Economics

MID TERM TEST FIRST TERM SS 2 ECONOMICS

First Term Mid Term Test     SUBJECT:  ECONOMICS   Class: SS2       Time: Distribution of good and services is hindered by (a) good road and network (b) efficient storage facilities (c) too many middle men (d) adequate market information  The amount of satisfaction obtained from the consumption of a commodity at a particular time

SS 2 ECONOMICS FIRST TERM LESSON NOTE PLAN SCHEME OF WORK

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

RATIONING AND HOARDING

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

PRICE CONTROL/ LEGISLATION

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

CROSS ELASTICITY OF DEMAND

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

INCOME ELASTICITY OF DEMAND

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

ELASTICITY OF SUPPLY

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

ELASTICITY OF DEMAND

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

DEMAND AND SUPPLY

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

THEORY OF CONSUMER BEHAVIOUR

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