION: Cross Elasticity of Demand is the degree of responsiveness of quantity demanded of commodity X to a little change in the price of commodity Y. Cross elasticity of demand is applicable mainly to goods that are
WEEK SEVEN INCOME ELASTICITY OF DEMAND CONTENT Definition Types (Positive and Negative) Measurement of Income Elasticity of Demand DEFINITION: Income elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a little change in consumer’s income. That is, it measures how changes in income of consumers will affect the quantity
WEEK SIX ELASTICITY OF SUPPLY CONTENT Meaning of Elasticity of Supply. Formula for Calculating Elasticity of Supply. Graphical Illustration of Elasticity of Supply. DEFINITION – Elasticity of supply can be defined as the degree of responsiveness of change in quantity supplied as a result of change in price. Elasticity of supply measures the extent to
WEEK FIVE ELASTICITY OF DEMAND CONTENT Definition of Elasticity of Demand Types of Elasticity of Demand Price Elasticity of Demand Types of price elasticity of demand and graphical representation Factors affecting elasticity of demand DEFINITION OF ELASTICITY OF DEMAND Elasticity of demand may be defined as the degree of responsiveness of demand as changes in
WEEK FOUR DEMAND AND SUPPLY CONTENT Change in Quantity Demanded Change in Demand Change in Quantity Supplied Change in Supply Effects of change in demand and supply on equilibrium price and quant CHANGE IN QUANTITY DEMANDED A change in quantity demanded, is otherwise known as movement along a particular demand curve that is only influenced
WEEK THREE THEORY OF CONSUMER BEHAVIOUR CONTENT Definition of Utility Cardinal school of thought/Assumption Concept of Total, Average and Marginal Utility The law of Diminishing Marginal Utility. THEORY OF CONSUMER BEHAVIOUR The theory of consumer behaviour is also known as the theory of household behaviour. It is primarily concerned with how the consumer or household
